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Open a Yacht Charter Company in Singapore

Open a Yacht Charter Company in Singapore

The financial industry is not the only sector keeping up the pace with the latest developments, as other industries are expanding their activities also. Singapore, for example, is one of the greatest tourist hubs in Asia counting thousands of visitors every year. Many of them rely on rental services during their vacations which has triggered a higher demand for car rental and even yacht chartering services.

Opening a yacht charter business in Singapore in 2024 has many advantages, as the city-state offers some of the most beautiful landscapes in the region. Also, everybody knows the famous Singapore Marina Bay. Those interested in setting up a yacht charter business here can obtain information about the requirements from our experts in opening companies in Singapore.

Please watch our video on how to set up a yacht charter company in Singapore:

What are the steps to create a yacht charter company in Singapore in 2024?

The company registration procedure for a yacht charter business in Singapore starts with choosing and incorporating a structure with the Accounting and Corporate Regulatory Authority. However, a previous survey and market report is advisable. Choosing the right vessels to be chartered is another important aspect to verify prior to opening the company in Singapore.

Our company formation consultants in Singapore can assist with the registration process of the yacht charter company.

Licenses for yacht charter businesses in Singapore

There are no special licenses related to the activity of the Singapore yacht charter company, other than the business license issued by ACRA. However, the vessels to be chartered must be registered with the Ship Registry. Considering the owner of a yacht must be a foreign citizen with a Singapore residence permit or a company with a registered seat in this country, an employment or residence pass is required.

Also, the crew of the yachts to be chartered must have certain qualifications in order to be able to man the vessels.

It should be noted that the Singapore Ship Register offers certain advantages to those registering vessels in the city-state in 2024.

Regulations for boats entering Singapore ports in 2024

The Maritime and Port Authority in Singapore categorizes boats into:

  • pleasure vessels;
  • visiting boats.

For each of them, specific licenses must be obtained. They are:

  • the port license issued to pleasure boats, such as yachts entering Singapore ports;
  • the commercial port license issued to vessels completing charter activities through pleasure boats.

Yachts registered in Singapore or in other countries entering the city-state’s waters without any of the 2 licenses above can apply for cruising permits with a validity of 3 days. They also need to appoint a local marina agent to obtain this permit.

For assistance with the company registration process of a yacht charter business, please feel free to contact our experts in company formation in Singapore. You can also rely on us if you need help in registering a vessel in Singapore.