Singapore is one of the most popular destinations for investment in South East Asia. It invites a large number of entrepreneurs from Europe and several parts of the world every year.
However, most European investors prefer to do business with several other countries within Europe, and the majority of the business is situated within the European Union member states.
So to enjoy the benefits provided by European Union, Singapore Company must register and acquire EORI (Economic Operators and Registration Identification) numbers.
Registration for the Economic Operators and Registration Identification number is not limited to just filing the application of EORI and acquiring the number.
Instead, for a Singapore company to register for EORI (Economic Operators and Registration Identification), you must comply with several conditions. This article is all about the importance of EORI, requirements associated with a plan for an EORI number, etc. Continue to read the article to know more.
Before registering for EORI numbers you must have your company registered in Singapore. If you are not getting relevant instruction for registering a company in Singapore then refer to our Complete Guide to Singapore Company Registration.
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A short history of EORI and its importance
In 2009, the European government organized the Economic Operators and Registration Identification scheme. The only motive behind this scheme is to make customs activities in all the European Union member countries easier and also to enhance the security-related measures according to the security amendment to the modernized customs code.
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However, the other greatest information about EORI is that it is the successor of TURN (Trader’s Unique Reference Number). It’s not mandatory that if your company is situated within the European Union countries, then only you will be able to obtain an EORI number.
However, even those situated in non-European Union states can also register and obtain EORI numbers during their first trading activity. This is why EORI registration is available for Singapore companies who are willing to enter into trading activities with the European Union companies.
The Singapore companies will only be able to register for EORI numbers if they satisfy the conditions.
Activities that are completed after getting the EORI number
After obtaining EORI numbers, Singapore-based Company gets liable to fulfil the following activities with the European Union:
- You get eligible to submit several custom declarations with authority on European Union states.
- The Singapore-based company gets eligible to file an Entry Summary Declaration with customs of several European Union states.
- You get liable to submit a temporary storage declaration on the demand for storage with European Union customs.
- The Singapore-based company can also serve as a transporter for carrying goods through sea, air or land within the European Union states.
- The Singapore-based company can also get several updates and information from European Union states customs offices.
It’s very simple to register for EORI in Singapore. Just follow all the instructions step by step.
EORI registration in Singapore
1.Economic operators and registration identification in Singapore
Registration requirements
Singapore economic operators who are looking to trade with European Union businesses need to apply for an Economic Operator Registration Identification System.
2. A business applying for EORI
Sole traders and companies
Singapore-based sole traders and companies require VAT numbers to register and obtain the EORI system in any European Union country.
3. Online application
Filing several documents
Economic operators in Singapore need to submit EORI registration applications and several supporting documents online with any of the EU states they will trade for the first time.
4. Company verification
European Union custom authority
Before issuing the EORI number, the European Union customs authority first verifies that if the Singapore Company is not registered with EORI with another member state.
5. Issuance of EORI number
A few days
After the European Union custom authority does the company verification, the EORI number is issued within few days, the same as with companies situated in a European Union country.
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Requirements for companies for EORI registration in Singapore in 2023
EORI numbers are provided on the basis of the Value-Added Tax (VAT) number of companies. The value-added tax is commonly known as Goods and Service Tax (GST) in Singapore, which means the EORI number, will be provided on the basis of the GST number of Singapore based companies.
Therefore, to apply for an EOPR number, a Singapore-based company first requires registering for a GST number. Both sole trading and company in Singapore are eligible to register and obtain EOPR numbers.
However, EORI is only issued once and can be used in each activity performed by the businesses.
How to get an EORI number in Singapore in 2023
As given above, Singapore Company and the sole trader can register for EORI during the first business activities with any of the European Union countries.
Luckily, the European Union customs authority mentions that the application that will be filed will first go for inspection to see if applicants already hold EORI numbers.
Once the checking has been done, the representative of the Singapore Company will be requested to provide a valid passport ( in case of sole trader) or any of the relevant information provided by the Accounting and Corporate Regulatory Authority (ACRA) which mentions the identification data of the company willing to obtain EORI number.
A Singapore-based company is also required to complete the application form with the customs authority of the European Union.
The EORI number assigned to the Singapore-based company or individual will include the country code of the European Union state that issues the EORI number, the GST number of Company followed by three digits. The provided EORI number will be unique.
Another essential thing to keep in mind is that the branch office and subsidiary of the Singapore Company do not need to separately register for the EORI number as they can use the EORI number provided to the parent company. This requirement is only valid for the year 2023.
Business relations between Singapore and the European Union
European Union is known as one of the most valuable trading partners of Singapore. As you can see the statistical record below:
- In 2017, the goods exported to the Europe an Union from Singapore were worth 33 billion Euros.
- The respective service provided to the European Union from Singapore was worth €22 billion in the current year.
- When talking of imports, that in the year 2017, Singapore received the imported goods worth €20 billion from European Union.
- Singapore also imported several services from the European Union worth €22 billion.
One of the most important things that need to be considered when you are looking to begin trade with the European Union in 2023, i.e. United Kingdom left the European Union. Therefore, Singapore-based companies do not require using EORI numbers to trade with the United Kingdom.
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