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Open a Company in the Fishing Sector in Singapore

Open a Company in the Fishing Sector in Singapore

Surrounded by waters, Singapore offers many business opportunities to foreign entrepreneurs interested in exploring the fishing sector. Recent reports indicate that the Singapore fishing industry is one of the main contributors to the economy as the export of seafood plays an important role in the development of the freshwater fishing segment.

Foreign and local investors who want to start a business in the fishing sector in Singapore can choose one of the designated areas for fishing, among which Jurong Fishery Port (JFP) or Senoko Fishery Port (SFP) based on the application for entry permits and port clearance or report of arrival licenses.

Our company formation agents in Singapore can guide you through the company registration procedure when opening a fishing company in the city-state.

How to open a company in Singapore in the fishing industry in 2024

No matter the activity one undertakes, the first step is the Singapore company formation procedure which must be fulfilled following certain steps. The first step is to choose and reserve a trading name for the Singapore fishing company. The second step is to file the memorandum and articles of association of the company with ACRA. Our company registration specialists in Singapore can assist with the preparation of these documents.

Licenses for fishing companies in Singapore

Once the Singapore fishing company is registered, certain special licenses must be obtained. Among these are:

  • the special licenses for the two fishery ports, which are issued by the Agri-Food and Veterinary Authority;
  • a pass for the vessel going out on the water;
  • passes for each member of the crew onboard the vessel.

The last two types of permits are issued in accordance with the Fishing Craft and Crew Pass Regulations.

Another important step that must be considered when opening a company in the fishing sector in Singapore in 2024 is the purchase and registration of the vessels used for carrying out fishing activities. These must be registered with the Maritime and Ports Authority in Singapore.

The fishing sector in Singapore

With a population of approximately 6 million inhabitants, Singapore relies mostly on imported food. As a matter of fact, around 90% of the food is brought from all over the world. However, if there is a sector to thrive in the city-state, that fishing and aquaculture.

For the near future, the fishing sector is expected to fare quite well, as recent data show that:

  • the fish and seafood market is expected to generate an income of USD 1.42 billion in 2024;
  • it is also projected to grow by 2.39% on an annual basis by 2028;
  • the volume of fish and seafood is expected to reach 75.25 million kilograms by 2028.

For full information on how to open a company in Singapore in the fishing sector, do not hesitate to contact us. You can rely on our company formation consultants for assistance with the registration of the company with ACRA.