Import Duty Concessions
Locally registered firms engaged in ship building and ship repair are allowed duty free treatment on their machinery, equipment and materials for use in the boat and ship building and repairs industry.
Value Added Tax Exemption
Repair services for ships involved in commercial maritime are exempt from VAT under the provisions of the Value Added Tax Act
Grant Fund Facility - Maritime
Funding is specifically available for the acquisition of new equipment, software and tools for businesses involved in:
- Shipbuilding, repair and maintenance;
- Servicing of vessels, including yachts, such as fiberglass work, welding, woodwork, upholstery services, sail making, electronics and electrical work, painting and rigging;
- Hospitality services;
- Travel agency services; and
- Yacht brokerage.
Research & Development Fund (RDF)
Eligible companies can access funding in three phases:
- Phase 1: Feasibility- 70% of the total cost of the project up to $100,000.00;
- Phase 2: Product and service development- 50% of the total cost of the project, up to $750,000.00;
- Phase 3: Product/Service Commercialization- up to $150,000.00