Trading and tourism are two of the most important sectors of the Singapore economy. These have a significant contribution to the Gross Domestic Product of the city state; however, this is not the only common treat they have in common. Singapore some of the largest ports in Southeast Asia and trading companies rely on the merchandise brought into the country on the water. Tourism also benefits a lot from the yachts and other pleasure boats rented by tourists. In order to be able to own boats or yachts, Singapore companies and citizens must register these vessels with the Registry of Ships.
Boat and yacht registration are allowed under certain conditions in Singapore. Our company formation consultants in Singapore can offer full information on the boat/yacht registration process.
Conditions for boat and yacht registration in Singapore
Not everybody is allowed to register a ship in Singapore. The following categories of applicants are accepted by the Singapore Ship Register:
- – Singapore citizens;
- – Singapore permanent residents;
- – local companies;
- – foreign owned companies with business addresses in Singapore.
In the case of foreign owned companies, the following requirements apply:
- – the minimum paid-up capital of the company must be 50,000 SGD;
- – the yacht or boat to be registered must be self-propelled and must be at least 1,600 GT (gross tons).
Our Singapore company formation specialists can assist foreign investors who want to set up companies and register their boats here.
Steps for yacht/boat registration in Singapore
The following steps must be completed by Singapore companies or other applicants when registering a yacht or a boat in the Lion City:
- – file an application for the name reservation of the boat;
- – apply for an official number and a call sign or a signal letter;
- – file the documents related to the vessel registration;
- – pay the annual tonnage tax and the registration fees.
Documents related to vessel registration in Singapore
The following documents must be prepared and filed with the Singapore Ship Registrar upon the registration of a vessel:
- – information about the owner of the ship: identification papers, in the case of natural persons and the business profile of the company, in the case of legal entities;
- – a copy of the Builder’s Certificate or the Bill of Sale;
- – a declaration where the value of the vessel is stated;
- – a tonnage certificate;
- – a class certificate.
Please note that other documents could be requested depending on the type of boat to be registered. For more information on the ship registration process, please contact our Singapore company formation agents.
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