In Bangalore, biotechnology, pharmaceutical and R&D promise areas of export growth, while
tourism and aviation infrastructure developments encourage domestic consumption.
Ascendas opened International
Tech Park Bangalore (ITPB) in
1998. Its unique work-live-play environment has since become synonymous with excellence for IT parks across India.
UPS EXPORT SERIES
UPS operates five flights from Singapore to Mumbai weekly and serves the Mumbai, Chennai, New Delhi, Bangalore, Kolkatta, and Cochin airports.
All formal entry shipments valued above US$2,200 are trans-shipped from Mumbai to Bangalore customs for clearance.
UPS Customs brokerage services are provided at 10 different locations across Bangalore, Chennai, Coimbatore, Cochin, Hyderabad, Kolkata, Mumbai, New Delhi, Pune and Ahmedabad.
Bangalore is the third most populous city in India with 5.3 million people. It also boasts of being home to more than 10,000 individual dollar millionaires, which makes it an ideal export market for Singapore businesses.
Bangalore is known as the Silicon Valley of India, a hub for IT companies, many of which are involved in R&D and the production of electronics and software. Some of the most well-recognised colleges and research institutions in India are located in this growing metropolis.
An area of four square kilometers has also been designated as a special economic zone for the aerospace industry.
Singapore is the third largest exporter to India, with exports reaching US$16.83 billion in 2008. Some of Singapore's key exports such as aviation fuel and aircraft parts support the aerospace industry. Other top exports include electronic integrated circuits, parts for printing machinery and parts for phones.
The Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore in 2005 has further strengthened economic cooperation between the two nations. CECA comprises a free trade agreement, an improved Double Taxation Avoidance Agreement and a bilateral agreement on investment promotion and protection.
Singapore businesses should exercise caution when trading with Indian companies. Indian trading partners must have their own import/export code (IEC) number that should be clearly stated on the purchase orders. Without the IEC numbers, local customs will not clear the goods for commercial use.
Shipping invoices should also indicate the shipment's value or Customs will make their own valuation for duty purposes. The recipient will have to appeal to Customs, if they do not agree to the duty amount, resulting in delays.
Shipments valued over US$2,200 will require a formal entry and Power of Attorney (POA) document prior to customs clearance.
Indian Customs places a 30-day time limit for shipment clearance. If shipments are held back and not cleared within that period, they will be abandoned. Reasons for customs to hold back shipments include the Indian consignee not having an IEC number, inaccurate description or value of the shipment, and old or used goods without a proper import license.
Need further information?UPS can advise you on any restrictions or special requirements for shipping to Bangalore and the rest of India.
A complimentary service by www.iadvisory.com.sg
Name: Sunny Chia
Company: UPS
Expertise: Import/Export
Market: Asia Pacific, Europe
Government support and supply
chain efficiency boost Singapore SMEs competitiveness.
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