Exporting and importing goods across borders can be a lucrative business for trade professionals, but it comes with a significant risk: non-compliance.
Regulations can be complex and ever-changing, and non-compliance can lead to severe penalties, including fines, loss of licenses, and even criminal charges. These penalties can damage a company's reputation and bottom line, causing irreparable harm.
Moreover, non-compliance can have serious consequences for trade professionals themselves, including losing their job, facing legal action, and being barred from future trade-related activities. The stakes are high, and the risks of non-compliance are not worth taking lightly.
For many trade professionals, our powerful border compliance software, BorderWise, is their daily go-to for the information they need to do their job with accuracy and speed.
In a single window it brings together a range of cross-border data – including the "ASEAN Singapore Trade Classification, Customs and Excise Duties" (STCCED), harmonized Tariff nomenclature, import and export controls, strategic goods control alerts, and Free Trade Agreements – along with a daily updates dashboard with real-time updates from government agencies and authorities.
Featuring comprehensive reference libraries for various countries including Australia, Canada, New Zealand, South Africa, the United States, and now Singapore, BorderWise also has intelligent search capabilities powered by natural language processing, so you can quickly find and bookmark relevant information.
Streamlining compliance obligations in Singapore
Singapore has long been recognized as a key trade gateway for Asia, due to its strategic location at the crossroads of major shipping lanes and its world-class infrastructure and logistics capabilities.
For example, recent data from The Economist Intelligence Unit1, reveals Singapore ranks as the easiest place to do business in the world, making it an attractive destination for companies looking to expand into the Asian market.
With one of the world’s busiest ports in terms of shipping tonnage, Singapore's total merchandise trade reached SGD 1.365 trillion2 in 2022, with China, Malaysia, and the United States being its top trading partners. This underscores Singapore's importance as a vital trade hub for the region and the world.
Comprehensive and reliable information at your fingertips
According to Singapore’s Minister for Trade and Industry, Gan Kim Yong, in the coming months the country plans to continue to expand and diversify its trading activities3 and markets, capture more re-exports and transhipments, and embed itself deeper in global supply chains.
“This strengthens our relevance as a global business hub and anchors high-value economic activities and good jobs here,” he said.
“We will also strengthen our international partnerships to capture new opportunities, arising from Asia’s growth and global trends in digital trade and sustainability.”
Clearly, keeping up with ever-changing cross-border requirements and regulations from the Singapore Ministry of Trade and Industry and other partner government agencies can be complex and requires knowledge of the numerous measures and laws that apply.
Here’s three ways BorderWise's new Singapore library can help you avoid delays and fines, and meet customer expectations amid complicated border requirements.
- Increase productivity: Access all the information you need in one place, including World Customs Organization publications, country-specific law, global free trade agreements, treaties, and more.
- Minimize risks: Validate commodity classification and duty rates, precedents, rulings, and court cases to ensure compliance with regulatory requirements. Plus, our tariff classification audit trail can help you reduce non-compliance risks.
- Save time: BorderWise's daily updates dashboard provides a consolidated view of the latest customs updates from government agencies and authorities worldwide. The software's advanced search functionality powered by natural language processing allows for quick access to relevant information, even if the exact phrase or technical term doesn't match.
Get started today
Fully integrated into CargoWise, BorderWise can be used by existing customers to significantly enhance their productivity. It is also available to industry professionals as a standalone application via a monthly license.
There are three editions to choose from – Single Window, Single Window Plus Pro Pack and Global Entries – featuring thousands of trade related legal books, documents and resources.
So don’t risk fines, costly delays or your reputation. Let BorderWise navigate the complex world of border compliance for you. Learn more
1EIU, Singapore retains its lead in business environment rankings, November 2022.
2Department of Statistics Singapore, Singapore's International Trade, 2022.
3Straits Times, Singapore to plug deeper into global markets to drive economy and jobs, April 13 2023.