Only the following may be registered as owners of Singapore vessels:
Singapore citizens or Singapore permanent residents. Companies incorporated in Singapore – foreign or locally owned: A foreign-owned company is defined as a company incorporated in Singapore and has more than 50% of its equity owned by non-Singapore citizens. A locally owned company is defined as a company incorporated in Singapore and has more than 50% of its equity owned by Singapore citizens or another locally owned company.
If owned by a foreign-owned company, the vessel may be registered in Singapore under the following conditions: The company must have a minimum paid-up capital of S$50,000.
|No. of Ships||3,353|
|Size Restrictions||1,600 grt|
|Ownership Requirements||Ships must be registered under companies incorporated in Singapore or Singapore citizens and permanent residents. Companies can be locally owned or foreign owned. A locally owned company is one with the majority of its shares owned by locals. A foreign owned company is one where the majority of shares are held by non-Singaporeans.|
|Registration Fees||An Initial Registration Fee of S$2.50 per nrt is payable subject to a minimum of S$1,250 (500 nrt) and a maximum of S$1,000,000 (40,000 nrt). Discounted rate of S$0.50 may apply subject to a minimum of S$1,250 (2,500 nrt) and a maximum of S$50,000 (100,000 nrt) per vessel.|
|Approved Classification Societies||ABS, BV, DNV, GL, LRS, NKK, RINA, CCS, KRS.|
|Crew Nationality||There are no nationality requirements with regard to Singaporean foreign going ships and certificates of competency from most Commonwealth countries are recognised.|
|Parallel Registration||Not permitted.|
|Flag of Convenience||May be defined as a flag of convenience on a ship by ship basis.|
|Principal IMO Conventions Adopted||COLREG, SOLAS, INMARSAT, STCW, MARPOL, CLC, 92.|
|Type of Mortgage||An account current or principal and interest statutory mortgage form is required and will need to be registered at the Shipping Registry. There will normally be a separate Deed of Covenants which need not be registered at the Shipping Registry. However, care should be taken to ascertain whether or not these documents also need to be registered in the relevant Companies Registry (within a specific time limit) where the owner is a body corporate.|
|Mortgage Registration Fee||S$48 plus S$1 per 100 grt or part thereof.|
- Ships over 18 years old must be satisfactory condition in all respects.
- Only applicable to foreign owned companies incorporated in Singapore. An exemption may be given on a case by case basis if vessels are operated in and from Singapore.