L.4-Singapore Q&A Singapore Q&A
Singapore maintains one of the most liberal trading regimes in the world. It is extremely easy to export to Singapore. All U.S. exports now enter the country duty free and documentation is minimal.
Singapore is a highly developed, English-speaking nation, and maintains a high standard of living. Singapore's government is considered to be efficient, effective, and relatively free of corruption. It is one of the most sophisticated industrial, commercial, financial, and consumer economies in the world. It is an excellent market and test market for U.S. products and services.
Singapore is a principal gateway to Southeast Asia, which means that American manufacturers can find interested local buyers or regional ones as most of Singapore's distributors sell to other Southeast Asian countries.
What is the Integrated Sourcing Initiative (ISI)?
The ISI improves the global competitiveness of U.S. businesses and workers by adapting traditional trade rules to help U.S. companies improve the efficiency and flexibility of their global sourcing networks. The ISI currently accords special treatment to certain IT products. For a limited number of IT products and medical devices that already face zero tariffs in the United States and Singapore, the ISI eliminates the requirement that these products meet specific rules of origin when shipped between the United States and Singapore. Therefore, the customs procedure is streamlined, and the cost and burden on the importer is reduced.
What paperwork is required for my shipments to Singapore?
The importer of goods must obtain an Import Permit prior to the import of goods into Singapore. To engage in import, export, and transshipment activities in Singapore, companies must first register with the Accounting & Corporate Regulatory Authority (ACRA). Upon successful registration with ACRA, a company must apply to Singapore Customs for a Central Registration Number. This CR Number enables a company to submit Import, Export and Transshipment Permit applications through TradeNet. A CR Number is processed free of charge. Prepared by the International Trade Administration. With its network of 108 offices across the United States and in more than 75 countries, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.