How to Lodge Security
You can lodge the security in the form of a Banker’s Guarantee (BG), Finance Company Guarantee or an Insurance Bond.
Download the Security Application Form and bring it to your bank, finance company or insurance company for lodgement of the Banker’s Guarantee/Finance Company Guarantee/Insurance Bond. Please note that the processing by your bank, finance company or insurance company may take up to three to four weeks. You are encouraged to submit your new security to Customs at least two weeks before your intended date of shipment to allow sufficient time for processing and amendments in case of discrepancies.
Further points to note:
- Except for securities that are lodged for an ad-hoc basis (e.g. temporary importation of an ad-hoc shipment), the security lodged should be valid for at least one year, with the expiry date set to 31 December of the following year.
- The bank, finance company or insurance company must be registered with the Monetary Authority of Singapore (MAS).
- The insurance company must be a Direct Insurer (General) or Direct Insurer (Composite) listed under MAS’s Financial Institutions Directory.
Submit the original security to:
Procedures & Systems Branch
55 Newton Road #02-01
Upon receipt of the security, Singapore Customs will register the security within 3 working days. Upon successful registration, we will send a notification by email or fax to the Primary Contact (or the Secondary Contact should transmission to your Primary Contact fails) registered in your Customs Account. Please ensure that the particulars of the Primary Contact and Secondary Contact registered in your Customs Account are updated for them to receive the notifications.
Electronic Banker’s Guarantee Programme
You may choose to lodge a BG under the Electronic Banker’s Guarantee (eBG) Programme. Through the eBG Programme, the participating bank will seek your written consent, as the principal of the BG, to issue and deliver the BG in electronic form (“eBG”) directly to Singapore Customs. This streamlines the BG handling process, as you no longer have to collect the BG or extension from the issuing bank and send it to Singapore Customs.