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 was created by our incorporation experts and shows the main steps to open a company in Singapore as a shipping company in this city-state:
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:
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 company formation agents in Singapore may guide you through the ship registration procedure.
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:
For details about incentives for shipping companies you may contact our specialists who can also help you open a company Singapore.