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FOZL Knowledge Hub

FOZL Knowledge Hub

Everything you need to know about setting up and succeeding in Singapore

What is GST

What is GST
What is GST
What is GST

What is GST

The Goods and Services Tax or GST is a broad-based consumption tax that is levied on imported goods (collected by Singapore Customs) and on almost all supplies of goods and services in Singapore. In other countries, GST is known as Value Added Tax or VAT.

GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and rental of residential property, and the import and local supply of investment precious metals. The rate of tax on exported goods and international services is zero.

 

Businesses required to register for GST

As a business, you must register for GST when your taxable turnover exceeds $1 million.

If the taxable turnover of a business does not exceed $1 million, it can still choose to voluntarily register for GST after careful consideration.


Singapore FOZL Group Pte. Ltd.
Accounting and Corporate Regulatory Authority of Singapore licensed corporate advisory firm.
Singapore Company Registration, Annual Return, Accounting & Tax
Trademark Registration, Corporate Advisory, Serviced Offices.
6 Raffles Quay，#14-02-#14-06， Singapore 048580

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Relevant Knowledge

【Licensing】Food Import Licence

All companies wishing to import, export, or trans-ship food products must be registered and licensed by the Singapore Food Authority in accordance with the relevant laws of Singapore.

【Licensing】Custom Registration

Companies registered in Singapore can directly engage in international trade. If a company intends to import products into Singapore, the goods must undergo customs clearance upon arrival. This requires the company to submit an application to Singapore Customs in advance and obtain the necessary registration or permits. Once the customs registration is approved, logistics companies or customs brokers can declare the goods to Singapore Customs on behalf of your company, pay Goods and Services Tax (GST), and import the goods into Singapore.

【Licensing】13R & 13X

For investments in Asia and the Pacific, Singapore is an important base for family offices, private equity, real estate, and hedge fund managers.

【Licensing】Ship Registration

The Singapore ship registration system is administered by the Maritime and Port Authority of Singapore (MPA). The following outlines the eligibility, procedures, and documentation requirements for registering a vessel in Singapore.

【Licensing】Fund Management Licence

Under the Singapore Securities and Futures Act, if a company wishes to carry out (regulated) fund management services in Singapore in either of the two forms mentioned below, then the company must apply for a fund management company licence to the Monetary Authority of Singapore (MAS) or the company must hold a capital markets licence.

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