Singapore has become one of the most important trading hubs in the world, thanks to its strategic geographical location and the facilities offered to companies operating or stopping here before their next destination. Seeing the great potential, the trading sector has, the Government has enabled several programs destined to trading companies, one of them being the Global Trader Programme, which is also the longest-standing one. The Singapore Global Trader Programme was initiated in 2001, when it replaced other initiatives.
Our local agents can help foreign investors open a company in Singapore in the trading sector.
Who can join the Global Trader Programme in Singapore?
The Global Trader Programme was created by merging the Approved Oil Trader and the Approved International Trader initiatives and provides for reduced corporate tax rates of 5% and 10% for periods ranging between 3 and 5 years to wholesale traders. Both large and medium-sized international companies can join the program as long as they set up operations in Singapore. These companies must also account for the creation of jobs and must have a clean track record.
Eligibility criteria under the Global Trader Programme – presented by our experts in opening companies in Singapore
The following criteria must be met by companies intending to adhere to the Global Trader Programme in Singapore:
- – the company have an annual turnover of at least 100 million USD;
- – the company must spend an annual amount of at least 3 million SGD for business purposes;
- – the company must hire at least 3 professionals in the trading field who can be locals or foreigners.
The manager can also be among the 3 professionals the company is required to hire.
Products qualifying for the Singapore Global Trader Programme
Singapore companies applying under the Global Trader Programme can trade commodities, such as:
- – agricultural products;
- – energy commodities;
- – industrial materials;
- – machinery equipment;
- – electrical and electronic products.
Apart from products and commodities, a company may also be involved in re-export and trans-shipment activities or offshore trading activities. Our team can help businessmen open a company in Singapore and take advantage of this programme.
For assistance in joining the Global Trader Programme, do not hesitate to contact our company formation representatives in Singapore.