Basic information
Outline of the system
The Monetary Authority of Singapore (MAS) maintains import licensing procedures on merchandise or products containing a photograph, drawing or design or part thereof used in or on any Singapore currency note or coin.
Product coverage
The products subject to MAS’ non-automatic import licensing scheme are listed the following table.
|
Product |
Laws and Regulations Authorising Import Licensing |
Controlling Agency |
|---|---|---|
|
Merchandise or product containing:
any Singapore currency note or coin. |
Currency Act 1967 |
MAS |
Nature of licensing
Automatic
If Automatic, administrative purpose
Non-Automatic
If Non-Automatic, description of the notified Non-Automatic Licensing regime
Products under restriction as to the quantity or value of imports
The import licensing procedures are not intended to restrict the quantity or value of imports. They are maintained for national security reasons.
Questions for products under restriction as to the quantity or value of imports
Not applicable.
The system applies to products originating from which country?
The licensing system applies to products originating in and coming from all countries.
Expected duration of licensing procedure
Legal requirements
Is the licensing statutorily required?
The licensing procedures are maintained under the Currency Act 1967. All import licensing procedures are statutorily required and published in government gazettes.
Does the legislation leave designation of products to be subject to licensing to administrative discretion?
While the administration of the licensing system is undertaken by MAS, the designation of products to be subjected to licensing and the abolishment of the system require legislative approval.
Is it possible for the government to abolish the system without legislative approval?
While the administration of the licensing system is undertaken by MAS, the designation of products to be subjected to licensing and the abolishment of the system require legislative approval.
Eligibility of applicants
Is there a system of registration of persons or firms permitted to engage in importation?
What persons or firms are eligible to apply for a licence?
Generally, all persons, registered firms and institutions are eligible to apply a licence with MAS.
Is there a registration fee?
Is there a published list of authorized importers?
Contact point for information on eligibility
Ministry/Authority
Address
Telephone
Fax
E-mail address
Website
Contact officer
Submission of an application
Administrative body(ies) for submission of an application
Monetary Authority of Singapore (MAS)
Documentation requirements
What information is required in applications?
Applicants are required to submit visuals or samples of the merchandise or product.
What documents is the importer required to supply with the application?
Window of submission of an application
How far in advance of importation must application for a licence be made?
Applications should be made in advance of arrival of the goods in Singapore.
Are there any limitations as to the period of the year during which application for licence can be made? If so, explain
There are no limitations on the period of the year during which applications for licence and/or importation may be made.
Issuing the license
Can a licence be granted immediately on request?
MAS would require some time for clarification and assessment before granting approval.
Can licences be obtained within a shorter time-limit or for goods arriving at the port without a licence
Sellers who have the intent to manufacture goods overseas and to import such goods into Singapore are encouraged to seek early permission from MAS, to avoid any wastage of resources in the event that such goods are not approved for import into Singapore.
Which administrative body is responsible for approving application of licences?
Consideration of licence application is effected by a single administrative body.
Must the applications be passed on to other organs for visa, note or approval?
The importer does not have to approach more than one administrative body.
Are there any other conditions attached to the issue of a licence?
Reproduction of Singapore currency images on any product or merchandise must adhere to the list of conditions on currency reproduction, which can be found in the following link: https://www.mas.gov.sg/Currency/Act-and-Regulations/Using-Images-of-Sing....
Fees and other administrative charges
Is there any licensing fee or administrative charge?
MAS does not impose any licensing fee for imports. Please check with MAS as to whether there are other fees applicable (e.g. royalty fees) for the use of Singapore currency images on merchandise or products.
What is the amount of the fee or charge?
Is there any deposit or advance payment required associated with the issue of licences?
There are no deposit or advance payment requirements associated with the issuance of licences.
Amount or rate?
Is it refundable?
What is the period of retention?
What is the purpose of this requirement?
Refusal of an application
Under what circumstances may an application for a licence be refused other than failure to meet the ordinary criteria?
An application for an import licence is usually granted if it meets the requirements.
Are the reasons for any refusal given to applicants?
In the event of a refusal to issue a licence, MAS will generally provide the reason(s).
Have applicants a right of appeal in the event of refusal to issue a licence?
Although there are no avenues for appeal under the Currency Act 1967, an aggrieved applicant has a right to bring an action for judicial review in the Singapore Courts.
If so, to what bodies and under what procedures?
Although there are no avenues for appeal under the Currency Act, an aggrieved applicant has a right to bring an action for judicial review in the Singapore Courts.
Importation
Are there any limitations as to the period of year during which importation may be made?
There are no limitations on the period of the year during which applications for licence and/or importation may be made.
What documents are required upon actual importation?
Upon actual importation, importers are required to make an Inward Declaration showing the correct description and quantities of each consignment made electronically through TradeNet. Shipping documents such as the Bill of Lading / Airway Bill and invoice are also required.
Are there any other administrative procedures, apart from import licensing and similar administrative procedures, required prior to importation?
There are no other administrative procedures, apart from import licensing and similar administrative procedures, required prior to importation.
Conditions of licensing
What is the period of validity of a licence? Can the validity be extended? How?
The period of validity is assessed on a case-by-case basis. Any application for the extension of the validity period would be subject to further review.
Is there any penalty for the non-utilization of a licence or a portion of a licence?
There is no penalty for the non-utilisation of licence or a portion of it.
Are licences transferable between importers? If so, are any limitations or conditions attached to such transfer?
Licences are not transferable without the approval in writing from the relevant authority.
Foreign Exchange
Is foreign exchange automatically provided by the banking authorities for goods to be imported?
Not applicable. Foreign exchange issues are not applicable to import licensing for Singapore, as only Singapore-registered importers are able to obtain licences.