Singapore: Country and Foreign Investment
Free Trade Zones and Freeport
There are five free trade zones (FTZs) located at the Port of Singapore, Jurong Port, Sembawang Wharves, Pasir Panjang Wharves, and Airport Logistics Park of Singapore. No duty or taxes are payable on goods stored in an FTZ, but they are payable when the goods leave the FTZ and enter into customs territory for local consumption. Customs procedures for movement of goods within FTZs have been simplified and paperwork reduced.
Import, export and transhipment of goods require a permit via TradeNet, and foreign traders must work with local freight forwarders and traders to obtain a permit. Permissions from Singapore Customs are required for repacking, sorting and reconditioning of goods held in the FTZ.
The Singapore FreePort is located at Changi International Airport, and offers integrated services that handle shipping, storage, display and trade of valuable assets such as jewellery, fine art, gems, antiques, vintage cars and fine wines. The FreePort provides maximum security and 24/7 security access.