Investment Incentives for the Maritime Sector
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: https://www.ttbizlink.gov.tt/trade/tnt/cmn/pdf/MODULE%20import%20duty.pdf
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.
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:
Application Forms can be accessed via : https://tradeind.gov.tt/grant-fund-facility/
This grant is solely for micro and small enterprises involved in services related to:
Micro businesses in the Yachting sector will be eligible for a cash grant of $20,000 to cover 100% of
the following business cost:
Small Businesses: The Grant will cover the following business costs for small businesses in the
New machinery, equipment and tools or upgrades thereof
75% of the cost of machinery, equipment or tools up to a maximum of $50,0000
75% of the cost of raw materials up to a maximum of; $30,000
100% of utilities cost up to a maximum of $5,000
For further information and application forms, visit: https://tradeind.gov.tt/yachting-grant-fund-facility/
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:
Special Conditions apply.
For more details, visit: https://exportt.co.tt/research-development-facility/
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:
For more details visit: https://exportt.co.tt/co-financing/