How to start an import export trading company in Singapore.

Some key points about Singapore and Import Export Trading Companies:

• Singapore’s total merchandise trade increased by 19.7 per cent in 2021.
• The total merchandise trade reached S$1.2 trillion in 2021, compared with S$969 billion in 2020 and S$1 trillion in 2019.
• The main trading partners in 2021 were China, Hong Kong, the US, Malaysia, and Indonesia. Singapore’s exports to China and Hong Kong exceeded its imports from them, while its imports from the US, Malaysia, and Indonesia exceeded its exports to them.
• Singapore is a party to the Madrid Protocol, an international treaty that simplifies the trademark registration process for more than 85 countries or regions. In 2020, Singapore ranked sixth among the top origins of international trademark applications under the Madrid System.
• The services trading sector has contributed to about 70 per cent of its GDP in 2020. In 2021, Singapore’s exports and imports of services increased by 8.9 per cent and 10.5 per cent respectively, after contracting in 2020 due to the pandemic. The main services categories were transport, business services, travel, financial services, and telecommunications.
• Singapore is also an active participant in various bilateral and multilateral free trade agreements (FTAs), which enhance its access to foreign markets and reduce trade barriers. As of February 2022, Singapore has 26 FTAs in force with 41 trading partners.

Singapore is a market leader in import/export trading worldwide, with a strong and diversified trade portfolio that covers both goods and services. It has leveraged its comparative advantages and diversified its trade partners to adapt to changing global trends and opportunities. It has also fostered strong partnerships and collaborations with other countries and regions to promote trade liberalisation and facilitation.

Importing and exporting goods into and out of Singapore requires activating an account with Singapore Customs using the company UEN. Account activation, which is free, is generally completed in less than 48 hours. As long as business entities remain registered on ACRA, their Customs Account will remain valid.

Import/Export Trading Companies, depending on their business model, must apply and acquire additional licences and permits when required.

• IN Permit and OUT Permit, for importing and exporting both Controlled and Non-controlled goods into and out of Singapore. For Controlled Goods, an additional permit must be obtained from the relevant Controlling Agencies.
• Import Certificate and Delivery Verification (ICDV), from Singapore Customs, for the import of High-technology Goods.
• Strategic Goods Control (SGC) TradeNet Permit, for exporting, transshipping or bringing in transit Strategic Goods (which include all goods and technology that are intended or likely to be used for weapons of mass destruction).
• Certificate of Origin (CO), for exporting locally produced goods. CO is divided into two categories: Ordinary and Preferential.