Maritime Sector Incentive
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 or an alternative basis of tax based on the net tonnage of the ships 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.gov.sg for more information.
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. For ship leasing entities, an alternative basis of tax based on the net tonnage of the ships on qualifying shipping income is also available.
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 December 2026.
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.gov.sg for more information.
For guidelines on pool operations, please click here (.pdf, 306 KB).
For tax exemption of vessel disposal gains, please click here (.pdf, 450 KB).
For tax exemption on in-house ship management fees, please click here (.pdf, 411 KB).
For alternative net tonnage basis of taxation, please click here (.pdf, 108 KB).
For minimum commitments under the MSI, please click here (.pdf, 59 KB).