Singapore Expats

I would like to do Import and export trading from Singapore...and Just want to give a try...to export to another country.

Anyone doing Import and export...here...Can share....the experiences.

1)How you start your trading
2)what is the challange
3)What is the risk

1) The government (GST)

I imported a diamond and had to pay freaking 7% GST! Just becareful of the duties and taxes.

vaganza wrote:I would like to do Import and export trading from Singapore...and Just want to give a try...to export to another country.

Anyone doing Import and export...here...Can share....the experiences.

1)How you start your trading
2)what is the challange
3)What is the risk

You must learn to do trading which meant you source from local and sell to local customer.

For Import you must also involve a risk as from oversea supplier they want you paid in advanced...If the value above S$400, CUSTOM will charges you 7% GST...

Thk easy but do nt easy...you must issue commericial invoice when export out other countries...

You need to start by learning what you are doing. Google 'import and export trading' and you will find many books and articles that explain the basics.

You need to decide what it is you want to import/export and who and how you will find customers and suppliers.

There are lots of places to get burned.

Strong Eagle wrote:You need to start by learning what you are doing. Google 'import and export trading' and you will find many books and articles that explain the basics.

You need to decide what it is you want to import/export and who and how you will find customers and suppliers.

There are lots of places to get burned.

Doing biz involved in risk...depend what risk u wanna take...
When deal with oversea must be careful...

Experience play aparts as you will know the company is sincere to do biz or not...

Thx for ur advice...so anyone has tried to import something...how you do a marketing...is there any marketing agent in Singapore who can help small trader...to penetrate the product in the market

vaganza wrote:Thx for ur advice...so anyone has tried to import something...how you do a marketing...is there any marketing agent in Singapore who can help small trader...to penetrate the product in the market

It's normally beyond the financial means of small business to employ marketing agents.
Product penetration of an imported or exported product is rather a difficult task, because your distributors will be looking at profit margins, which motivate.
I would forget import & export, unless you have established your sales channel, because it would be rather self defeating to purchase goods, store them, then look for a sales channel.

So your priority, is the same has any other small business, do your breakeven point. do your home work and find out who can distribute your product or sell it, before you even buy it.

You do not buy first and then attempt to sell unless you are buying samples for the purpose of introduction. Don't expect others to have the same enthusiasm has yourself, if you have a good product it will sell itself. it's all about supply and demand, you must research the demand and build up a trustworthy network. (not easy) especially abroad, so the way to penetrate the market, is to do it yourself, using all the communication channels at hand, if you can afford them. In your case you walk before you run, and build up your sales slowly.

is importing shoes the same tax criteria means we hv to pay 7% gst if the import value is above S$400?

This forum is very useful. can get so many tips here. the pple in this forum really kind.

one question, Y when we buy stuff in dept stores in spore also hv to pay 7% gst. i thought the store pay already when they do the import?

GST isn't Duty. It's Goods & Services Tax. Different kettle of fish altogether. Everybody has to pay GST if buying from a GST registered Company (that is any company with turnover of more than 1 million/year). If I buy from a supplier here who is GST registered, then I have to pay GST on that article (if I am a small MOM & POP trader with less than 1 million annual turnover I cannot charge you GST. However, if I am, then I charge you GST so I can claim the GST I paid against the GST that you paid and I would have to remit to IRAS.

how do we unsubscribe from this forum?

I recently started a business where I imported process food from the US and sell it via a retail cart in Singapore.

I think things are pretty easy in Singapore. I was able to register my company, get a Customs number and a AVA permit all online.

You will have to do a lot of reasearch on the internet. It is not always that clear, but you have any specific questions, can PM me and will lead you in the right direction if I know.

Taoism32 wrote:I recently started a business where I imported process food from the US and sell it via a retail cart in Singapore.

I think things are pretty easy in Singapore. I was able to register my company, get a Customs number and a AVA permit all online.

You will have to do a lot of reasearch on the internet. It is not always that clear, but you have any specific questions, can PM me and will lead you in the right direction if I know.

...those must be popular. I recently saw a new cart that was selling true hot sauce that they sell in the U.S. at SunTec. They were selling alot!

for importing/exporting, I believe the commonly used method will be T/T in advance.

There's a risk with that, of course, especially with the importing part. Some traders just import directly without finding out the exporters' status. Well, some got the goods, but some got conned.

I believe ya and expert in it, and You are juz trying to make yourself feels safer by prompting this question right? haha

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