Singapore is reputed for its quality Ship Registry.  The Singapore Registry of Ships (SRS) was established in 1966 and efforts to promote it continue. The Singapore merchant fleet has been growing at a rate of about 10% in recent years. 

Today, the SRS is among the world's top ten registries with one of the youngest quality fleet. Its ongoing expansion bodes well for Singapore as an international maritime centre.  The SRS' attributes are many.  Shipowners from around the world recognise the benefits they stand to gain by registering their vessels here : 

• Adoption of International Standards
  Singapore is a party to all major international conventions on safety and pollution prevention. These include the 1974 SOLAS Convention, 1978 STCW Convention, 1996 Load Lines Convention, the 1973/1978 MARPOL Convention, and the Convention of Tonnage Measurement of Ships, 1969 (TM 69).
  
• Good Safety Record
  The SRS achieves consistently good safety records and is in the 'White Lists' of the Paris and Tokyo MoUs.
  
• Responsible Administration
  The SRS continues to be responsible in adminstering to the needs of the shipping community and provides a high level of quality service. Singapore is recognised as a non-FOC registry by the UNCTAD and ITF. The collective agreements signed with the Singapore Organisation of Seaman (SOS) and the Singapore Maritime Officer's Union (SMOU) are recognised by the ITF.
  
• Exemption of Profits from Income Tax
  Profits of a shipping enterprise derived from the operation of a Singapore ship are exempt from Singapore income tax. The exemption applies to income derived from the carriage in international waters of passengers, mails, livestock or goods, or from towing or salvage operations carried out in international waters by Singapore ship, and includes income derived from the charter of Singapore ships.
  
• Treatment of Vessel Sales Proceeds as Capital Gains
  Shipping companies owning SRS ships are assured of upfront certainty that vessel sales will be treated as capital gains, from YA2005 for a period of 5 years.
  
• No Restrictions on Crew Nationality
  Owners may engage officers and crews of any nationality on board Singapore ship so long as they meet the standards laid down in the International Convention on the Standards of Training, Certification and Watchkeeping for Seafarers (STCW) 1978, as amended.
  
• Recognition of Foreign Certificates of Competency
  Foreign officers/engineers in possession of valid foreign certificates of competency are allowed to serve on Singapore ships as long as their certificates are appropriate to their capacity in which they are employed. No prior approval is required but owners will be required to apply for a Certificate of Endorsement (COE) to allow holders to serve on Singapore ships. The period of validity of the COE is five years or until their certificate of competency expire whichever is earlier.
  
• Stable and Political Environment
  Singapore has a unique track record of political, economic and social stability. With its open door policy welcoming foreign investments and efficient infrastructure facilities, it continues to attract ship owners world wide to have their vessels registered in Singapore.
  
• No Restrictions on Trading Areas
  There is no restriction on trading areas of Singapore ships in accordance to the United Nations Security Council Resolutions, which may put an embargo on ships to that area.
  
• Choices of Classification Societies
  In addition to the MPA surveys, nine internationally recognised classification societies are authorised to survey and issue tonnage, safety and pollution prevention certificates to all Singapore ships. The nine classification societies are:

The Registry is also well-known for its efficient services and its high operational and pollution control standards. Inspections are regularly conducted on ships in port to ensure that the high safety standards are maintained and regular surveys are performed in accordance with international safety conventions.

For further information on the Registry, please call us at +65 6375 1932 or e-mail us at  SRS