Maritime Port Authority (MPA) Bond / PSA Bond / Jurong Port Bond
What is PSA Bond/Jurong Port Bond?
PSA bond or Jurong Port Bond is a security deposit in the form of a Banker’s Guarantee or an insurance Bond required for customers transacting with PSA or Jurong Port when opening a credit account for credit terms.
What is MPA Bond?
MPA (Maritime Port Authority) bond is a security deposit in the form of a Banker’s Guarantee or an insurance Bond for customers transacting with MPA to be extended credit term.
Bond Amount
The Banker’s Guarantee/Insurance Bond amount required is S$5,000. It is required for all new MPA account applications (except for exempted entities) and shall be valid for one year from the date of application of account. The Banker’s Guarantee/Insurance Bond requirement of each applicant is subject to regular review by MPA.
The following entities are exempted from the security deposit requirements:
- Singapore Government agencies
- Charities and Institutions of a Public Character
- Industry organisations and associations as classified in the SMF Singapore Maritime Services Guide
- MPA public licensees
- Local individuals who own pleasure craft owners
- Corporate customers with an annual turnover of less than $5,000 with MPA
Why Insurance Bond?
Banker’s guarantee will often impose full cash collateral to secure the guarantee on top of bank fees. Insurance bond, on the other hand, offers a smarter alternative. It allows greater financial flexibility, freeing up capital requirement for business expenses and to take advantage of commercial opportunities.
Documents required:
The following are required for evaluation:
- Offer Letter/Expiry Notice
- ACRA business profile
- Latest Financial Statements
- Latest income tax notice of assessment of all directors/partners/sole-proprietor
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