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Shipping Company in Singapore

Updated on Wednesday 20th July 2016

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Shipping-Company-in-SingaporeWhy start a shipping company in Singapore?

Shipping companies in Singapore ensure the transport of merchandise for trading companies. Based on the fact that Singapore is an important import/export player in the international trade market, shipping companies are an advantageous investment. There are over 5000 shipping companies operating in Singapore at the moment and the shipping industry brings about 7% of the city-state’s Gross Domestic Product (GDP). Singapore is also one of the largest maritime centers in the world which makes the island a perfect place to open a shipping company in.

The video below shows the main steps to set up a shipping company in Singapore:

Licensing requirements for shipping companies in Singapore

Once the company registration procedure with the Singapore Accounting and Corporate Regulatory Authority has concluded, one must obtain certain permits and licenses to start operating as a shipping company. Depending on the business activities to be undertaken, the following licenses are available:

  • - a harbor craft license,
  • - a port clearance certificate,
  • - a ship registration certificate,
  • - a port limit manning license,
  • - a new vessel permit,
  • - a ship station license,
  • - permits to discharge, load or transport dangerous products.

Among all these, the harbor craft license is mandatory as it is used to operate vessels for commercial purposes in Singapore. The harbor craft license is issued by the Maritime Port Authority. Harbor craft licenses are granted after the vessel passes an inspection. Shipping companies operating outside the city-state’s port limits must also apply for a port clearance certificate.

Our agents in Singapore may guide you through the ship registration procedure.

Incentives for Singapore shipping companies

The Maritime and Port Authority has introduced a significant number of incentives in order to encourage the development of the shipping industry in Singapore. Small and medium sized shipping companies are encouraged to apply for one the following incentives:

  • - the approved international shipping enterprise incentive,
  • - the approved shipping logistics scheme,
  • - the maritime finance incentive scheme,
  • - the maritime cluster fund,
  • - the maritime seed fund.

For details about incentives for shipping companies you may contact our specialists in company incorporation in Singapore.

 

 

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