Non resident importer
I would like to bring goods into Singapore from China and India and then sell them to a customer who will pick up the goods in the port of Singapore and ship them to their foreign distribution centers. I have selected Singapore because
1) it is close to both countries
2) it is a duty free port
3) I need to transfer the documents from my suppliers name to my name because I do not want my customer knowing who my suppliers are. Plus I need to change the invoice from what my supplier is charging me to what I am charging my supplier.
What do I have to do with regards to taxes and legalities etc. so I can accomplish #3
1 Answer from Attorneys
Re: Non resident importer
Your plan is essentially sound but unlikely to work in practice unless you have an agent in Singapore to assist you. As long as the goods do not clear Singapore customs and remain in the transshipment zone you should not be subject to taxation in Singapore. However, if (as your query data suggests) you are a U.S. resident/citizen, your profits would be subject to U.S. income taxation. You should consult with a lawyer or accountant conversant with international tax issues before you close your first transaction in Singapore.
Best wishes,
LDWG
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