Maritime Sector Incentive - Maritime Leasing (MSI-ML) Award

The MSI-ML award encourages entities to use Singapore as their capital and funding base to finance their vessels or sea containers.

Benefits

Ship or container leasing companies, business trusts or partnerships will get to enjoy tax concessions for up to 5 years on their qualifying leasing income under the MSI-ML award.

An approved manager of the asset-owning entity will be awarded a concessionary tax rate of 10% on its qualifying management income.

Operating and qualifying finance leases are both covered under MSI-ML award, to allow asset-owning flexibility in leasing and chartering options.

Who is eligible

Applicant with a good track record and demonstrable business plan in respect of its ship and container financing operations in Singapore may apply for the MSI-ML award on or before 31 May 2021.

Applicant must be able to demonstrate in its business plan how the ship or container financing operations will generate economic contributions in Singapore through total business spending, number of professionals employed, undertaking additional activities from Singapore, and ensuring that the strategic or commercial decision making functions will be undertaken in Singapore.

How to apply

To apply, email to imc_mpa@mpa.gov.sg for more information.