Help Importing Goods and Selling on Flea Markets.

sdovasquez

Hi,

We are a PR in SG and we decided to join flea markets as part time after working or during Saturdays and Sundays. But we are really really blind about the dos and donts in SG when it comes to importing and selling in flea markets.

Your help is highly appreciated.

1. If we go to China or any other countries and import clothes or bags etc box or by check in at the airport to Singapore, do we need to pay any taxes the fact that we are going to sell it in flea markets?

2. Do we need to register? We are not planning to have a full time pushcart store, we only want to sell during our spare time.

3. If we buy from a wholesaler in Singapore, can we sell it already in flea markets without any additional taxes if we generate income from it in a flea market?

I am sorry we have a lot of questions, we are only PR so we dont know the laws and we dont want to be caught of something bec we are unaware of it.

Thanks for everyone who will enlighten us!

We dont have any plans of selling foods, just clothes , shoes and merchandise that we can buy outside and bring here to generate money.

sandra

xoxoxo

It's always good to do things the right and legal way!

Hope these links will help you guys a little:

1. If we go to China or any other countries and import clothes or bags etc box or by check in at the airport to Singapore, do we need to pay any taxes the fact that we are going to sell it in flea markets?

If you are going to bring them back yourself, take note of the latest GST Relief Circular:

http://www.customs.gov.sg/NR/rdonlyr...easeforweb.pdf

For further clarification, best to call Singapore Custom (http://www.customs.gov.sg/mis/con/)

If you are going to cargo them back by air/sea via cargo agents/freight forwarders, probably easiest to contact any local cargo agents (check yellow page, there are plenty out there) and they can walk you through the requirements, dos and don'ts.


2. Do we need to register? We are not planning to have a full time pushcart store, we only want to sell during our spare time.

If you want to do it the right way, then answer is yes. Check out ACRA website, and this is also the site where you will register your business. The section on "New to doing business - Guidelines for Singapore Citizens and PRs and Useful Info on starting a business" should come in handy. Again, when in doubt, call ACRA.

http://www.acra.gov.sg/


3. If we buy from a wholesaler in Singapore, can we sell it already in flea markets without any additional taxes if we generate income from it in a flea market?

If I understand your question correctly, then answer is yes. For example, buy a blouse from any local wholesaler, say, at $10 inclusive of GST. You sell the blouse at the flea market, say, at $20 inclusive of GST. Gross Profit $10. Less off business expenses will give you your net profit. When it is time to report income tax next April, the IRAS website (My Tax Portal) will come in useful.

meinteel

To start doing business (legally) in Singapore, you must register with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. This is regardless of the operating hours (only weekends/evenings etc).

Most items like clothes and bags are not tax though the standard goods and services tax (7% of value) will be imposed on you. This is applicable to all goods imported for resale, regardless if its for sale at boutiques or flea.

If you purchase from wholesaler, they would have already added the tax to the amount you need to pay. Some wholesalers may decide to absorb the tax though.