Maritime Sector

Investment Incentives for the Maritime Sector

I. 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 based upon the provisions of the Third Schedule of the Customs Act, Chapter 78:01 (as amended).

For more information, including eligibility criteria and application procedure, visit: E-Import Duty Concessions

 

Incentives for the Yachting Industry


I. Tax Incentives for Yachting

Under the Corporation Tax Act, any company which promotes or sponsors yachting will be allowed as a deduction, in ascertaining the chargeable profits of the company for that year of income an allowance equal to 150% of the actual expenditure incurred in respect of such promotion or sponsorship, up to a maximum of $450,000.

The Tourism Development Act allows for a capital allowance in respect of approved capital expenditure where an approved tourism project results in the creation of a new tourism project or expansion of an existing tourism project. The Act also provides for a permit for the importation or entry into Trinidad and Tobago free of customs duty of such building materials which are not already duty free and of such articles of tourism equipment for projects including marinas, boatyards, dive operations, water sports, charter boats, cruise activities and tour operations by sea.

The Customs Act, Chapter 78:01 provides investors full exemption from Customs Duties on imports of boats, boats and navigation equipment, marine engines, machinery and raw materials in the tourism sector.

 

II. Grant Fund Facility for Maritime Sector

One of the eight (8) eligible areas for funding under this Grant is Maritime Services. Funding is specifically available for the acquisition of new equipment, software and tools for businesses involved in:

  • Ship building, 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.

Application Forms can be accessed via : https://tradeind.gov.tt/grant-fund-facility/

 

III. Grant for Micro and Small Enterprises in the Yachting Industry

This grant is solely for micro and small enterprises involved in services related to:

  • Ship building, 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.
Grant Specifics
Micro Businesses Small Businesses

Micro businesses in the Yachting sector will be eligible for a cash grant of $20,000 to cover 100% of the following business cost:

Costs Grant
New machinery, equipment and tools or upgrades thereof up to a maximum of $20,0000
Raw Materials up to a maximum of $20,000
Utilities up to a maximum of $5,000
Rent up to maximum of $15,000

Small Businesses: The Grant will cover the following business costs for small businesses in the Yachting Sector:

Costs Grant

New machinery, equipment and tools or upgrades thereof

75% of the cost of machinery, equipment or tools up to a maximum of $50,0000

Raw materials

75% of the cost of raw materials up to a maximum of; $30,000

Utilities

100% of utilities cost up to a maximum of $5,000

Qualifying Criteria
  1. Be a national of Trinidad and Tobago;
  2. Provide proof of evidence of experience in the industry; and
  3. Provide a Police Certificate of Character, once readily available.

For further information and application forms, visit: https://tradeind.gov.tt/yachting-grant-fund-facility/

 

IV. Research and Development Fund (RDF)

The RDF is a grant fund which provides financial support to, inter alia, the Maritime Sector. The aim of the project is to stimulate and support investment in new and advanced technology and innovation as a competitiveness enhancement tool for enterprises in this sector.

Eligible companies can access funding in three (3) 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

Special Conditions apply.

For more details, visit: https://exportt.co.tt/research-development-facility/

 

V. Co-Financing

Companies can be reimbursed up to 50% of the total eligible costs incurred in accessing new export markets or expanding within existing markets. A company shall receive financial support on pre-approved investments, purchases, costs or expenses. Co-financing is only available for export-oriented non-energy products and services. The grant is based on the size of the company:

  • Small Companies- Generating less than or equal to TT$8 million in annual turnover 50% to a limit of $60,000.00. Funded portion will be paid directly to suppliers for small companies only.
  • Medium Companies- Generating between TT$8 million andTT$15 million in annual turnover 50% to a limit of $55,000. Reimbursable.
  • Large Companies- Generating over TT$15 million in annual turnover 50% to a limit of $50,000. Reimbursable.

For more details visit: https://exportt.co.tt/co-financing/