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Follow on Google News | Custom Registration in SingaporeGovernment has implemented several measures and has deployed IT resources to facilitate quick and hassle free trading activities. Singapore companies engaged in trading activities have to fulfill certain obligations
By: Paul Raffles For instance, an import/export permit is required for the import/export of all goods into/out of Singapore. In Singapore, this documentation is managed via a nationwide electronic system known as Tradenet. Permit applications may be made electronically and approval granted via electronic messages. But in order to access Tradenet, a company must have registered with the Singapore Customs (SC). Companies engaged in export, import or transshipment activities in Singapore are required to register the company with the Singapore Customs as an importer, exporter, common carrier and others. The Singapore Customs will issue a Central Registration Number (CR No.). The central registration number is mandatory for Singapore companies/ organization engaged in trading activities. The following categories of companies are required to be registered with Singapore Customs: 1. TradeNet® 2. Participants of the Inter-Bank GIRO scheme- A company paying duties, Goods & Services Tax (GST) or other miscellaneous fees to Singapore Customs through the Inter-Bank GIRO 3. Applicants of duty/GST exemption - A company applying for industrial duty exemption and other duty exemption or GST relief on goods other than used personal and household effects. 4. Shipping agents/Airlines - A shipping agent/airline requiring Customs permits or claim duty exemption 5. Operators of licensed warehouses and Zero GST (ZG) warehouses From 1st January 2009, Singapore Customs has implemented the use of Unique Entity Number (UEN) to replace the Central Registration (CR/IA) Number used in transactions with Singapore Customs. UEN is a standard identification number for entities to interact with government agencies. The Accounting and corporate Regulatory Authority (ACRA) Registration Number, received at the time of company/ business registration is retained as the UEN for local Companies and Businesses. Other type of entities can obtain their UEN from the relevant Issuance Agency. Registration Requirements The following registration conditions are imposed by the Director-General under regulation 37(6) of the Regulation of Imports and Exports Regulations (RIER) Application for registration through a person who is a key personnel of the entity, and whose particulars have been filed with the Accounting and Corporate Regulatory Authority (ACRA) or the Issuance Agency of UEN Must specify in the application authorized personnel who is authorized to update the change in particulars of the entity registered with the Director-General or to terminate the registration The account will be activated on the same working day. Activation is free. The Customs Account is valid for as long as the entity remains registered with the Issuance Agency. There is no need to renew registration. When company closes or ceases its operation the registration must be duly cancelled. Ongoing Compliance requirement The entity must inform the SC of any change to any of its particulars registered with the SC, and of any change of its authorized personnel. Under the Regulation of Imports and Exports Act (Chapter 272A an entity shall identify itself by using the UEN in every application made by it for a permit, license, certificate or other document The entity shall not permit a third party to use the entity’s UEN to apply for a permit for goods not belonging to the entity. AsiaBiz is a one-stop corporate solution for all your Singapore company registration and Singapore immigration requirements. Our mission is to facilitate our clients to breeze through all their corporate needs from the incorporation process, accounting, tax and Singapore immigration services. For more information, please visit http://www.asiabizservices.com # # # Headquartered in Singapore and well recognized for our excellent service quality, we are a boutique company governed by a team of accomplished professionals that bring experience, insight, creativity and superior value to every client assignment. End
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