Setting up an Offshore Marine or Vessel Trading Company in Singapore

Setting up an Offshore Marine or Vessel Trading Company in Singapore

Singapore is known for its charm when it comes to business and investment, for many reasons. One of which is its location. Singapore is located at the centre of Southeast Asia which makes it ideal for opening trade routes in other countries. If you’re thinking of setting up an offshore trading company in Singapore, stay tuned. Today we will be talking about setting up an Offshore Marine or Vessel Company in Singapore and its benefits.

Why Start a Shipping Company in Singapore?

MPA (Maritime & Port Authority of Singapore) is tasked to develop the country as a Global Port Hub and as a Center for International Maritime to ensure Singapore’s seafaring interests.

This is why Singapore comes first when it comes to shipping container volumes. Not only that, but Singapore is also Asia’s shipping hub for the high-profile international shipping groups. It is also the primary shipping routes.

What Documents are Needed in Start A Shipping Company in Singapore?

Company Registration

Before starting a business in Singapore, you must first register your company with the Accounting & Corporate Regulatory Authority (ACRA). Company Registration is mandatory to operate any type of business in Singapore, but don’t sweat, the process of registration is fast and convenient, completable within a day.

Licenses

Your company is not allowed to operate unless you are licensed to do so.  The following are the licenses you should get for your company to start floating.
1. Harbour Craft Licensing
Your vessel is prohibited to be utilised as a harbour craft without a license. Plying Harbour Crafts is only limited to the Port Confines or Limites of the country or the places stated in the Harbour Craft License.

If your Harbor Craft plies outside the Port Limits of Singapore, you should have a Valid/Legal Port Clearance Certificate with you.

You can get your Harbour Craft License from the MPA.
2. Getting A Port Manning License
The crew working in your harbour craft must have a valid Port Limit Manning License. Have your crew apply for the Port Limit Manning License, six months from the date of the examination passing.

The same with the Harbour Craft License, the Port Limit Manning License can be issued by the MPA.

3. Permit for Launching a New Vessel in the Port

Before you can launch a newly constructed vessel to the port, you need to get written permission for the Port Master.

The Port Master may lay down conditions in order for you to get a written permission.
4. Allowing to Lay Up Vessels
All vessels which are not actively employed or not under repair needs to have a Permit to Lay-Up. This permit cannot be written without the approval of the Port Master.
5. Ship Registration
Except for Fishing Vessels, Wooden Vessels and Hydrofoils, all types of ships are open for registration. It can be registered under a foreign flag, but if you’re going to register under the flag of Singapore, you’ll get some benefits.

These are:

1.Adopted to the International Standards

If you register under the flag of Singapore, You’re obliged to comply to the conventions of the International Maritime Organization or IMO regarding your ship’s safety, as well as the prevention of the pollution in the marines.

2.Satisfactory Safety Record

Because Singapore Registry of Ships or SRS is in the list of Satisfactory Ships for the  Port State Control Regimes or PSCR, your ship will be monitored by the Flag State Control Unit or FSCU. As long as you conform to their standards, your ship’s record will remain satisfactory.

3.Reliable Administrators

Throughout the entire 30 Years of the SRS’ administration, they have been hands-on administrators who respond immediately to the needs/requirements of the shipping community.

4.Flexible Crew Nationality
Your crews will not be restricted only to the Singaporeans, but also the foreign officers. Foreign Crews can sail in the Singaporean Ships if the crews are competent to do the job. Keep in mind that foreign crews must meet the requirements of the ICST(International Convention on Standards of Training) and the CWS (Certification & Watchkeeping for Seafarers).

5.Competent in Recognizing Foreign Certificates
Engineers, as well as Foreign Officers, can serve the Singaporean Ships as long as they have the valid certifications for the job. That is if the shipowner applies for a COE or (Certificate of Endorsement).

6.Exempted from Tax
Ships under the Singapore Flag is exempted from the Income Tax.

Setting up a Shipping Company in Singapore is easy and safe. A soil is rich with nutrients, ready to be cultivated.

Interested in setting up your own company? Give us a call! We will guide you as you move forward towards your goal of setting up a company.