{"id":744,"date":"2018-02-05T12:28:20","date_gmt":"2018-02-05T12:28:20","guid":{"rendered":"http:\/\/www.goodada.com\/blog\/?p=744"},"modified":"2022-08-12T11:52:55","modified_gmt":"2022-08-12T11:52:55","slug":"selling-singapore-useful-tips","status":"publish","type":"post","link":"https:\/\/www.goodada.com\/blog\/selling-singapore-useful-tips\/","title":{"rendered":"Selling into Singapore? Useful Tips and Information"},"content":{"rendered":"

Overview of Singapore<\/strong><\/span><\/h2>\n

Singapore is a stable economy in Asia and is constantly a top-tier GDP economy (source Statistics Times)<\/a>. This offers fantastic opportunities for those companies selling in Singapore.<\/p>\n

Singapore has a stable government, strong rule of law and an effective regulatory system. It is ranked by the World Bank<\/a> as the second easiest place in the world to start, run and do business. Singapore has a strong economy with proactive business culture. It is because of this that Singapore is regarded by many multinational companies as a suitable first location for establishing an office in Asia.<\/p>\n

Singapore has a population of 5.8 million, with 29% of the population under 25 years of age (source cia.gov<\/a>). Singapore is the third most densely populated country in the world (source indexmundi.com<\/a> ).<\/p>\n

Singapore and its port act as a major trading hub for aerospace, financial services, healthcare and medical, food and beverage, and energy services.<\/p>\n

Singapore\u2019s Business Culture<\/strong><\/span><\/h3>\n

Singapore was a British colony until 1963. It uses English and has adopted many of the UK\u2019s business culture customs. However, one must not forget that Singapore is influenced by many different Asian cultures, such as India, China and Malaysia, which may influence how business protocols are handled.<\/p>\n

Please remember that prices quoted in U.S. dollars should be clearly stated to prevent confusion with the Singapore dollar.<\/p>\n

Price, quality and service are the main selling influences in Singapore.\u00a0 Potential exporters to Singapore should be mindful that buyers in Singapore expect good after-sales service.\u00a0 Selling methods would be the same when selling into any other sophisticated market.<\/p>\n

Setting up in Singapore<\/strong><\/span><\/h3>\n

According to The World Bank, Singapore provides the world\u2019s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world\u2019s most competitive economies (Source: The World Bank<\/a>).<\/p>\n

Singapore has straightforward options available to foreign companies who want to establish a presence there. Companies can establish a Representative Office (RO), register as a Branch of the parent, or incorporate as a Singapore company<\/span><\/a>.<\/p>\n

Agents are a popular choice for new exporters seeking to develop a market presence, particularly for smaller companies. Agents generally involve lower market entry costs than representatives and can provide good access to potential buyers. The challenge is finding an agent with the right contacts and experience to suit your product.<\/p>\n

Using agents or distributors in Singapore by foreign companies is a common practice. Singapore firms aggressively represent new products and typically respond enthusiastically to new opportunities. Because of the relatively small size of the Singapore market, potential partners often ask to cover regional territories.<\/p>\n

In Singapore, licencing is the preferred option to use instead of establishing a joint-venture partnership.<\/p>\n

Banking and Finance<\/strong><\/span><\/h3>\n

The unit of legal tender in Singapore is the Singapore dollar.<\/p>\n

For those selling in Singapore, it is a top world financial & foreign exchange trading centre. Singapore has over 200 local and foreign banking and financial institutions.<\/p>\n

More detailed information about Singapore as a financial centre can be found on the Monetary Authority of Singapore website<\/a><\/span>.<\/p>\n

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Tariffs and Non-Tariff Barriers when selling in Singapore<\/strong><\/span><\/h2>\n

Tariff Barriers<\/strong><\/span><\/h3>\n

For detailed information on Singapore tariffs and regulations, please visit the Singapore Customs website<\/a>.<\/p>\n

The Port of Singapore includes a Free Trade Zone (FTZ) where goods in transit can be warehoused, resorted or repacked without any import duties being imposed. However, if the goods are destined for Singapore, they are subject to a GST (Goods and Services Tax) and\/or an import duty payment.<\/p>\n

Singapore applies duty-free rates to most imported products; however, it levies high excise taxes on distilled spirits and wine, tobacco products, motor vehicles and petroleum products. Click here to find out more about the dutiable products for Singapore<\/a>.<\/p>\n

The import of trade samples (excluding liquors and tobacco) below US$275 is not subject to payment of duty and\/or GST.\u00a0 In addition, no permit is required for their import.<\/p>\n

Non-tariff barriers<\/strong><\/span><\/h3>\n

For most products, Singapore does not apply any non-trade barriers. However, there are a few products which must be highlighted:<\/p>\n