Inter Group
  • Our Services
    • Myanmar Business Services >
      • Myanmar Incorporation
      • Corporate Secretary
      • Stay Permit Application
      • Human Resources Management
      • Accounting, Taxation & Audit
    • Singapore Business Services >
      • Singapore Incorporation
      • Corporate Secretary
      • Accounting
      • Taxation
      • Trade Support
    • International Business Services
  • Resources
    • eNewsletters
    • Frequently Asked Questions
  • Community
    • Blog
    • Press Releases / Milestones
    • Facebook
    • LinkedIn
    • Twitter
  • About Inter Group
    • Why Us?
    • Our CEO
    • Our Awards & Recognition
    • Corporate Social Responsibility
    • From Our Clients
    • Join Us!
  • Contact

How to Set-up a Trading Company in Singapore?

1/12/2016

1 Comment

 
Are you thinking of setting up a Trading Company in Singapore, but not sure how? Here we list down 10 steps which will guide you through the process.

STEP 1: Incorporate the Company

Similar to incorporating any company in Singapore, the most common business entity is the ‘private limited company’. The brief key requirements are as follows:
  • at least one shareholder (individual or corporate entity)
  • one local director (may be a citizen, permanent resident, EP holder or DP holder)
  • one local company secretary
  • initial paid-up capital of at least S$1
  • a physical Singapore office address
 
STEP 2: Register for a Singapore Customs Account
It is mandatory for any company whose business activities include export, import or trans-shipment activities in Singapore to register themselves with Singapore Customs as an exporter, importer, common carrier and others.
 
You need to mentioned the company’s UEN (Unique Entity Number) in every application made by it for a permit, license, certificate or other document under the Regulation of Imports and Exports Act (Chapter 272A). All entities with a valid UEN can register for a Customs Account for free and is can normally be done within the same working day.
 
STEP 3: Apply for Customs Permits
Upon registering for a Customs Account, you may appoint a declaring agent for Customs Permits (either export, import or both). Do take note of which goods are liable of relevant tax and duties. In addition, Singapore views these items due to be imported or exported very strictly should these items be classified as controlled goods. So it is highly encouraged that due diligence be taken. 
 
STEP 4: Apply for Inter-Bank GIRO
You must maintain an Inter-Bank GIRO account with Singapore Customs to facilitate the payment of duties, Goods & Services Tax (GST) and other fees to Customs directly. The approval process usually takes 3 to 4 weeks.
 
STEP 5: Security Lodgement requirement by Singapore Customs
All trading companies in Singapore are required to provide security if it engages in transactions involving taxable goods, temporary import of goods for approved purposes or operation of licenced premises such as licenced warehouses or excised factories. The amount of security lodgement vary on a case-by-case assessment.
 
For more information on Step 2 to 5, please visit the Singapore Customs website here.
 
STEP 6: Clearance of Goods
Please ensure that your permits are valid. For import/exports of container cargo, the shipper seal number and container number are required when applying for clearance. Procedures for clearance for cargo by sea differs from that of land or air. Do check with the relevant checkpoints for more information.
 
STEP 7: Letter of Credit
Almost all trading companies in Singapore apply for LC (Letter of Credit) which reduces the risk of non-payment against delivery for the seller and risk of non-delivery against payment for the buyer. The LC is a form of undertaking from the buyer’s bank to pay an exporter, through the exporter’s bank, for goods on behalf of the buyer.
 
STEP 8: Global Trader Programme
The Global Trader Programme (GTP) offers a reduced corporate tax rate of 5% or 10% on qualifying trading income for three or five years. These qualifying trading income includes income from physical trading, brokering of physical trades and derivative trading income. The GTP is only available to companies which conduct substantial operations in Singapore measured by local expenditure and employment. 

For more information on the GTP, please visit the IE Singapore website here.
 
STEP 9: Trade Facilitation Scheme
The scheme addresses market gaps in trade financing for Singapore-based companies in emerging markets. Under this scheme, IE Singapore enters into risk sharing arrangement with Asian Development Bank (ADB) and Swiss Re Corporate Solutions to increase the capacity of credit guarantees to Singapore-based banks for protection against the non-payment risks of overseas issuing banks.
 
For more information on this scheme, please visit IE SIngapore's Access to Financing website here.
 
STEP 10: Trade Credit Insurance Scheme (TCI)
The Trade Credit Insurance (TCI) is a financial assistance programme under IE Singapore. It is an important tool for companies to protect their cashflow against non-payment by their buyers, thus allowing them to acquire new customers with greater confidence. TCI enables qualifying Singapore companies to receive support of up to 50% of the minimum premium for TCI policies held with Singapore-registered credit insurers, capped at S$100,000 per qualifying Singapore-based company.
 
For more information on how to qualify for the TCI, please visit IE SIngapore's Access to Financing website here.
​

Need Help?

If you are interested to incorporate a trading company in Singapore, Inter Group offers a wide range of services to assist you. Do visit our Solutions in Singapore page for more information or contact us.
Contact Us
1 Comment
Francis link
25/5/2022 10:34:33 pm

Great blog I ennjoyed reading

Reply



Leave a Reply.

    MYANMAR BUSINESS
    SERVICES

    Myanmar Incorporation

    Corporate Secretary

    Stay Permit Application

    Human Resources Management

    Accounting, Taxation & Audit
    SINGAPORE BUSINESS
    SERVICES

    Singapore Incorporation

    Corporate Secretary

    Accounting

    Taxation

    Trade Support
    QUICK ENQUIRY
      This field cannot be empty, please enter required information.
      This field cannot be empty, please enter required information.
      This field cannot be empty, please enter required information.
    Submit
    SUBSCRIBE
    CONNECT WITH US
    BLOG ARCHIVES

    April 2022
    March 2022
    February 2022
    January 2022
    June 2021
    December 2020
    September 2020
    August 2020
    June 2020
    May 2020
    March 2020
    December 2019
    November 2019
    July 2019
    March 2019
    October 2018
    July 2018
    June 2018
    April 2018
    March 2018
    November 2017
    October 2017
    August 2017
    July 2017
    May 2017
    April 2017
    March 2017
    January 2017
    December 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016

    BLOG CATEGORIES

    All
    Doing Business In Myanmar
    Doing Business In Singapore
    International Business Services

Vertical Divider

Quick Links

About Us
Our Services
​Blog
​
COVID-19 Updates
​ESS HR Portal (for employees only)
Vertical Divider

Business Formation

Singapore Incorporation
Singapore Corporate Secretary
Myanmar Incorporation
Myanmar Corporate Secretary
​
APAC, EU/UK or Middle-East Incorporation
Vertical Divider

Accounting

Singapore Accounting Services
Singapore Taxation Services
Myanmar Accounting Services
Myanmar Taxation Services

Contact Us

Phone - Singapore: (+65) 6336 9912 
Phone - Myanmar: (+959) 7310 5353
Email: info@icononline.net

Awards & Recognition


Picture
Picture
Picture
Picture
Picture
Picture

Inter Group is a proud member of:


Singapore Business Federation (SBF)
Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI)

Picture
Picture
Picture
Picture

​

Picture
INTER GROUP PTE LTD. CO. REG. NO.: 201323250M | INTER CONSULTING PTE LTD. CO. REG. NO.: 200501450N | IGM CO., LTD. CO. REG NO.: 101224430
© COPYRIGHT 2005-2021 | ALL RIGHTS RESERVED | ​PRIVACY POLICY | DISCLAIMER