Benefits of SRS
Why Choose the Singapore Flag
In addition to the myriad of incentives to encourage companies to develop businesses in Singapore, our ship registry offers the following benefits to Singapore-registered vessels:
- 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 and PSC 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 carry out enforcement actions on Singapore ships.
- 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 close to 50 years of experience, it is recognised as a non flag of convenience (FOC) registry by the International Transport Workers’ Federation (ITF).
- Incentive schemes: The uniqueness of the SRS can also be attributed to our attractive and pro-business schemes. For more information on the various schemes, click on this link.
- Choice of classification societies: Eight internationally recognised classification societies, in addition to MPA, are authorised to survey and issue tonnage, safety and pollution prevention certificates to Singapore ships:
- American Bureau of Shipping (ABS)
- Bureau Veritas (BV)
- China Classification Society (CCS)
- Korean Register of Shipping (KRS)
- Lloyd's Register
- Nippon Kaiji Kyokai (ClassNK)
- Registro Italiano Navale (RINA)
- 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 COCs.
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. Welcomed 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.