Paul Hype Page Solution
Tax Incentives, Ship Registration, Funds & Initiatives
Tax IncentivesTime req. ~2 - 3 Days
Under the Maritime Sector Incentive and the Approved International Shipping Enterprise Scheme, Singapore registered companies are granted a profit tax exemption for 10 years. To qualify, a shipping company must be a significant owner and operator of ships, must have a minimum annual business spending, and must be Singapore resident. A vessel must hold a permanent certificate of registry, however, dredgers, floating production storage, loading vessels, oilrigs, submersibles, seismic vessels, and other offshore mobile units may qualify. The MSI and AIS incentives are guaranteed until 2037.
Ship RegistrationTime req. ~2 - 3 Days
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.
Funds and InitiativesTime req. ~2 - 3 Days
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.