Singapore’s shipping industry contributes about 7% of the country’s GDP growth. With over 5,000 shipping companies based in the country and growing, Singapore is a leading International Maritime Centre that connects over 600 ports and 120 countries all across the globe. Given its steadfast reputation as a premier maritime centre, starting a shipping company in Singapore can be a lucrative business opportunity.
Starting a shipping business in Singapore can be viewed as a challenging process by small and medium sized companies because of the requirements involved. However, if you break down the steps and take a closer look, it may not prove to be quite as difficult as you think. To start a shipping business in Singapore, you would need to meet the following minimum legislations:
Singapore’s Maritime and Port Authority recognizes the importance and the need to enhance the shipping industry in the country, which is why it has introduced several schemes readily available to assist investors who which to venture into this segment. These schemes include research and development, manpower development and even financial assistance, especially in helping SMEs capitalize on the assistance available to start their own shipping business in Singapore.
To begin setting up your shipping company in Singapore, here is what you would need to do:
All vessels involved in carrying any sort of dangerous goods, explosive or petroleum which they intend to load or discharge in Singapore’s port must obtain a license before they can do so. Prior notice must also be given before the vessels arrival and permission must be obtained from the Port Master. You will not be able to proceed with your business activities without the necessary approval. All notifications of the ship’s arrival must be made at least 12-hours prior to arriving in Singapore, and a completed notification form must be submitted to the MPA’s Hazardous Cargo Section. This is a mandatory compliance requirement that must be met if you intend to start a shipping business in Singapore.