The Maritime Sector Incentive (MSI) helps shipping enterprises to grow their businesses in Singapore.
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.
Under the MSI-AIS, qualifying income (e.g. charter and freight income) derived from the operation of foreign-flagged ships plying in international waters that are owned or operated by the company will be exempted from corporate tax for a 10-year renewable period.
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.
The MSI-AIS is awarded on an application basis and applicants will be assessed based on their economic contributions in Singapore through business spending, expansion of business activities, as well as projected increase in employed headcount over the next 5 years.
How to apply
For our preliminary understanding, you could provide more information of your company background (including group structure), shipping operations in Singapore (e.g. key cargoes/routes/clients and number of vessels/employees), as well as plans to grow your business activities over the next 5 years.
To apply, email Bestar for more information.
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