Do you manufacture goods in Singapore? If so, you probably know that selling to buyers around the world is the key to your financial success. When researching markets, it’s important to know how much you would have to pay in tariffs to export your products to a particular country, because this has a direct impact on your profit. Fortunately, Singapore has many regional and international free trade agreements (FTA). To find out which countries waive or reduce tariffs for Singapore manufactures, visit International Enterprise Singapore FTA portal.
The IES FTA portal gives you step-by-step details to help you complete the application process. You’ll need to complete the preferential certificate of origin process to qualify for low-tariff and tariff-free exports. Here are the steps:
- On the IES website’s FTA application process page, choose the country where you would like to export your goods.
- On this same page, choose the product code. Every product from sweets to handbags has a unique code.
- Selecting search lets you see if Singapore has an FTA with the country where you’d like to export your goods. The same search results tell you if there are tariff concessions for your product under the FTA.
- Make sure that your product complies with the rules of origin. These rules set standards for things like your manufacturing methods and the raw materials you use, You can download the handbook on the Government of Singapore’s customs website.
- Once you confirm that your products qualify for tariff concessions in the country where they’ll be shipped, apply for your preferential certificate of origin to receive your concessions on Singapore’s custom’s website
The best way to get a good return from your goods is to export them to countries offering significant reductions and concessions of tariffs. Using the IES FTA portal and the Singapore’s customs website not only makes the application process quick and easy, it also allows you to research and determine where you should be exporting.