My entity has lodged a security (in the form of a Banker's Guarantee, Finance Company Guarantee or an Insurance Bond) with Singapore Customs this year but was not required to do so next year. Why is it so?
Your entity may not be required to lodge a security for the next year due to any or a combination of the following possible reasons:
- The amount of security required for the next year is S$2,000 or less based on your past transactions (for such cases, do note that you may be required to lodge a security if there is a significant increase in the value of your permit applications or stock balances in the licence premises in the coming year);
- Your entity has been accorded TF Premium or DA Premium band;
- Your entity has good compliance records with Singapore Customs; and/or
- Your entity has lodged sufficient security to cover its requirement for next year.
Related questions
How does Singapore Customs determine the amount of security (in the form of a Banker's Guarantee, Finance Company Guarantee or an Insurance Bond) that my entity has to lodge?
My entity is lodging security for our transaction(s) with Singapore Customs. The finance company requested for a letter regarding the lodgement request. What should I do?
I am required to lodge security for my permit applications and for the operation of licensed premises. How should I lodge the required security?
What is the procedure to lodge the required security (in the form of a Banker's Guarantee, Finance Company Guarantee or an Insurance Bond)?
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