What are the steps to set up a import and export company in Singapore?

Question

What are the steps of setting up a small import and export company in Singapore and how much of capital must i have to began? And legal doc or things i must take note of? And what are the cost of legal laws of exporting and importing to overseas companies?

Answer 1

Step 1. Go to ACCRA to incorporate
http://www.acra.gov.sg/company/stepbystep.html

Step 2. Pick a name (S$15) - make sure you have your Singpass password

Step 3. Incorporate (S$300). No minimum capital, but you are going to need some working capital to start your business. You will need to line up your board of directors. You will need at least two people because an outside person needs to be hired as the company secretary (by law) if you are the sole board member. Follow the step-by-step process in ACCRA/Bizfile. It's pretty easy, but it takes some administration.

Step 4. Singapore is pretty easy place to import and export, so long as you are not importing/exporting restricted items. Import/export is much simpler when done out of Singapore Free Trade Zones if you are re-exporting. Otherwise, you'll have to do the "normal route". Check out the Singapore customs website, which shows you all the forms that you need to worry about.
http://www.customs.gov.sg/

Step 5: You are going to need some office space unless you qualify under the home-office scheme. It is illegal to have a business run out of your home. I did the home office by registering a "business", rather than an incorporation. A "business" is riskier because you have unlimited liability whereas a "company" has limited liability. You can get around this by having a virtual office, which costs about S$300/month. They answer your phones, forward your mail, give you part-time meeting space. However, we all know that Singaporeans are known for running businesses out of their homes... it's up to you whether you want to risk the fine.

All in, you can start a business for less than S$500. To actually have something to sell will costs many thousands.