Ship And Yacht Registration
Are you a happy owner of a modern yacht or merchant ship for business? Congratulations to you and we suggest registering them in an offshore jurisdiction, which is a completely legal and profitable procedure.
While choosing the best offshore area, you should pay attention on the following.
- First, on the region where you intend to use the ship.
- Secondly, the specifics of the registration (cost, the certificate’s validity period, the registration period, the possibility of obtaining provisional registration or registration during the period of construction of the vessel, various fees, etc.).
- Thirdly, the possibility to perform certain actions on the ship in certain areas of maritime space (sea transportation favorable treatment).
- Fourth, the specifics of operation, offshore climatic conditions. Fifth, the presence of agreements on avoidance of double taxation.
Here are the main benefits of the offshore registering ships and yachts:
- high level of confidentiality. The boat will not be seized in court proceedings.
- simple, transparent and quick process of registration. It usually takes 2 – 3 weeks.
- the journey into selected waters could be much easier depending on the jurisdiction. If it is necessary, you can ask the support of the Consulate of your flag’s country.
- tax minimization. Often missing not only the registration tax, but the tax on profits from activities of the vessel. Some offshore companies have the benefits on the registration of small ships and yachts.
To register a yacht or ship, you need to register or buy a new offshore company, to purchase the ship (at the factory or in the secondary market). If the client already owns the vessel and wants to transfer his ownership to the offshore company for maximum privacy you need to use additional methods of protection including a trust scheme and consistent agreements. After that you need to open a bank account, to make a provisional registration up to 6 months paying all necessary fees. Then you need to collect necessary documents for the permanent registration.
The ship owned by an offshore company is easy to sell using the sale of its shares. In this case, there is no need to transfer the right of ownership to another person or company. Note that such a sale of the vessel does not have tax consequences.
We are a Consulting Service Firm based in London, Dubai, Singapore and Hong Kong, with Affiliates and Partners in many World Financial Capital City.