Singapore and the UK are leading investors in each others'
economies. For the fourth straight year, the UK is the largest overseas investor in Singapore.
UK-generated profits amounted to
30 percent of CSE Global's total
last year --- bearing testament to
the extensive business
opportunities available there.
UPS EXPORT SERIES
UPS operates daily flights from Singapore to its European air hub in Cologne, Germany, which connects directly to the UK and to other countries in the European Union.
Value Added Tax (VAT) is applied for shipments to the UK at a standard rate of 17.5 percent. VAT is calculated based on the value of goods, freight and any duty charges which have been levied.
The United Kingdom (UK), a unitary state consisting of England, Scotland, Northern Ireland and Wales with a population of 59 million is currently the 12th largest export market for Singapore after other Asia Pacific countries and the United States. In 2007, Singapore exports to the UK exceeded S$9.2 billion (£4.1 billion).
Singapore is the also the top exporter to UK within South-east Asia. Main imports from Singapore include organic chemicals; office machines; clothing and accessories; professional, scientific and control instruments; and medicinal and pharmaceutical products.
Singapore's foreign direct investment in the UK amounted to £2.5 billion in 2005. Around two-thirds of all Singaporean investment into the European Union (EU) goes to the UK, making the UK the most heavily invested country within the EU by Singapore.
Because of UK's EU membership, some products may have additional import restrictions. Singapore companies looking to export to the UK should take note of the following:
Need further information? UPS can advise you on any restrictions or special requirements for shipping to the United Kingdom.
A complimentary service by www.iadvisory.com.sg