imports and exports in singapore
TRANSCRIPT
Imports and Exports in Singapore
A presentation brought to you by Lawyers-Singapore.com
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The Economy in Singapore
• Singapore is one of the most developed economies in the world.
• At the base of this economy are the trading activities Singapore has with numerous countries.
• Singapore is the 14th biggest exporter worldwide, but also the 15th biggest importer in the world.
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Imports in Singapore
• On top of Singapore’s import list is petroleum that represents 35% of its total imports, followed by computer and computer spare parts that represent 10%.
• Singapore imports petroleum gas in smaller amounts.
• Singapore companies also import broadcasting equipment and office machinery.
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Singapore’s Exports
• When it comes to exported goods, on the top of Singapore’s list is refined petroleum that represents approximately 30% of all exported goods.
• Singapore also exports computers and computer spare parts, packaged medicines and gold.
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Singapore’s Trading Partners
• Most part of imported products by Singapore come from China and Malaysia and represent about 20% of the city’s total imports.
• Singapore is one of the largest exporters in the world and its main trading partners are China, Malaysia, Indonesia, Hong Kong and Australia.
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Import Procedures in Singapore
• Companies importing goods into Singapore are required to obtain an IN Permit and pay the duty or the goods and services tax.
• Special incentives are available under the License Warehouse Scheme for Singapore companies importing liquors, tobacco, petrol and vehicles and the Zero GST Warehouse Scheme.
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Export Procedures in Singapore
• Singapore companies exporting goods are required to apply for an OUT Permit or an OUT Temporary Consignment Permit for goods exported through the Temporary Import Scheme.
• Our Singapore lawyers can offer more information on export procedures in the city-state.
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Trading Companies in Singapore
• There are around 300 global trading companies activating in Singapore under the International Enterprise Global Traders Program.
• In Singapore, all importers and exporters must activate an account with the Customs authorities before starting their trading operations.
• Certain imported or exported goods are subject to the control of controlling agencies and require special permits.
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Assistance in Opening a Company in Singapore
• If you want to set up a company and need advice, please contact our law firm in Singapore.
• Our Singapore attorneys will also assist you with the company registration procedure.
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Thank you for your attention!
For more information, please contact us at:+ 852 8191 3385
www.lawyers-singapore.com
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