For businesses involved in import and export, proper documentation is more than just a formality it’s a legal requirement. In Singapore, retaining customs documents for at least 5 years is a critical compliance step that can save your business from penalties, audits, and operational disruptions.
At Declarators, we guide businesses in understanding and implementing effective document retention practices to ensure full compliance with Singapore Customs regulations.
Legal Requirement for Document Retention
Under Singapore Customs regulations, importers and exporters are required to retain all relevant customs documents for a minimum of 5 years from the date of import, export, or transhipment. This includes:
- Import and export permits
- Commercial invoices and packing lists
- Bills of lading or airway bills
- Certificates of origin (e.g., Form D, Form E, Form AI)
- Customs declarations and supporting documents
These documents must be readily accessible for inspection by Singapore Customs during audits or investigations.
Why Retaining Documents is Important?
- Compliance with the Law
Retaining documents for 5 years ensures that your business meets legal requirements and avoids penalties for non-compliance. - Facilitates Customs Audits
Singapore Customs conducts periodic audits to verify compliance. Having complete records allows auditors to review transactions quickly and accurately, reducing the risk of fines. - Proof in Case of Disputes
Proper documentation acts as proof of origin, value, and quantity of goods in case of disputes, customs investigations, or trade disagreements. - Supports Financial and Tax Records
Retained customs documents are often required for GST claims, tax filings, and financial audits, ensuring your accounting records are accurate and verifiable. - Reduces Risk of Penalties
Failure to produce required documents upon request can result in fines, seizure of goods, or even legal action. Maintaining proper records mitigates these risks.
How Declarators Helps
At Declarators, we assist businesses in maintaining comprehensive and compliant customs documentation:
- Document Management: We help organize and store all customs-related documents for easy retrieval.
- Compliance Guidance: Our experts ensure your records meet Singapore Customs requirements.
- Audit Support: We provide assistance during customs audits to ensure smooth verification of your records.
- Digital Record-Keeping: We advise on secure digital storage methods to streamline record retention.
Best Practices for Retaining Customs Documents
- Store documents in a secure and organized manner
- Maintain both physical and digital copies
- Ensure documents are easily retrievable during audits
- Track the retention period to comply with the 5-year requirement
Contact Declarators
Ensure your customs documentation is properly retained and compliant with Singapore regulations. Reach out to Declarators for expert guidance and document management support:
🌐 www.declarators.com.sg
📧 group@declarators.com.sg
📞 +65 6385 2155
Declarators your trusted partner for customs compliance and secure document management.
