How to Start an Import and Export Business in Singapore
Starting an import and export business in Singapore? Read this guide and take note of key regulations, costs and financial support options.
As a major trade hub, Singapore strictly monitors goods entering and exiting the country. All goods entering the country are subject to GST, and an additional duty is chargeable on dutiable goods.
While there may be circumstances where imported goods only require GST and/or Duty permits, the Singapore Customs maintains a list of controlled goods that require additional import or export permits before they can be cleared by the Singapore Customs¹.
If you’re running a Singapore business that is heavily involved in trading, you must understand the import and export regulations to ensure smooth delivery or receipt of your goods and your business.
Your business may also need to handle international payments. Having a multi-currency business account, like Wise Business, offers a convenient way to pay for supplies and receive payments from clients in over 40+ currencies.
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All imported goods have to be declared and will be subject to GST. In addition, dutiable goods such as intoxicating liquors, tobacco, motor vehicles and petroleum products are subject to duty payment. GST and duty payments are not levied on goods exported from Singapore.
That said, you should note that controlled goods will require an additional import or export license.
An import license or import permit is a form of authorisation from the relevant Competent Authorities (CA) in Singapore. All controlled goods will require an import license before they can be imported into the country, to ensure that they adhere to Singapore’s regulations.
To find out if your goods are under the list of controlled goods, Singapore businesses can check the HS/CA Product Code Search Engine that is maintained by the Singapore government². You will need to apply for the right licensing with the relevant CA before attempting to import your goods into Singapore.
You will be required to provide the import permit on arrival of the goods to Singapore.
Failure to produce an import licence could result in a penalty under the Customs Act, which could result in a fine or prosecution, depending on the severity of the penalty³.
Likewise, an export license or export permit is an authorisation from the relevant Competent Authorities (CA) in Singapore. All controlled goods will require an export license before they can be exported into the country.
Singapore businesses can check if their items fall under the controlled goods for export via the HS/CA Product Code Search Engine² as well.
Failure to produce an export licence could result in a penalty under the Customs Act, the Regulation of Imports and Exports Act (RIEA), which could result in a fine or prosecution, depending on the severity of the penalty⁴.
For smooth import of goods, Singapore businesses should ensure that they understand the process and have all the requirements on hand.
You should always check if your goods are exempt from Import Permits by referring to the HS/CA Product Code Search Engine for the latest status.
In general, the following categories of goods do not require an import permit:
The following goods also do not require an import permit:
It is safe to assume that all other goods not mentioned above require an import permit, as GST and/or Duty payment will be required. At the very least, you’ll require an IN-Payment GST permit from Singapore Customs.
But take note that you may require additional Import Permits, depending on the purpose of your imports, some examples include storage, exhibitions and re-exportation. These can be determined by referring to the HS/CA Product Code Search Engine.
You may not require an export permit if you are exporting goods such as⁵:
A Singapore Customs export permit will be necessary for the export of goods under these categories⁶:
Whether your business imports goods for sale in Singapore or abroad, working with international partners often means making cross-border payments. Here’s how a Singapore e-commerce company saved over SGD 20,000 on their international payment process.
🚀 Real Business Stories: How Novelship saves time and money when paying overseas suppliers |
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Novelship is a fast growing e-commerce platform for sneakers, apparel and collectibles. Founded in Singapore in 2018, the company quickly discovered that paying suppliers through a bank can be time consuming and expensive. SWIFT telegraphic transfers could take several days to arrive, and the exchange rate available from the bank included a markup or spread - an extra fee. This pushed up the cost of sending a payment overseas, and ate into business profits. Since 2021, Novelship has used Wise Business to make paying invoices and international suppliers easier, cheaper and more efficient. It’s also a speedy process, which means the sellers and suppliers who use Novelship are happy too - there’s no waiting around for a SWIFT payment to be deposited, as supplier payments are quickly processed and received around the world. ➡️ Read how Wise Business helped Novelship grow its ecommerce business globally (and more profitably) |
During your permit application process, you may come across various types of permits and lingo that could be confusing. Here’s a quick rundown of what they are:
IN-Payment GST and IN-Payment DNG Permits in Singapore
As mentioned above, all goods entering Singapore are subject to tax in the form of GST. Dutiable goods will be subjected to additional duty payments. You will need to submit the details of your imported goods and make the necessary GST and/or Duty payments before you can receive a GST or DNG permit⁷. This will be required for the clearance and release of your goods at customs control. Failure to declare or make payment could result in a fine or penalty charge.
Cargo Clearance Permit (CCP)
A Cargo Clearance Permit (CCP) is required for the clearance of goods at Singapore Customs control, for both import and export processes. Upon successful application of an import or export permit, you will receive a CCP, which will include a permit number as well as details regarding the goods to be cleared⁸.
You can check the clearance status of your CCP thereafter, using the Permit Clearance Enquiry Service (PCES) via the Networked Trade Platform (NTP)⁹.
Prohibited Goods Permits in Singapore
Prohibited goods are not allowed to be brought into Singapore. However, you should check with the relevant Competent Authority for suitable permits if you’re importing such items for re-exportation or transhipment via Singapore.
Strategic Goods Permits in Singapore
Goods such as firearms, military equipment, goods related to nuclear, chemical and biological weapons and certain ‘dual-use’ goods for both civilian and military purposes, such as drones, transistors, thermal imaging equipment and more, are classified as Strategic Goods¹⁰. They are regulated under the Strategy Goods (Control) Act (SGCA) and require a Strategic Goods Permit that is subject to greater scrutiny and takes a longer time period of 5 to 7 days to apply.
Before you apply for an import or export permit through TradeNet, you should have the following documentation on hand¹¹:
Engaging a Declaring Agent
Understanding trade regulations and the permit application process will require significant efforts, especially for new Singapore business owners. A declaring agent is an intermediary you can hire to help handle customs declarations on your company’s behalf.
They can help ensure compliance with Singapore customs’ regulations, preparation of necessary documents and the actual application of permits. Working with a reliable declaring agent can help save time and give you peace of mind.
💡 Likewise, managing international payments with a multi-currency account like Wise Business gives you the peace of mind that payments can be sent promptly with no hidden exchange rate markups or unnecessary conversion fees. |
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When do you need a Banker’s Guarantee or Insurance Bond?
While most import and export permit applications do not require security in the form of a Banker’s Guarantee, Finance Company Guarantee or an Insurance Bond¹⁰, you will be required to provide a financial guarantee in the following circumstances¹²:
There will be fees on your import and export permit applications in Singapore¹³. Here’s a quick rundown.
How much does it cost to apply for Import Permit in Singapore?
Every TradeNet permit application costs about 3.19 SGD, which includes:
A Certificate of Origin application on TradeNet costs about 6.29 SGD, which includes:
How much does it cost to apply for Export Permit in Singapore?
An export permit application on TradeNet costs about 9.27 SGD, which includes:
Miscellaneous Fees
Depending on the nature of your goods, you may require additional certifications that would cost between 4 SGD to 50 SGD.
If your clearance process requires the presence of a Customs officer. There will be extra charges of 29 SGD per half hour or part thereof for the service. Such services may include a survey of goods, escort of vehicles, sealing or resealing of cases and more.
Navigating Singapore's import and export regulations requires understanding permits, fees, and compliance, but leveraging resources like a declaring agent can streamline the process. Ensuring proper documentation and financial guarantees will facilitate smooth international trade operations.
💡If you're growing a global business, you'll quickly face a daunting wall of costs, complexity, and hidden fees when receiving international payments. Wise Business helps you bypass this wall, making it easy to receive money from around the world and start getting paid like a local today. |
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➡️Get started with Wise Business today
Sources:
Sources checked on 2 Jun 2025
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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