How can a company qualify for the Air Store Bond Scheme?

Question

Accepted Answer

To qualify for the Air Store Bond Scheme, the company must fulfil the conditions below:

• Be GST-registered with the Inland Revenue Authority of Singapore (IRAS)

• Have a valid Customs Account

• Have good compliance records with Singapore Customs

• Be responsible for the security, accountability and control of the dutiable goods

• Obtain approval from the Changi Airport Group to operate an air store bond

• Undergo�TradeFIRST�assessment and attain the minimum "Enhanced" Band

Please refer to this link for more information.

What benefits would companies under the Air Store Bond Scheme enjoy?