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Offshore Ship and Yacht Registration. Formation of Offshore Companies for Ship Registration

VESSELS, BOATS AND YACHTS REGISTRATION:

You are thinking about a registration of the vessels, boats or yachts registration inBritish Virgin Islands, Panama, Delaware, Gibraltar, Seychelles or Cyprus? Coddan Can Help. This section is to help our customers to learn more about possibilities of registration of the vessels in these jurisdictions. Without a doubt in recent years there has been a great transfer of merchant navy registration from traditional areas like Britain, Norway and Greece to offshore shipping jurisdictions such as Panama, British Virgin Islands, Delaware, Cyprus, and Seychelles. Correctly advised an individual can also benefit from such tax free/low tax environments. Apart from the lower registration fees, it may also be possible to rent or charter a vessel without any significant or even any tax repercussions. If you have any questions about the offshore companies incorporation, offshore boats and yachts registration then please E-Mail or call us: 0800 081 1510 or +44 (0) 207 637 3881, fax: +44 20 7681 3318.

BVI VESSELS REGISTRATION:

The owner of the BVI registered vessel must be either a British subject or a British Company with its principal place of business in a British territory (for example: BVI, Gibraltar, Channel Islands, Bermuda etc.). Coddan can incorporate a BVI International Business Company for this purpose.

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Without a doubt in recent years there has been a great transfer of merchant navy registration from traditional areas like Britain, Norway and Greece to offshore shipping jurisdictions such as Panama, British Virgin Islands, Delaware, Cyprus, and Seychelles. Correctly advised an individual can also benefit from such tax free and low tax environments. Apart from the lower registration fees, it may also be possible to rent or charter a vessel without any significant or even any tax repercussions.

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The vessel must be less than 150 gross registered tons (GRT). Following registration, BVI registered vessels fly the British Red Ensign. Coddan be your agent with the vessel registration and assist you with performing all steps with the registration of your vessel with the BVI Registrar of Shipping. The documents (as indicated below) should be submitted via Coddan to the Registrar of Shipping. Legal requirements and documents necessary for registration vessel in BVI. Application to Register. Notice of Name Proposed: In order to ensure availability, the name should first have been checked. Name checks for vessels under 100 GRT can be made over the telephone. If the Vessel is over 100 GRT then the name check needs to be made through the central UK list in Cardiff. A name once checked and approved, can be reserved for one year by completing and submitting the Notice of Name Proposed form.

Certificate of Survey - Surveys should be carried out by internal classification societies, eg. Lloyds Register, American Bureau of Shipping, Bureau Veritas, Norsk Veritas or Germanisher Lloyd. On occasions of absolute difficulty (overseas) due to remoteness etc. a qualified local or nearby Government Surveyor may be acceptable. If a qualified local or nearby Government Surveyor is to be used, it is advisable to obtain details of his qualifications first in order to check that these will be acceptable to the Registrar.

Tonnage Certificate: For vessels under 45 feet, items 3 and 4 can be combined into a Certificate of Survey / Tonnage Measurement.

Builders Certificate: If the vessel is newly built, the Original Builders Certificate is used in lieu of a Bill of Sale; or Bill of Sale: If the vessel has had more than one owner, a notarised Bill of Sale is required and a chain of title back to the Builders Certificate must be provided.

Declaration of Ownership: Must be completed and signed by a Director or authorised officer of the Company owning the vessel. Information concerning the particulars of the vessel should be taken from the Certificate of Survey/Tonnage Certificate.

Declaration of Intended Use: Either "commercial" or "pleasure" in the form of a letter from the owner or the authorised officer.

Appointment of Authorised Officer: This form which should be signed and sealed by a director or other officer of the Company.

Deletion Certificate from the previous registry: Issued by the State in which the Vessel was previously Registered (only applicable if the vessel has been previously registered).

Appointment of Managing Owner.

In addition to the above, you will need to provide to the Registrar the following Certificates. In the case Coddan's affiliated is the Registered Agent of the Company owning the vessel we can assist you with the obtaining of the required Certificates: Certified copy of Certificate of Incorporation; Certificate of Good Standing: Only required if the Company owning the vessel is over one year old.

In some cases where a company is used to own a vessel, it may be useful to appoint Coddan's affiliated staff members as authorised officers to ensure that the Registration progresses smoothly. If this is done then Coddan assist you with the completion sign above points numbered 1, 2, 6, 7 and 10 on behalf of your company.

The originals of all other documents with the exception of items 3 and 4 should be provided. The original Certificate of Survey and Tonnage Certificate are usually forwarded directly to the Registrar of Shipping by the surveyors. Copies should be provided to Coddan for our internal records.

Upon approval of the application, a Carving and Marking Note is issued by the Registrar of Shipping. This Note is a document which contains the official number of the vessel and must be signed by a surveyor from one of the internal classification societies, certifying that the vessel's official number and tonnage have been cut into the main beam and that the name and Port of Registry have been marked on the stern. Care should be taken when marking the vessel to ensure that the Port of Registry is spelt correctly, i.e. "Road Harbor" and that black lettering is used on light colored hulls and vice versa.

The original Carving and Marking Note is then returned to the Registrar who issues the Certificate of British Registry.

Coddan's fees for assisting with the registration of a vessel is £1,500.00 exclusive of the government licensing fees, couriers and other disbursements.

YACHT REGISTRATION IN THE BRITISH VIRGIN ISLANDS:

In addition to the vessels registration with the British Virgin Islands Registrar of Shipping, Coddan also can assist you with the Yacht Registration in the British Virgin Islands. Please check below some benefits of the BVI Yacht registration that probably will help make your decision in this question.

Advantages. The advantages of the British Virgin Islands Ship Registry include the following:

The BVI Registry is a member of the Red Ensign Group, which ensures that ships flying the BVI flag are entitled to British Diplomatic/Consular support and the protection of the Royal Navy. The BVI has access to the technical expertise of the British Maritime and Coast Guard Agency.

There are low Initial Registration and Annual Maintenance Fees. The facilities are simple, yet they provide secure registration of yachts, mortgages, and discharge of mortgages. The change or transfer of ownership or title to the vessel is easily verified with the Registry. The BVI Registry has a fully computerised Fleet Management System and Database.

Full corporate, legal, and courier services are readily available with Coddan's affiliated help. The BVI has the British Judicial System, with political and social stability. The British Virgin Islands is recognised worldwide as a reputable offshore financial center, leading the world in company formation and related corporate services.

Requirements. In order to register a yacht in the BVI it is necessary to provide the Registrar of Shipping with the following documents/information: Name of Ship. Name of owner. Address of owner. Marine survey of vessel by marine surveyor (the surveyor MUST be qualified to provide the survey). The approved Classification Societies, for the purposes of the Survey/Inspection/Certification for Registration details, Tonnage and requirements of SOLAS, MARPOL and Codes of Practice are:

LR - Lloyds Register of Shipping
BV - Bureau Veritas
DNV - Det Norske Veritas
GL - Germanisher Lloyd
ABS - American Bureau of Shipping; and
RINA - Registro Italiano Naval

Builder's certificate OR Foreign Bill of Sale. In the case of a new vessel, name and address of builder and yard number allocated to the vessel. Deletion certificate where vessel was previously registered. Declaration of Ownership. In the case of ownership by a company, Certificate of Incorporation and Memorandum and Articles of Association and Certificate of Good Standing. Appointment of authorized officer.

Usually, Coddan emails to the client a single form which requests all the information necessary to fill out all of the required registration forms. We will then fill in the necessary forms that would be emailed to the director of the company for signature. As in the case with the registration of the vessel in BVI, it will be easier for you to appoint Coddan's affiliated officers as an authorized office to ensure that the Registration will progress successfully.

Please note, however, that you will still need to take care of getting: a) Builder's Certificate - if a new yacht; or b) Bill of Sale & Deletion Certificate from the Existing Registry. You will also be responsible for obtaining the yacht survey. We can provide a sample Bill of Sale if required.

Restriction - British Subject. Similarly, as well as with registration of a vessel, only a vessel owned by a British subject or a BVI corporation (BVI International Business Company) is entitled to be registered as a British Ship.

Preliminary Registration. The General Rule is there is no preliminary registration period. However, it is possible to obtain a Preliminary Certificate to enable conditional short-term permission to operate vessel after Carving and Marking is issued and before issue of Permanent Certificate of Registry.

PANAMA YACHTS REGISTRATION:

It is possible to register Pleasure Yachts in Panama. If you have a yacht that needs to be registered or are considering buying one, then you must think of the best jurisdiction in which your yacht should be registered. This has a different pricing structure from Ship Registration. The Registration Certificate is issued for a two-year period, which is renewable thereafter.

Panamanian Government applies different fee for the registration of the yachts owned by the foreigners (physical or corporate bodies) and yachts owned by the locals (citizens of Panama or Panamanian Corporations). The Government Fee for foreign privately owned yachts is US $1,500. The Registration Fee for Panamanians or Panama Corporations is US $1,000. These must also be paid on the renewal of the registration. The necessary documents to register a yacht in Panama are:

The Sale and Purchase Agreement
Legal Power of Attorney to allow Coddan's affiliates to proceed with the work
The Deletion Certificate if the yacht has been previously registered, or
The Builders Certificate and the Admeasure certificate of the vessel.

You must also be compliant with the Marine Radio Operator requirements to be registered in Panama. Yachts in Panama can be held directly in a Panama Corporation, and the true owner can be both the directors and the shareholders of the Corporation. Or you may choose to use Nominee Directors and have bearer shares so your name will not appear in any official documents. Through Power of Attorney you will maintain control of the business and the bank accounts.

One of the benefits is that Panama allows for a dual registration for certain types of Charter Boats and Bare Boat contracts. This must be with the consent of another jurisdiction that also allows for this type of agreement. Proceeds from the sale or transfer of a yacht registered in Panama are not subject to capital gains tax even if the sale takes place in Panama. Panama offers both provisional and permanent registration of ships.

The Coddan's professional fee to register your yacht in Panama is £3,000 and will include the formation of your Corporation and the filing of your documents, but does not include the government fee. The processing time will be between 12 and 17 working days. Any yachts registered within Panama must maintain a Registered Agent which must be a lawyer or a Panama Law Firm. Coddan's affiliates can assist you with providing of the Registered Agent service in Panama. The above cost does not include Filing Fees or the cost of your ships survey and certification which will depend on the size of the ship.

Panama has no restriction on the age, type or size of ship as long as it is seaworthy. Ships and Ships mortgages are easily registered in Panama. The revenues generated from international shipping are tax free in Panama. Panama allows for the dual registration for certain types of Charter and Bare Boat Contracts. Proceeds from the sale or transfer of a ship registered in Panama are not subject to capital gains tax even if the sale takes place in Panama.

The Provisional Registration is for a period of three months. It can be used for Temporary Navigation to allow you to decide whether you wish to purchase the Ship, to take the Delivery of the Ship and the last voyage to have the ship decommissioned. The Provisional Registration may not be extended but may be updated to the Permanent Registration if you pay the difference in Registration Fees and Taxes. You will need a sale and purchase agreement, a Compliant Marine Radio Operator License, and a Legal Power of Attorney to allow us to proceed with the work. The minimum applicable taxes will be US $300.00 for a Provisional Ship Registration. The Permanent Registration can be filed for within six-month period of receiving a Provisional Registration.

Before a First Registry can be made you must apply and register the name of the ship for approval. The ship must receive a certificate of Survey by being surveyed for size and tonnage. You must show clear proof of ownership with a Builders Certificate if it is a new ship with a Document of Sale or Transfer of Title. The ship must have a Compliant Marine Radio Operator License. This Permanent Registration will be valid for four years and can be renewed as long as the taxes are currently maintained and is compliant with the applicable laws.

THE REGISTRATION OF SHIPS AND YACHTS IN GIBRALTAR:

Situated at the entrance to the Mediterranean at 36 degrees 8 minutes North and 5 degrees 22 minutes West on the Straits which bear its name, Gibraltar is an increasingly attractive, secure and unique jurisdiction, one that enjoys a temperate climate with over 300 days of sunshine a year. The Rock of Gibraltar is a British Port of Registry which - aided by the lack of VAT - is one of the most attractive locations to register pleasure craft intended for use in European Union waters.

Yacht berthing is provided at three private marinas capable of accepting vessels with drafts of up to 4.5 metres. Sheppard's Marina offers a good chandlery shop, while the more upmarket Queensway Quay and Marina Bay boast an extensive variety of bars and restaurants. Gibraltar is excellently equipped to service the yachting industry, whether small yachts or super yachts.

Customs Formalities. Controls are exercised by the Customs Department over the arrival of private pleasure yachts. These yachts are subjected to the usual Customs clearance and the Master must produce to the authorities a crew list giving details of those on board, including names, nationalities, passport numbers, etcetera. Upon arrival, yachts need to report to the reception berth on the starboard side of the approach to the respective Marina. Information regarding the actual vessel is also required, such as nationality and port of registry. Understandably, the importation of certain items like flick knives, controlled drugs, firearms, explosives or ivory is prohibited.

A 12% import duty is levied on new vessels which are going to be permanently based in Gibraltar, although temporary importation (without payment of duty) is allowed, provided that the importer is not permanently resident in Gibraltar. Unaccompanied yachts imported by non-residents may remain in Gibraltar under temporary import regulations but they may be placed under Customs seal until the payment of duty.

Registering A Yacht In Gibraltar. It is important to note that all relevant documentation is almost identical to that in the United Kingdom. All ships registered in Gibraltar are British vessels and fly the red ensign. The Gibraltar Ship Register has now reopened for business as a Category 1 Red Ensign Group Register. Category 1 is the highest status that can be accorded to a ship register within the Red Ensign Group of U.K. and U.K. dependency registers. Gibraltar now joins Bermuda, Cayman Islands and the Isle of Man in this premier league of Red Ensign Group registers.

There is no tonnage restriction and the register is open to all types of ship (except nuclear powered ships and fishing vessels). The Register includes a Bareboat Charter Registry and a register of ships under construction.

The Ship Register will be run on behalf of the Government of Gibraltar by its newly appointed Maritime Administrator, Mr. Roland Green, who will also be responsible for registry safety and compliance issues.

Gibraltar will recognise Lloyd's Register of Shipping, American Bureau of Shipping, Bureau Veritas, Det Norske Veritas, Germanischer Lloyd and Registro Italiano Navale - and it is to these classification societies that the issuing of certain convention certificates will be delegated. Statutory annual, intermediate or renewal surveys will be undertaken by a surveyor nominated or appointed by the Maritime Administrator. The Maritime Administrator or a surveyor nominated by him will make a visit to a registered ship once in every five years to survey its safety equipment and to conduct a general inspection to ensure that standards are being maintained.

Gibraltar Ship Register being the member of the Category I Red Ensign Group of the UK and UK dependency registers, and in addition it is considered to be a European Union Member State's Register. Furthermore, Gibraltar recognises Lloyds Register of Shipping and the British Committees of American Bureau of Shipping, Bureau Veritas, Det Norske Veritas, Germanischer Lloyd and Registro Italiano Navale. It is to these Classification Societies that the issuing of certain Convention Certificates is delegated.

Who is eligible to register a British ship? Changes in Gibraltar legislation now permit a wider range of indiviudals or corporate bodies to be qualified persons eligible to own a registerable ship, including: all EU nationals; and companies incorporated, established or registered in Gibraltar or under the laws of another member state and which either have a place of business in Gibraltar or have appointed a representative person.

Ship manning requirements which in the past were often regarded as a major obstacle to an owner agreeing to flag into the Red Ensign Group have been modified and non-EC nationals can obtain certificates of equivalent competency allowing them to serve on all but a few types of ship registered in Gibraltar. Gibraltar ship registration and annual fees have been set at a level comparable with similar registers.

Therefore, the British or EU nationality requirement is not a problem because the companies mentioned above may own and register a vessel and Gibraltar enjoys a conven