Manage Your Imports Swiftly and Easily with an Importer of Record
The IOR acts on your behalf to import the goods, liaise with
the authorities and make relevant duties and tax payments. Mr John Tan, Head of
Service Delivery and Global Customer Experience at GeTS, shares with us the
advantages of this service and how it can improve your business operations.
Q: What are the benefits of appointing an IOR to manage
your import procedures in Singapore?
John: An IOR helps to relieve overseas sellers of custom
duties responsibilities, risks and errors, especially if Singapore is an
unfamiliar market to them. Prior to shipment, the IOR will assess the seller’s
shipping documents, invoices and HS codes, and provide consultancy and advice.
When necessary, the IOR will also apply for licenses from relevant authorities
such as the Singapore Food Authority and Health Sciences Authority, and handle
any customs queries and inspections.
Q: What type of sellers would an IOR be suitable for?
John: There are several groups of sellers that may require
this service.
Sellers who wish to maintain trade secrets over ingredients
or material compositions from buyers will be relevant for such service. As such
information is required of controlled goods for import license applications and
customs declarations prior to shipment into Singapore, an IOR can be an intermediate
channel to handle all the necessary paperwork without a need to involve the
ultimate buyers.
An international franchisor may also opt to have an IOR handle all import
procedures and deliver the goods directly to the store, so that the franchisee
can focus solely on store operations. With an IOR, franchisors will also be
able to keep trade secrets (as explained) and shield costs from franchisees
when making customs declarations.
Overseas sellers without an entity, branch office or retail shop in Singapore
can also engage an IOR to handle all importation procedures and sell their
goods directly to the end consumer. By doing so, sellers no longer need to
appoint a distributor and can potentially enjoy higher profit margins.
Q: How is this service especially relevant to e-commerce sellers?
John: In view of the e-commerce boom, more and more SMEs and
individuals are setting up e-commerce businesses. The Fulfilment by Amazon and
Fulfilment by Lazada services have also encouraged many sellers to venture into
overseas markets such as Singapore. In this case, since a consumer has not
purchased the product yet, the seller will need an IOR to help clear customs
and ship their goods to the respective warehouses.
Q: In light of the current global pandemic, how can appointing an IOR
alleviate some of the constraints sellers may face?
John: When you engage an IOR with GeTS, no face-to-face
meeting is required, which is helpful in view of the current travel
restrictions. The IOR service can be conducted virtually, and the procedure is
fast and convenient, taking as little time as one to two weeks before shipment,
or up to two months, depending on the type of business.
Q: Why is GeTS the best choice to engage for this service?
John: We are a government-linked company with over 20 years
of experience in trade compliance, and are a trusted party due to our strong
financial background. Under the Singapore Customs Declaring Agent Governance
Framework, we have achieved the top band of Declaring Agent Premium, which demonstrates
our proficiency in customs documentation and procedures.
Over the years, we have also built a strong network with industry stakeholders
such as freight forwarders and warehouse partners, as well as a good
relationship with port operators due to our connection with PSA.
This is the fifth part of our series on powering trade connectivity. Stay
tuned for more in the coming months!
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Ltd. All information contained here is proprietary to GeTS and may not be used,
disclosed or reproduced without prior written consent of GeTS.