We all agree that maritime transport is the backbone of international trade. A large percent of the world’s trade by volume is carried by sea, which are only possible thanks to the maritime industry. This industry comprises many sectors, including shipbuilding, shipping, offshore, logistics, and ports.
But setting up a maritime company can be a complex process, especially if you are new to the industry. Below are a few things you should remember before setting up your maritime company in Singapore.
Understand What Maritime Business Entails
Maritime companies in Singapore play a vital role in international trade since they provide an essential link between different countries. These companies own, charter, or operate boats and other vessels to carry passengers or cargo on the sea. Moreover, they provide many additional services, like shipbuilding, repairs and maintenance, and logistics.
It doesn’t end at that since maritime companies in Singapore are subject to national and international laws and regulations. For your maritime company to operate legally, you must comply with these laws and regulations. Also, you must obtain licenses and permits from various government agencies to conduct your business.
Choose The Right Location
Selecting a location with good access to shipping routes and ports is necessary if you are to compete with other maritime companies in Singapore on a level playing field. What this simply means is that you should find a town situated near a body of water and has a large port. That helps ensure your business takes advantage of the available opportunities for maritime trade.
It also pays off to factor in the local market conditions when choosing a location for your business. Spend some time researching the local economy and infrastructure of the chosen location to ensure your business will thrive in its new home.
Summing Up
Setting up a maritime company in Singapore brings with it a host of benefits. Like any other business, you need to know what you’re signing up for before investing your hard-earned money. After all, the last thing you want is to watch as your company struggles to stay afloat.
Ensure you choose the right location, have the right insurance, and conduct comprehensive market research before deciding on anything. Consider all aspects of the maritime industry, including routes, ports, and local market conditions. Also research different types of maritime companies in Singapore to determine the services already on offer.