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Approved International Shipping Enterprise (AIS) scheme

The Approved International Shipping Enterprise (AIS) scheme offers considerable tax advantages to attract international ship-owning and ship-operating companies to establish their operations in Singapore.

Benefits

Companies under the Approved International Shipping Enterprise (AIS) scheme enjoy tax exemption on qualifying shipping income for 10 years which is renewable subject to terms and conditions.

Withholding taxes on charter hire payments to non-tax residents of Singapore are also exempt under this scheme, giving the company the flexibility of chartering in additional vessels to supplement its existing fleet.

Eligibility Criteria
International shipping companies with established worldwide networks, a strong track record, demonstrable business plan and a commitment to expanding their shipping operations in Singapore may apply for the AIS status along with following information

  • Parent Company Information which apart from General information should incl. Paid up share Capital, Group Financials, List of Subsidiaries and Associate Companies, list types of ships owned, operated and chartered and geographical area of operation
  • Details about existing Singapore Operations which apart from General Information should incl. Paid up share Capital, details of Joint Venture if any, Financials, List of Subsidiaries and Associate Companies, list types of ships owned, operated and chartered, Actual annual directly attributable business spending in Singapore for the past 3 years of operation, Name and address of Auditors, tax agent, lawyers, bankers, shipping agent & master and geographical area of operation
  • Details about proposed Singapore Operation which apart from above mentioned requirements should be supported by
    • Proposed staffing for the next 5 years
    • List vessels to be registered under the Singapore flag over next 5 years
    • List vessels owned / chartered / operated from Singapore over next 5 years
    • Projected annual directly attributable business spending in Singapore for next 5 years of operation (estimates)

Above list is not exhaustive and approving authorities can ask for more information as and when required

Prime would be keen to look at accepting such assignments and helping Shipping Companies to complete total AIS related formalities

 
 
 
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