Maritime Sector Incentive

The Maritime Sector Incentive (MSI) helps shipping enterprises to grow their businesses in Singapore. It comprises the following awards which cater for different businesses:

MSI - Approved International Shipping Enterprise (MSI-AIS) Award

The MSI-AIS award seeks to encourage international ship owners and ship operators to establish their commercial shipping operations in Singapore.

Benefits

An MSI-AIS company will enjoy tax exemption on qualifying shipping income for either:

  • a 10-year renewable period; or
  • a 5-year non-renewable period, with the option of graduating to the 10-year renewable award at the end of the 5-year period,

if qualifying conditions are met.

Who is eligible

Applicant with a good track record and demonstrable business plan in respect of its shipping operations in Singapore may apply for the MSI-AIS award.

Applicant must be able to demonstrate in its business plan how the shipping operations will generate economic contributions in Singapore through total business spending, 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.

MSI - 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 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 the 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.

MSI - Shipping-related Support Services (MSI-SSS) Award

The MSI-SSS award seeks to promote the growth of ancillary shipping service providers and to encourage shipping conglomerates to set up their corporate services functions in Singapore.

Benefits

An approved MSI-SSS company will enjoy a concessionary tax rate of 10% on the incremental income derived from the provision of the following qualifying approved shipping-related support services for a 5-year renewable period:

  • Ship broking;
  • Forward freight agreement trading;
  • Ship management;
  • Ship agency;
  • Freight forwarding and logistics services; and
  • Corporate services rendered to qualifying approved related parties who are carrying on business of shipping - related activities.

Who is eligible

Applicant with a good track record and demonstrable business plan in respect of its ancillary shipping activities in Singapore may apply for the MSI-SSS award on or before 31 May 2021.

Applicant must be able to demonstrate in its business plan how the provision of the ancillary shipping activities will generate economic contributions in Singapore through total business spending, undertaking additional activities from Singapore and number of professionals employed. 

How to apply

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