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?

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Accepted Answer

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.

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?

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