Declaring Entities, or their appointed Declaring Agents, are required to furnish security for various scenarios, such as:
- Temporary importation of goods for approved purposes
- Movements involving dutiable goods not under temporary import
- Operation of licensed premises such as licensed warehouses and excise factories
- Compliance with the regulatory requirements of Singapore Customs
- Revenue protection purposes
Singapore Customs may also require security to be furnished for situations not mentioned above, or vary the security amount on a case-by-case assessment.
With effect from 1 Apr 2016, new security requirements will be imposed on liquor and tobacco products (see circular for more information).
Customs will retain all expired securities. All liabilities of the bank, finance company or insurance company will be fully discharged after the claim period as stated in the security.
Forfeiture of Security
Entities, in particular Declaring Agents, should exercise due diligence before allowing their security to be used for permit applications by another party. Customs may forfeit the security if there is non-compliance with any regulatory requirements.
Authorise a Declaring Agent
You may authorise your Declaring Agent to use your security for your permit applications.
Learn more about authorising Declaring Agents.
After you have authorised your Declaring Agent to use your security, your authorised Declaring Agent may select “I” (for importer/exporter) under the “BG Indicator” field to make use of your security for your permit applications. If the “BG Indicator” field is “D” or left blank, the Declaring Agent’s security will be used.