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MPA lures Bengal Tiger to Singapore
2009/4/23
It took several years of persuasion but in the end the Maritime and Port Authority of Singapore (MPA) managed to convince container feeder services provider Bengal Tiger Line (BTL) to relocate its headquarters from Cyprus to Singapore, Business Ties Singapore reported.
"Reflecting the MPA''s usual efficiency, the process was pragmatic and made relatively simple such that the timing was quick and everything went to schedule - for which we are very grateful," said Joachim von der Heydt, BTL''s founding partner and chairman.
BTL, which originated in Hamburg, Germany, was previously headquartered in Cyprus, where its majority owner was headquartered as well. It was attracted to Singapore due to its proximity to India, which is its traditional market, and China, which it described as being a newer market.
In addition to Singapore having "all the maritime facilities and a stable platform with our professional shipping team to conduct and enhance our business platform further," von der Heydt said that the MPA''s Approved International Shipping Enterprise (AIS) scheme was a factor in BTL''s decision to transfer the registration of its head office to the republic.
Under the AIS scheme, international shipping companies with a strong track record, extensive global networks, a demonstrable business plan, and a commitment to expanding operations in Singapore enjoy tax exemption on qualifying shipping income for 10 years.
The scheme also allows companies the flexibility of chartering additional vessels to supplement their existing fleet, as withholding taxes on charter hire payments to non-tax residents of Singapore are also exempt.
"The AIS scheme has certainly caught the eye of many shipping organisations which have moved their activities to Singapore over the last decade," said von der Heydt.
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2009/4/23