SHIP is a new general purpose fixed target facility, whose Technical Proposal has been reviewed by the CERN SPS Committee and by the CERN Research Board. The two boards recommended that the experiment proceeds further to a Comprehensive Design phase in the context of the new CERN Working group "Physics Beyond Colliders", aiming at presenting a CERN strategy for the European Strategy meeting of 2019. In its initial phase, the 400GeV proton beam extracted from the SPS will be dumped on a heavy target with the aim of integrating 2×10^20 pot in 5 years. A dedicated detector, based on a long vacuum tank followed by a spectrometer and particle identification detectors, will allow probing a variety of models with light long-lived exotic particles and masses below O(10) GeV /c2. The main focus will be the physics of the so-called Hidden Portals, i.e. search for Dark Photons, Light scalars and pseudo-scalars, and Heavy Neutrinos. The sensitivity to Heavy Neutrinos will allow for the first time to probe, in the mass range between the kaon and the charm meson mass, a coupling range for which Baryogenesis and active neutrino masses could also be explained. Another dedicated detector will allow the study of neutrino cross-sections and angular distributions. ντ deep inelastic scattering cross sections will be measured with a statistics 1000 times larger than currently available, with the extraction of the F4 and F5 structure functions, never measured so far and allow for new tests of lepton non-universality with sensitivity to BSM physics.