free zones in singapore
TRANSCRIPT
Free Zones in SingaporeA presentation brought to you by OpenCompanySingapore.com
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What Is a Singapore Free Zone?
• Free trade zones are areas through which companies can import, sell or export goods without customs, excise duties or goods and services tax (GST).
• Singapore also has free trade zones (FTZs) which enable companies in the trading sector to benefit from transportation facilities.
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The Free Trade Zones Act in Singapore
• These special areas are regulated by the Free Trade Zones Act enabled in 1966 and last amended in 2014.
• Singapore’s FTZs allow companies to store their merchandise temporarily until they are loaded to a ship or an aircraft without customs clearance.
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What Are Singapore’s Free Zones?• At the moment, Singapore has nine free
trade zones:
Brani Terminal; Keppel District Park; Tanjong Pagar Terminal and Keppel
Terminal; Jurong Port; Sembawang Wharves; Pasir Panjang Wharves, Changi Airport Group; Changi Airport Cargo Terminal Complex; Singapore FreePort located in the Airport
Logistics Park.
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Why Open a Free Zone Company in Singapore?
• Singapore companies operating in one of these FTZs are not required to pay customs duties until their goods exit the free zones.
• These companies also benefit from streamlined customs procedures when importing goods in the city-state.
• Our specialists in company registration in Singapore can provide you with more information about the facilities offered in the city-state’s free trade zones.
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Opening a Free Zone Company in Singapore >>
• Foreign investors seeking to start a company in one of Singapore’s free zones can do so without any restrictions.
• The minimum share capital for setting up a business in a FTZ depends on whether the company needs warehouse or office spaces and it must be deposited within the first year of the registration.
• The company must also obtain a permit from the free zone’s authority.
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>> Opening a Free Zone Company in Singapore
• Foreign investors who want to open a free zone company must start by registering their company with the Accounting and Corporate Regulatory Authority in Singapore.
• Our local consultants can carry out the company registration process in Singapore on their behalf.
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Permits for Singapore Free Zone Companies• In order to operate in one of Singapore’s
free zones, companies must obtain a permit from TradeNet which allows them to import, export and transport their goods overseas.
• They must also obtain permission from the Customs Authorities in order to keep their goods in the FTZs.
• Foreign companies operating in Singapore must work with local transporters and traders in order to obtain a license.
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Assistance in Registering a Company in Singapore
• Our Singapore company formation consultants can assist clients who want to open free zone companies in the city-state.
• For assistance with the documentation and licensing for starting a company in a free trade zone, do not hesitate to contact our Singapore specialists in company formation.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 3385
www.opencompanysingapore.com10