Singapore Yacht Registration

Singapore Yacht Registration

• Navigating Singapore Yacht Registration requires adherence to specific criteria. Singapore’s robust economy thrives on trade and tourism, which both heavily rely on the city-state’s extensive ports. These ports serve as pivotal entry points for merchandise and pleasure boats, contributing significantly to the nation’s GDP.

• To own boats or yachts in Singapore, registration with the Registry of Ships is imperative. Tetra Consultants in Singapore specialize in providing comprehensive guidance on the intricate processes involved in yacht registration and company registration too with the ACRA, ensuring seamless compliance and understanding for their clients.

• Singapore Yacht Registration

• Register company in Singapore

• Registered agent and registered address services

• Corporate bank account opening services

• Accounting and tax obligations services

• Nominee director and shareholder services

Advantages of Singapore Yacht Registration

Legal compliance

• Registering a boat in Singapore is obligatory, serving as a cornerstone for upholding maritime regulations and local laws. This ensures that vessels operating within Singaporean waters adhere to established safety standards and navigational protocols, contributing to overall maritime security and safety.

• Additionally, registered yachts can partake in various maritime events and activities, enhancing recreational opportunities for owners and promoting Singapore’s vibrant yachting culture on an international scale.

Ownership verification

• Yacht registration in Singapore provides official proof of ownership, mitigating the risk of disputes or theft. This verification adds a layer of security and confidence for owners, ensuring their investment is legally recognized and protected.

Safety

• Registering a yacht in Singapore facilitates safety inspections, enhancing maritime safety and responsible boating practices. These inspections ensure that registered boats meet stringent safety standards, reducing the risk of accidents and promoting safer waterways for all users.

• Additionally, compliance with safety regulations instills confidence among owners and passengers, fostering a culture of safety-conscious boating. Ultimately, yacht registration in Singapore contributes to a safer and more enjoyable boating experience for everyone involved.

Access to services

• Registering your yacht in Singapore unlocks a host of essential services, including mooring facilities, insurance coverage, financing options, and more. This streamlined access simplifies logistical challenges and ensures smooth sailing for yacht owners. From securing prime mooring locations to obtaining comprehensive insurance packages tailored to maritime needs, registered yacht owners in Singapore enjoy unparalleled convenience and peace of mind, enriching their overall yachting experience.

International navigation

• Registering your yacht in Singapore streamlines international navigation by facilitating smoother customs clearance and navigation through international waters. This opens up a world of possibilities for yacht owners, enabling seamless travel across borders with reduced bureaucratic hurdles. Whether embarking on a regional cruise or exploring distant shores, registered yachts benefit from Singapore’s reputation as a maritime hub, enhancing their global mobility and enriching their yachting adventures.

Can a foreigner proceed for Singapore Yacht Registration?

• The Maritime and Port Authority of Singapore (MPA) oversees stringent regulations governing yacht registration, restricting eligibility primarily to Singaporean citizens, permanent residents, and locally incorporated entities. Nevertheless, foreign individuals and entities can register yachts under certain stipulations. For foreign-owned companies, meeting specific criteria is imperative: a minimum paid-up capital of SG$ 50,000 for yacht registration and compliance with vessel specifications, such as self-propulsion and a minimum weight of 1,600 GT.

• The registration procedure mandates the involvement of a licensed shipping agent, submission of requisite documentation, and payment of fees. Adhering to these prerequisites is essential for foreigners intending to navigate the intricacies of yacht registration within Singapore’s jurisdiction.

How long does it take for Singapore Yacht Registration?

• The duration of Singapore yacht registration hinges on individual circumstances and the timely completion of essential steps. Generally, the process entails several stages, including application for name reservation, acquisition of an official number and call sign, submission of registration documents, and payment of requisite fees, which may extend to 1 week. Tetra Consultants streamline this process, ensuring meticulous preparation of all necessary vessel-related documents, such as owner information, Builder’s Certificate or Bill of Sale, tonnage certificate, and class certificate. With our expert guidance, clients navigate through each step efficiently, expediting the registration timeline and facilitating a smooth transition into Singapore’s maritime registry.

• We provide expedite to register company in Singapore, completing the process within 1 day. Additionally, we assist in opening corporate bank accounts, ensuring access to financial services within 4 weeks of company incorporation. Our efficient procedures enable swift establishment of business presence and financial operations in Seychelles, allowing you to focus confidently on your core objectives.

• Thus, the comprehensive duration will compile up to 5 weeks which will include 4 weeks (approx..) for company registration and bank account registration.

Entities eligible for Singapore Yacht Registration

In Singapore, boat registration is open to various entities:

Individual

• Any individual, regardless of whether they own a boat for personal leisure or commercial ventures, can apply for boat registration. This process ensures compliance with maritime regulations and grants legal recognition of ownership, enhancing safety and accountability on the water.

Companies

• Commercial entities involved in tourism, fishing, transportation, or other commercial endeavors are eligible to apply for boat registration. This facilitates compliance with maritime regulations and legalizes ownership, ensuring safety and accountability in commercial maritime activities.

Organizations

• Government agencies, non-profit organizations, or other entities engaged in official or humanitarian activities are eligible to register boats for their operations. This registration ensures compliance with maritime regulations and provides legal recognition of ownership, facilitating the safe and efficient operation of vessels for various organizational purposes.

Maritime businesses

• Maritime businesses, including shipping and water transport companies, frequently register boats for commercial utilization. This process ensures compliance with maritime regulations and legalizes the ownership of vessels used for business operations. Registering boats enhances safety measures and accountability, contributing to the smooth functioning of maritime activities within the commercial sector.

Recreational clubs

• Yacht clubs and recreational boating clubs owning boats for member use are eligible to apply for boat registration. This process ensures compliance with maritime regulations and legalizes ownership, facilitating safe and organized recreational boating activities. Registering boats under such clubs enhances accountability and promotes a structured environment for members to enjoy their boating experiences.

How to obtain Singapore Yacht Registration?

Step 1: Register company in Singapore

• When registering a yacht in Singapore, the preferred business structure is a private limited liability company (LLC or Ltd.). This entity type is widely utilized for establishing offshore companies in Singapore, welcoming both local and foreign investors. A local resident must serve as the secretary of the Singapore offshore company, though they cannot simultaneously hold shares or managerial positions.

• Various statutory requirements for this business entities are as follows:

• At least one director who is a resident of Singapore.

• At least one shareholder, who may be a natural person or business enterprise without residency requirements.

• The company must have a physical office and registered address for business correspondence purposes.

• A company secretary must be recruited to carry out its affairs. The company secretary will be responsible for carrying out the formalities such as the board meeting, conducting the minutes of the meeting, and filing formalities with the ACRA.

• Minimum paid-up capital must be S$1.

• An AGM must be held every year where financial statements are presented to shareholders for approval.

• An LLC must maintain accurate financial books and records for a minimum period of five years.

• Moreover, if you are worried about the statutory requirements which can be complied with the services provided by us including nominee director and shareholder services.

Step 2: Comply with pre-requisites

• Before initiating yacht registration various pre-requisites are required to be met which includes:

• A minimum total paid-up capital of S$50,000.

• Only Singapore citizens, permanent residents, or locally and foreign-owned companies incorporated in Singapore can be registered as owners of vessels in the country.

• Vessels must be at least 1,600 gross tons and be self-propelled.

• For local companies and their holding companies that own tugboats and barges, the paid-up capital will be pegged to 10% of the value of the first tugboat or barge registered or S$50,000, whichever is lower, with a minimum of S$10,000.

• Every Singapore vessel owner must designate a Singapore resident as manager, who can be an officer of the owning company or a management company.

Step 3: Inform the ship registry

• As the step to Singapore yacht registration process, Tetra Consultants will handle the formal correspondence with the Ship Registry on behalf of our clients. We will draft the necessary documents for marine@mpa.gov.sg, ensuring that the chosen name of the vessel complies with all regulatory standards. Our expert guidance at this step streamlines the process, offering clients peace of mind and efficient progress in their yacht registration journey.

Step 4: Submit yacht registration documents

• It is imperative to submit the requisite documents for either provisional or permanent registration. These documents play a crucial role in formalizing the registration of your yacht with the appropriate authorities.

• Tetra Consultants stands ready to assist our clients at this juncture by meticulously preparing and submitting all necessary documentation on their behalf. With our expertise in navigating bureaucratic processes and ensuring compliance with regulatory requirements.

Step 5: Pay the yacht registration fees

• Once the documents are submitted you will be required to pay the registration fees which will be informed to you in advance by our experts for a transparent transaction.

Step 6: Receive the certificate of registration

• Once your boat has been duly registered, you will soon receive a certificate of registration along with instructions for carving and marking.

Step 7: Open business bank account

• Following the successful completion of your yacht registration in Singapore, the next step is to initiate the opening of a business bank account. Our corporate bank account opening service streamlines this process, ensuring the establishment of your bank account within four weeks. With our assistance, you can efficiently move from registering your yacht to securing vital financial infrastructure in Singapore, facilitating a seamless transition for your maritime endeavors.

Minimum regulatory requirements for Singapore Yacht Registration

Singapore Yacht Registration can be proceeded by:

• Singapore citizens;

• Singapore permanent residents;

• Local companies;

• Foreign owned companies with business addresses in Singapore

Manager requirements:

• Every Singapore vessel owner must designate a Singapore resident as manager, who can be an officer of the owning company or a management company.

For local companies the stipulated requirements are:

• At least one director who is a resident of Singapore.

• At least one shareholder, who may be a natural person or business enterprise without residency requirements.

• The company must have a physical office and registered address for business correspondence purposes.

• A company secretary must be recruited to carry out its affairs.

• Minimum paid-up capital must be S$1.

What are the documents required for Singapore Yacht Registration?

• Information about the owner of the ship: identification papers, in the case of natural persons and the business profile of the company, in the case of legal entities;

• A copy of the builder’s certificate or the bill of sale;

• A declaration where the value of the vessel is stated;

• A class certificate;

• International Tonnage Certificate (ITC69);

• Survey and inspection reports;

• Safety equipment certificates;

• Insurance certificate;

• Boat construction certificate.

For owners:

• Identification documents as passport (for natural persons)

• Business profile of the company (for legal entities)

For corporate shareholders

• Business profile of the company

• Certificate of incorporation

• Company ownership declaration

• Memorandum of Association

• Articles of Association

• Latest financial statements

Accounting and tax obligations

• Singapore Yacht Registration involves companies facing accounting and tax obligations similar to those of traditional businesses. Tetra Consultants offer comprehensive services to ensure compliance with all accounting and tax requirements. Outsourcing these services not only assures adherence to regulations but also facilitates cost reduction for companies. By delegating their accounting and tax duties to Tetra Consultants, companies can focus on their core operations while effectively upholding regulatory compliance.

Accounting obligations

Maintenance of accounting records:

• Businesses in Singapore including shipping business must maintain accurate accounting records for a minimum of five years, ensuring they provide comprehensive information on financial transactions.

Annual general meeting (AGM) and annual filing requirements:

• Companies including yacht businesses are required to hold an AGM annually within 15 months from the previous AGM or six months from the financial year-end. AGMs cover various agenda items, including audit report approval, director re-election, and dividend declaration.

Appointment of auditors:

• Within three months of incorporation, directors must appoint an auditor unless the company qualifies as a small company exempt from audit requirements. Auditors must be registered and approved by the Accounting and Corporate Regulatory Authority (ACRA).

Accounting standards:

• Like any other standard company in Singapore, shipping company must comply with accounting standards established by the Accounting Standards Council (ASC), including Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities, based on International Financial Reporting Standards (IFRS).

Fiscal year-end and annual returns:

• Like any other standard company in Singapore, shipping company must select a financial year-end (FYE) post-incorporation and conduct their AGM and file annual returns accordingly. Listed companies file returns within five months, while non-listed companies do so within seven months. The choice of FYE can affect a company’s eligibility for tax incentives.

Tax obligations

Corporate Income Tax:

• Singapore levies corporate income tax (CIT) at a flat rate of 17% for both local and foreign companies including shipping companies.

• This rate is the lowest among all ASEAN member states.

• The country adopts a single-tier corporate tax system, where CIT is imposed only on chargeable income.

Goods and Services Tax (GST):

• Singapore’s GST rate stands at 9%.

• GST, akin to value-added tax (VAT), applies to goods and services irrespective of their source.

• Businesses including shipping business meeting specific turnover criteria must register for GST, enabling them to charge GST on sales and claim input tax credits.

Withholding Tax in Singapore:

• Withholding tax rates range from 0% to 24%, depending on the nature of payment and applicable tax treaty agreements.

• It is imposed on certain payments to non-resident entities, such as interest, royalties, and technical service fees.

• Non-resident companies can seek reduced or exemption certificates from the Inland Revenue Authority of Singapore (IRAS) to lower their withholding tax obligations.

Singapore port regulations

• There are various regulations which are as follows:

Prior to arrival formalities

• Advance notice of arrival: The Singapore Immigration Authority mandates submission of an Advance Notice of Arrival, which can be facilitated through an appointed agent.

• AIS requirement: Yachts navigating Singaporean waters must be outfitted with an Automatic Identification System (AIS) approved by either the Maritime and Port Authority of Singapore (MPA) or the Port Master.

• Port health clearance: Vessels subject to quarantine requirements, such as those originating from plague-infected regions or harboring specific health concerns onboard, must anchor at the Quarantine Anchorage for inspection by Port Health officers. The Master, owner, or agent of such vessels must notify the Port Health Office and adhere to health clearance protocols.

• Deratting certificate: All vessels arriving in Singapore must possess a valid Deratting Certificate or Deratting Exemption Certificate. Vessels arriving from plague-infected ports may undergo inspection and fumigation if evidence of rodent infestation is discovered.

Arrival formalities

• Flying the “Q” flag: Yachts are required to display the “Q” flag upon their arrival at the Port of Singapore.

• Communication with VTIS: Prior to crossing the Traffic Separation Scheme (TSS) into Singaporean waters, yachts must initiate communication via VHF radio with the Vessel Traffic Information Service (VTIS) to announce their intention to enter the port.

• Clearance procedures: While all approaches to the port are well marked with buoys and lights, it is advisable to avoid arriving at night due to the significant volume of shipping traffic.

• Immigration procedures: Upon arrival, an immigration officer will conduct a face-to-face inspection of all individuals aboard the yacht, and all crew members must be present on deck with their passports for stamping. Subsequently, a Landing Pass valid for 2 weeks will be issued.

• AIS requirement: Yachts are mandated to be equipped with an approved Automated Identification System (AIS) before entering Singaporean waters. The AIS transponder must be endorsed by either the Maritime and Port Authority of Singapore (MPA) or the Port Master. To adhere to this regulation, vessel information should be emailed to noa@mpa.gov.sg at least 12 hours prior to entering Singaporean waters.

Departure formalities

• Clearance procedures: When departing from designated marinas such as One15/Raffles Marina or RSYC for Customs, Immigration, and Quarantine (CIQ) clearance, yachts must adhere to instructions provided by marina crew. They should then secure at the CIQ berth and remain onboard. Crew members seeking to disembark must request shore leave through the agent to convert the Notice to Leave (NTL) to a Landing Pass (LP).

• Port dues: All foreign visiting yachts leaving Singaporean waters are obligated to settle Port Dues with the Maritime and Port Authority of Singapore (MPA).

• Departure formalities: Planning for departure should commence at least three days prior, following immigration arrival approval and preceding the yacht’s arrival in Singapore. Crew members are required to utilize water-taxi/private car transport to reach Marina South Pier or West Coast Pier for immigration procedures. Passports are scanned, and documents are verified by Immigration before crew members are endorsed from NTL to LP.

• Engagement of a licensed shipping agent: Every yacht is mandated to enlist the services of a licensed shipping agent to manage departure paperwork, ensuring adherence to regulations stipulated by the Port of Singapore.

• AIS requirement: Before departing from Singaporean waters, yachts must be equipped with an approved Automated Identification System (AIS). Failure to comply with this requirement may result in significant fines.

Looking for Singapore Yacht Registration

• Tetra Consultants offers unparalleled support throughout the Singapore yacht registration process, ensuring seamless compliance with regulatory requirements. Beyond yacht registration, our services extend to a comprehensive business package, encompassing offshore company incorporation, nominee director and shareholder services, legal document drafting, accounting and tax obligations management, as well as corporate bank account opening assistance.

• With Tetra Consultants, clients benefit from expert guidance and a full suite of services tailored to their maritime and business needs, facilitating a smooth and efficient experience from registration to ongoing operations.

• Contact us to know more about Singapore Yacht Registration and our team will reach you out in 24 hours.

FAQ

Can I choose any classification society for inspecting and issuing certificates to my Singapore-registered vessel?

Are there any restrictions on the nationality of officers and crew employed on Singapore-registered vessels?

Are there any restrictions on the types of vessels that can be registered under the Singapore flag?

How is the age of a ship determined for registration purposes in Singapore?

Who is eligible to register their boat or jet ski in Singapore?

How does boat registration contribute to safety and security in Singapore’s waters?