Due to the fact that Singapore’s economy is continuously growing, any entrepreneur can confidently start a business here, especially in the trading sector. Opportunities are without a doubt plenty and you will surely find something that you like. We will talk in this article about how to actually start a trading company in Singapore, and about what are the most important steps that you need to follow in order to achieve your goal.
There are a few factors that promote the attractiveness of this place as an international trading hub. For example, Singapore has open trading policies and several advantages that other places in the world do not have. There are many goods and services that are allowed to be imported, and export is also hassle-free. The trade documentation procedures are actually streamlined for smooth flow of goods in and out of this country. The movement of goods is quickly and efficiently at the same time due to the infrastructural excellence and lack of red tape. More than this, an excellent advantage is that this place is located along the corridor and it connects east and west which ensures very easy access to supply sources.
Here you will also find one of the world’s busiest ports and also an award-winning airport where not more and not less than 84 international airlines connect Singapore with more than 57 countries all over the world. When it comes to ports, this place is also home to many international logistics service providers. Starting a trading company here is very easy and as mentioned earlier opportunities are plenty. Financial institutions offer a range of services such as trade financing, trade insurance, and so on.
The steps you need to follow in order to start a trading business here are not very complicated. First of all, you will need to register with ACRA, where you will be given a Business Registration Number. This process is very easy and quick at the same time. Once you have done it, you must register with Singapore Customs. In general, the activation is done within the same working day, which again is perfect for you as you will not need to lose precious time. The next step is to apply for a license. Keep in mind that for the trading of non-controlled goods you will not need a license. On the other hand, for trading controlled goods such as chemicals, food products, drugs, and so on, you must get a license from the Competent Authority that regulates the controlled goods.
Once all the above steps are followed you must get the permit. Depending on what you plan to do you will either need an import permit or an export one. The last step is to pay all the necessary taxes and fees, which are not as high as they are in other states. Even though you will find quite complicated to do all these things, the truth is that everything is quite simple and it doesn’t require too much time. You just need to be very well-informed and not miss any of these important details.