What is the Ship Registration’s fee structure?
Ship registration in Singapore is easy, and can be accomplished in hours. The fee structure is equally simple; owners pay $2.50 per ton to register their vessels. The minimum fee is $1,250, and the maximum fee is $50K. A discounted scheme is offered to companies that own: 2 ships over 40,000 tons, 3 ships over 30,000 tons, 4 ships over 20,000 tons, or 5 ships of any tonnage. Qualifying companies pay $0.50 per ton, not exceeding $20K. The annual tonnage fee is $0.20 per ton, with a minimum fee of $100, and maximum fee of $10K.
What are the other Funds and Initiatives offered in Singapore?
In addition to tax and registration savings, Singapore offers grants to companies that invest in professional development and research. Singapore has created a Maritime Cluster Fund of $45 million to support new business, and $50 million to develop manpower expertise. The Maritime Innovation and Technology Fund grants money to companies that research and develop new commercial products. Airfare, salary, and living expenses may also be subsidized through manpower development grants. Training programs may be subsidized up to %60, not exceeding $50K per employee.
Aside from the attractive grants and tax incentives, Singapore is known for its efficiency, cleanliness, and safety. These values extend beyond the shoreline, through Maritime Port Authority’s Green Initiatives. Ships exceeding IMO’s Energy Efficient Design Index can expect a 50% reduction in initial registration fees and an annual rebate of 20% off tonnage tax. Companies investing in energy efficient technologies may apply for grants, up $2 million per project. In addition, vessels with abatement and scrubber technology, or those utilizing green fuels during their port stay, are granted a 15% concession in port dues.