Isle of Man Government to open representative office in Singapore

The Isle of Man Government’s Department of Economic Development has announced it will open a representative office in Singapore, with the hope of increased engagement and the strengthening of commercial relations in the Asia-Pacifc region, a region which over recent years has seen an increased interest in the superyacht industry.

The office, provided by law and professional services group Cains, will be based in the central business district of Raffles Place, and will provide a presence for the Isle of Man in the region, as well as being an obvious point of reference for business interest from the Asia-Pacific region.

John Shimmin, minister for the Department of Economic Development commented: “The opening of the new representative office in Singapore is a powerful demonstration of the Government’s commitment to foster meaningful commercial relations with governments and the private sector, with both Singapore and throughout the wider Asian community."

Recently, the Asia-Pacific region has seen increased interest in the superyacht industry, and the Isle of Man has already formed an existing successful relationship with the region founded upon this. As a highly respected ship registry, the Isle of Man has seen 20 Singapore-operated vessels register under its flag since 2009, a number which is expected to rise to 23 by the end of 2012 with the expected delivery of three yachts. Earlier this year the Registry also joined the newly formed Asia Pacific Superyacht Association (APSA) as founding members.



“We have already enjoyed considerable success in the Far East market, with six major ship management companies becoming clients in the past three years,” said director of the Isle of Man Ship Registry Dick Welsh. “Singapore hosts over five-thousand shipping companies and maritime professional service providers which contribute more than seven percent to Singapore’s GDP and employs more than 170,000 personnel.  We regularly attend the major shipping conferences in the region and this year is no exception, with plans to attend both Sea Japan and the Singapore Yacht Show.

“This new office will allow us to further strengthen our relationship with the Asian shipping community while continuing to offer a cost effective solution for registration in the Asia-Pacific region without a compromise on quality or service.”


Related Links

Isle of Man Government's Economic Development Department Website

Isle of Man Ship Registry Website

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