Benefits of registering your vessel under the Singapore flag. Established in 1966, the Singapore Registry of Ships (SRS) is internationally recognised for its efficient services, high operational and pollution control standards, and good safety record. Administered by the Maritime and Port Authority of Singapore (MPA), it now ranks among the top ten largest registries in the world, with more than 3,000 registered vessels, totalling 43.7 million gross tons, and is the preferred choice of flag for many international ship owners. Why choose the Singapore flagSingapore-registered vessels enjoy not only tax advantages and financial incentives, but also benefits from a high-quality ship registry due to its: - Adoption of international standards: Singapore is a party to all the major International Maritime Organization (IMO) conventions on ship safety and marine pollution prevention.
- Good safety record: The SRS is on the White List of key port state control regimes, with a dedicated flag state control unit (FSCU) that actively monitors, identifies and regularly penalises any non-conforming ships in the SRS.
- Experienced and responsible administration: The SRS is a hands-on and efficient administration, quick to respond to the needs of the shipping community with diligence and high quality of service. With over 30 years of experience, it is recognised as a non flag of convenience (FOC) registry by both the United Nations Conference on Trade and Development (UNCTAD) and the International Transport Workers’ Federation (ITF).
- Choice of classification societies: Nine internationally recognised classification societies, in addition to MPA, are authorised to survey and issue tonnage, safety and pollution prevention certificates to Singapore ships:
- Flexibility on crew nationality: As the owner of a Singapore-registered ship, you can employ officers and crews of any nationality. In order to maintain quality and competence, all crew must meet the standards of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) 1978.
- Recognition of foreign certificates of competency: Singapore allows foreign officers and engineers who hold valid and relevant foreign certificates of competency (COC) to serve onboard Singapore ships. No prior approval is required. Owners simply need to apply for a Certificate of Endorsement (COE) for their crew who hold foreign COC.
- Tax exemption: Profits derived from the operation of a Singapore vessel are exempt from Singapore income tax.
Singapore’s efficient infrastructure and business-friendly environment continue to attract ship owners worldwide to register their vessels under the Singapore flag. It is internationally recognised as a quality registry of shipping. Welcome in all of the world’s ports, this mark of quality translates into business advantages for you over more traditional-based operators. With no restriction on trading areas of Singapore-flagged ships, your clients would always prefer to deal with a Singapore-incorporated maritime operator. Registering your ship in Singapore Find out more about registering a ship in Singapore, or find out how to register your ship under the Singapore Flag.
|
