Singapore customs awards YCH group, a pioneer license for the inaugural Zero GST Warehouse Scheme (ZGS)
Jan 17, 2006 12:00:00 AM
- granted Type III license which enables YCH to virtually extend ‘Free Trade Zones’ to any of its operations within Singapore with effect from 1st Jan 2006
17 January 2006
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YCH Group CEO Dr. Robert Yap receiving the ZGS Type III License from Minister of State for Finance and Transport, Mrs Lim Hwee Hua at the license presentation ceremony. |
Minister Lim Hwee Hwa (2nd from left) and Dr. Robert Yap (2nd from right) sharing a discussion with other delegates from the event. |
YCH Group ("YCH"), Singapore’s logistics and supply chain management giant, has been awarded a pioneer license for the Zero GST Warehouse Scheme ("ZGS"), which came into effect on 1st Jan 2006. The scheme is an enhancement of the Bonded Warehouse Scheme ("BWS"), with the main difference being the suspension and deferment of GST payment till the goods leave the custody of the license holders. The license was given out during the ZGS presentation ceremony, graced by Mrs. Lim Hwee Hua, Minister of State for Finance and Transport.
As a strategy to improve business efficiencies in Singapore’s trading environment, the ZGS scheme will serve to be another distinct competitive advantage, in which YCH Group is able to provide to its customers’ and customers’ suppliers along the supply chain. By suspending the GST payments of goods flowing under the ZGS scheme, the administrative burden and cost of tracking GST compliance will be greatly reduced, as well as potentially free up months of working capital which would have been otherwise committed to for GST payments. For goods entering the domestic market, YCH ZGS license will allow customers to not only defer the administration of GST payments, but also allow declarations on a consolidated basis. These significantly improve companies’ cash flow and reduce compliance and logistics costs, streamlining business operating efficiencies along the supply chain.
There are 3 types of license administered by the Singapore Customs under the ZGS scheme. YCH Group has been awarded the Type III License, which allows the licensee the maximum level of flexibility and control in the movement and management of goods. The Type III ZGS License is only accorded to companies that have excellent information management infrastructures, financial accounting processes and operations management systems in place, to control and monitor the supply chain. This is possible though a robust warehouse management system, with clear and up-to-date inventory information and precise track-and-trace capabilities.
As a Type III Licensee, YCH Group customers will be able to leverage on its innovative solutions, such as IntributionTM (Vendor Managed Inventory / Supplier Owned Inventory), as well as the National Infocomm Award winning V-HubTM; where companies can ‘Buy Anywhere, Make Anywhere, Sell Anywhere’.
About YCH Group
Founded in 1955, the YCH Group today is the leading integrated end-to-end supply chain management and logistics partner to some of the world’s largest companies. They include Dell, Motorola, Solectron, Ciba, Dystar, Solutia, LVMH, Frisian Vlag and Danone. The Singapore-based logistics giant currently operates throughout Asia-Pacific, such as Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong, China, and Australia.
The strategic strength of YCH Group lies in its award-winning innovative supply chain management solutions that employ cutting edge web-technologies. They are best-in-class across the industry clusters, such as Consumer, Electronics, Chemical / Healthcare. The proprietary know-how of YCH is embedded in its core suite of end-to-end supply chain solutions - IntributionTM, IntrabutionTM and RetrogisticsTM. Highly flexible and scalable, these solutions handle the materials flow, finished goods distribution flow, and spares/service flow of the supply chain, respectively. These have been extended across the region for world-class industry-leading companies. When integrated with YCH core transport, warehousing, freight, and logistics value-added services, they deliver a powerful competitive advantage for total end-to-end supply chain management solutions for customers.
YCH was conferred the prestigious Business Headquarters (BHQ) status by the Singapore Economic Development Board in recognition of its contribution in strengthening Singapore’s position as a global business hub. Besides being the past winner for the National IT Award and National Training Award, it is also a winner at the Second Annual Intelligent20 Awards by Intelligent Enterprise Asia, the IT Leaders Award by Singapore Computer Society, as well as the Asia Logistics Hall of Fame Award by Lloyd’s FTB. Other than receiving the National Training Award and Corporate HR Award, YCH is also ISO 9001, EMS 14001, OHSAS 18001 certified and a member of the Singapore Quality Class. More recently, YCH won the prestigious Singapore National Infocomm Awards in October 2004 and attained the highly regarded Singapore Innovation Class in October 2005.
More information on YCH is available on http://www.ych.com
More details on the ZGS Scheme can be found on: http://www.customs.gov.sg/trade/trde9_8.html
More information about Singapore Customs: http://www.customs.gov.sg
For media enquiries, please contact:
YCH Corporate Communications
Mr. Andrew Seah / Ms. Tien Yushan at Tel: (65) 6417 2772 / 3, Email: corporate@ych.com
