If you’re thinking of setting up a company in Singapore, in the maritime industry, you’re on the right track. The maritime industry in Singapore is Asia’s gateway to international and regional shores with its strategic location, powered by its best-in-class port facilities and shipyards.
As a premier International Maritime Centre (IMC), it sets the stage for ship hubs, essential ancillary services in shipping, commerce, and logistics to flourish. The Singapore government has put a strong emphasis on the maritime industry, with attractive tax incentives and grants available for businesses. Maritime Port Authority (MPA) is the governing body that oversees all maritime-related activities.
How to Start a Maritime Company in Singapore
There are 4 steps to start your maritime company in Singapore:
Licenses & Permits for Maritime & Shipping Companies in Singapore
The licenses and permits required to operate your maritime and shipping companies are listed below.
Singapore Shipping Regulations
Most countries structure their shipping regulations to ensure illicit trade and misconduct do not take place. Singapore’s shipping laws cover the areas of carriage of goods by sea, admiralty law, and merchant shipping legislation. Common law principles and the following statues are the main regulations governing Singapore’s shipping industry:
Registration of Ships in Singapore
For registration of ships in Singapore, there are a few 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:
If the vessel is owned by a foreign-owned company, it may be registered in Singapore under the following cases:
For the Vessel
Ships that are less than 17 years old are typically considered for registration.
Tax Incentives for Maritime Companies in Singapore
While there are plenty for tax incentives for companies in Singapore, there are industry-specific incentives for maritime companies under programmes like Maritime Sector Incentive (MSI).
You can also find out more taxation exemptions for Singapore companies here.
Let’s kickstart your maritime & shipping company in Singapore
There are certainly many benefits when it comes to setting up a maritime company in Singapore. On top of these incentives, there are also industry-specific grants available to tap on and set the stage for your business success.
We are also available to tap on and set the stage for your business success.
Some of the tax incentives include:
- Tax exemptions for new startups
- Double Tax Deduction for International Expansion
- Wage Credit Scheme
You can find more about tax reduction here.
You may check your eligibility here.
The basic requirements are as follows:
- At least one local resident director who is a Singapore citizen, a Singapore permanent resident, or an EntrePass/Employment Pass/ Dependent’s Pass’s holder with LOC.
- At least one Shareholder
- S$1 paid-up capital
- A physical local address
- A company secretary
You will also need a visa to run your business in Singapore. You can find out more about incorporating a company as a foreigner here.
Singapore port is the second busiest in the world, after Shanghai.
GT is an acronym for the term “gross tonnage”. Gross tonnage measures a ship’s total internal volume. It is not the same as gross register tonnage.
The port of Singapore is located at Pasir Panjang, southwest of Singapore.