The Maritime and Port Authority of Singapore is responsible for the registration of ships under the Singapore flag. Once your ship is registered in Singapore, you can secure several benefits. The best part is that, all it takes is a few hours after the submission of the complete documents and your ship is registered right away!
However, to register your ship in Singapore you should be aware of the following pre-requisites:
For The Ship Owner
Before you start with your documentation, you should be aware that only the following can be registered as owners of Singapore vessels:
- Citizens of Singapore or permanent residents of Singapore
- Foreign or locally owned companies incorporated in Singapore
- A foreign owned company is defined as one that is operated in Singapore and has above 50% of its equity owned by Singapore citizens
- A locally owned company is defined as a company incorporated in Singapore and has up to 50% of its equity owned by another locally owned company or Singapore citizens
If the vessel is owned by a foreign-owned company, it may be registered in Singapore under the following cases:
- The company must have a paid-up capital of at least $50,000
- The vessel must be self-propelled and a minimum of 1600 GT
- Notwithstanding the minimum paid-up capital requirements, the Registrar may in his discretion, waive them provided that the company and/or its related corporation(s) have registered, applied to register, or have informed the Registrar that they will apply to register.
- An exemption from the tonnage requirements might also be provided at the registrar’s discretion on a case specific basis, in the case that the vessel is operated or based in Singapore. However, owners must apply for the exemption with the registrar.
- If the parent company is based in Singapore, is locally owned, and satisfies the minimum, paid-up capital requirement, the vessel may be registered in Singapore.
- For tug and barge owning local companies, the paid-up capital will be pegged to 10% of the total value of the first tug or barge, or $50,000, which is the lesser, subject to a minimum of $10,000.
Ships that are less than 17 years old are typically considered for registration.
If you plan to go for Singapore Ship Registration, be sure to contact us at Paul Hype Page, and we will surely be able to help you out!
Categories: Singapore Incorporation and Company Registration