This is our most popular package with worldwide customers, and includes: -
The registration your offshore company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is US$50,000 divided into 50,000 shares valued at no par value or US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for Business Company name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in the British Virgin Islands) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a limited company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of Incorporation from the companies registrar usually takes as little as two to three days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates;
Company seal.
BVI Limited Partnership Establishment
£ 1,185
Annual Maintenance Fee £950.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore limited partnership from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of a general and limited partners;
The government and initiation fees for incorporation are included in the price of this package;
The search for limited partnership name availability, confirmation, and reservation;
The preparation and submission of the partnership agreement of your partnership;
A local registered office address and a local registered agent (both of which are statutory requirements in the British Virgin Islands) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a limited partnership usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as two to three days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore limited partnership: -
The original certificate of incorporation;
A bound copy of the partnership agreement of your limited partnership;
The minutes of the first meeting of the board of partners;
A completed register of partners;
Membership certificates;
Limited partnership seal.
Bahamas IBC Incorporation
£ 1250.00
Annual Maintenance Fee £400.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore international business company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and two shareholder;
The standard capital on formation is US$50,000 divided into 50,000 shares valued at US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for international business company (IBC) name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in the Bahamas Islands) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of an international business company usually takes as little as fifteen to twenty working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
Belize IBC Registration
£ 450.00
Annual Maintenance Fee £270.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore Belizean company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is US$50,000 divided into 50,000 shares valued at no par value or US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for international business company (IBC) name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in Belize) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a limited company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the Certificate of Incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
Gibraltar LTD Formations
£ 735.00
Annual Maintenance Fee £400.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore non-resident company in Gibraltar from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is £2,000 divided into 2,000 shares valued at no par value or £1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for non-resident company name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in Gibraltar) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a private non-resident company usually takes as little as five to eight working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
Cyprus LTD Creation
£ 1250.00
Annual Maintenance Fee £600.00
This is our most popular package with worldwide customers, and includes: -
The registration your private limited company in Cyprus from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, secretary, and shareholder;
The standard capital on formation is €1,000 divided into 1,000 shares valued at no par value or €1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for limited company name availability, confirmation, and reservation, which usually takes as little as five to seven days;
The preparation and submission of the memorandum and articles of association of your company (in English & Greek languages);
A local registered office address in Nicossia (which is statutory requirement in Cyprus) for 12 months is included in the price of this package (our registered office address service is charged annually);
The formation of a private company limited by shares usually takes as little as fifteen to twenty days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy legalised with an official apostille of corporate documents, will be posted to you upon formation of your company: -
The original xertificate of incorporation (both in English & Greek);
A bound copy of the memorandum and articles of association of your company (both in English & Greek);
The minutes of the first meeting of the board of directors (both in English & Greek);
A completed register of directors and shareholders (both in English & Greek);
Share certificates;
Company seal.
Nevis LLC Incorporations
£ 500.00
Annual Maintenance Fee £325.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore Nevis LLC from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of members, and operating manager;
The standard capital on formation is US$10,000 divided into 10,000 units valued at no par value or US$1.00 each (it is not required to have all of the units issued, but a minimum of one unit must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for limited liability company (LLC) name availability, confirmation, and reservation;
The preparation and submission of the operating agreement of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in Nevis) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a limited liability company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the operating agreement of your company;
The minutes of the first meeting of the board of members;
A completed register of members;
Membership certificates.
Nevis NBCO Setting-Up
£ 500.00
Annual Maintenance Fee £325.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore Nevis business company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is US$10,000 divided into 10,000 shares valued at no par value or US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for Nevisian business company (NBCO) name availability, confirmation, and reservation;
The preparation and submission of the by-laws of your company (company's constitution);
A local registered office address and a local registered agent (both of which are statutory requirements in Nevis) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a business company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the by-laws of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
Seychelles IBC Registrations
£ 510.00
Annual Maintenance Fee £290.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore Seychelles company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is US$100,000 divided into 100,000 shares valued at no par value or US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for international business company (IBC) name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in Seychelles) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of an offshore company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
St. Vincent IBC Creations
£ 650.00
Annual Maintenance Fee £450.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore Saint Vincent company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is US$50,000 divided into 50,000 shares valued at no par value or US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The government and initiation fees for incorporation are included in the price of this package;
The search for international business company (IBC) name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association of your company;
A local registered office address and a local registered agent (both of which are statutory requirements in St. Vincent) for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The formation of a limited company usually takes as little as two to five working days from the time that your application and payment are received by Coddan;
To receive an original of the certificate of incorporation from the companies registrar usually takes as little as one to two days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
The original certificate of incorporation;
A bound copy of the memorandum and articles of association of your company;
The minutes of the first meeting of the board of directors;
A completed register of directors and shareholders;
Share certificates.
Hong Kong LTD Start-Up
£ 660.00
Annual Maintenance Fee £500.00
This is our most popular package with worldwide customers, and includes: -
The registration of your private company limited by shares from scratch using our own registered office address, our local nominee secretary, and appoint your own candidates to the roles of directors, and shareholder;
The standard capital on formation is HK$10,000, this is divided into 10,000 ordinary shares valued at HK$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued);
The formation of a private limited company usually takes as little as seven to ten business days from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The provision of a registered office address in Hong Kong for 12 months is also included in the price of this package (our registered office address service is charged annually);
The provision of a nominee secretary for 12 months as well is included in the price of this package (our nominee secretary service is charged annually);
The following hard bound copy of corporate documents, will be posted to you upon formation of your company: -
An original of the certificate of incorporation of your company (in English & Chinese);
Six hard bound copies of the memorandum and articles of association (both in English & Chinese);
A hard bound copy of the minutes of the first meeting of directors (in English only);
Share certificates, and your company register of directors, secretary and shareholders (in English only);
One rubber stamp & one plier seal of your company are moreover included into the price of this package.
Panamanian Corporation Settings-Up
£ 650.00
Annual Maintenance Fee £370.00
This is our most popular package with international customers, and includes: -
The search for corporate name availability, confirmation, and reservation;
The payment of initiation fees and government fee for incorporation are included in the price of this package;
The provision of a registered agent and registered office address in Panama for 12 months are also included in the price of this package (our registered agent and provision of a registered office address service are charged annually);
The registration of your corporation from scratch using our own registered agent and registered office address, and appoint your own candidates to the role of directors and shareholders;
The preparation and filing of the by-laws (company's constitution) and articles of incorporation of your corporation;
The standard capital on formation is US$10,000, this is divided into 10,000 ordinary shares valued at US$1.00 each (it is not required to have all of the shares issued, but a minimum of one share must be issued). Contributions may include any type of asset - cash, property, services rendered, or a promissory note or other obligation;
The formation of a corporation usually takes as little as three to five working days from the time that your application and payment are received by Coddan;
To receive a recorded copy of the articles of incorporation and by-laws usually takes as little as one to two days from the time of incorporation;
The following documents will be posted to you upon formation of your corporation: -
The original articles of incorporation (in English & Spanish);
A bound copy of the by-laws of your corporation (in English only);
The minutes of the first meeting of the board of directors (in English only);
A completed register of directors and shareholders (in English only);
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: 033 0808-0089 or +44 (0) 207.935.5171, fax: +44 207.504.3531.
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 convenient form of tax exempt company which permits the beneficial owner of a vessel to remain anonymous. The procedure to register a yacht in Gibraltar is relatively straightforward and can be summarised as follows:
Notice of the proposed name is submitted to the Registrar. It is advisable for applicants to include a list of alternative names in order of preference.
If the vessel to be registered is a new vessel, a Builders Certificate (Form GOV/18.1) must also be presented. Where the vessel is not a new one, then a Bill of Sale in Form GOV/18.2 is to be submitted. If the vessel has been purchased from a person other than a British owner, the Bill of Sale must be authenticated by a British Consul or Notary Public certifying the signature of the person signing. If the Bill of Sale is signed on behalf of a corporate owner, it should be accompanied by a Power of Attorney from the Body Corporate authorising the person to sign on behalf of the company.
Where the vessel is brought from a British subject and has not been previously registered, the applicant must produce Builder's Certificate along with a sequence of all the Bills of Sale from initial owner to date.
All vessels being registered require a Tonnage Measurement Survey to be presented to the Registrar. Formal application for registry is then made, this being accompanied by a declaration of ownership. Once the above has been complied with, an official number is allocated and a Carving and Marking Note issued. The name of the Port and the name of the vessel must then be marked on the vessel. On return of the Carving and Marking Note, certified by a Surveyor or a British Consul, the Certificate of Registration will be issued.
As far as registry fees are concerned, the fee for registering a yacht under 1,500 tons gross is £140. For a vessel of over 1,500 tons gross the fee is £210. For other registry operations, such as registration of a charge or mortgage, the fee is £45 (under 1,500 GRT) and £80 (over 1,500 GRT).
Advantages of registering in Gibraltar. Prestige & Competitive Rates. Gibraltar is a fully fledged British Category 1 Registry with the same status as any other British Registry. The Yacht registration charges are highly competitive. The Ship registration charges and annual tonnage taxes are also more favourable than in other British Registries. Yacht and Ship owners can, therefore, enjoy the prestige and advantages of registration in a Category 1 British Port whilst paying competitive rates.
Tax-Free Profits. The main advantages are obtained when a vessel is registered in the name of a Gibraltar Tax-Exempt Company. As the ship/yacht owner will not be resident in and will not do business in or with Gibraltar, such a Company will be earning tax-free profits from its commercial operations. For example, profits obtained from chartering a vessel or from any trade or business carried out will be completely free from tax in Gibraltar and such funds can be paid into a Gibraltar bank account held by the Company.
No Import Duty. No Import Duty is payable by non-resident owners when registering a vessel in Gibraltar under a British Flag. No Additional Taxes or Charges. Once a yacht has been registered no additional taxes or charges of any form are payable in Gibraltar. VAT Avoidance. All profits are VAT free and even some charters can also avoid VAT. Protection from Debts of Sister Ships. Gibraltar Tax-Exempt Companies can be used to register fleets of ships so that each ship is owned by a different company. In this way the other ships in the fleet will be protected against Debts owed by any of its sister ships. Registration Of Pleasure Yachts. Pleasure yachts of any size can be registered in the Gibraltar Yacht Registry. The service provided is fast and efficient and provided that the survey is organised quickly a yacht can be registered in about one week.
Application Form, Declaration of Ownership & Name of Yacht. An application form and declaration of ownership must be completed by the owner. A name which is different to any other British registered vessel must be submitted for approval which can be confirmed within 24 hours and sometimes in the same day.
Evidence of Title. Evidence of title must be submitted. If the vessel is new or has never been registered before, a builders certificate and subsequent Bills of Sale which link the owner to the vessel must be provided. For an older vessel or one which has been registered before, a sequence of Bills of Sale tracing ownership either from the builder's certificate onwards or for the last 5 years must be submitted.
Survey & Classification Societies. A tonnage measurement survey must be carried out either locally by the Port Surveyor or by one of the approved classification societies detailed below. For ships of less than 13.7 metres in length: Lloyds Register of Shipping (Yacht and Small Craft Department). The Royal Yachting Association. Yacht Brokers, Designers and Surveyors Association. One of the classification societies below. For ships more than 13.7 metres in length: American Bureau of Shipping; Bureau Veritas; Det Norske Veritas; Germanisher Lloyd; Lloyds Register of Shipping; Registrazione Internazionale Navale (RINA).
Corporate Ownership. If the ship owner is a company the following documents must also be provided: a certified copy of the certificate of incorporation, an appointment of an authorised officer and a letter as to the principal place of business of the company.
Carving & Marking Note. Once the Registry is satisfied that the yacht can be registered in Gibraltar it will issue a carving and marking note which shows the official number and name which must be marked on the hull. The owner or the authorised officer may sign the carving and marking note. Except for vessels over 24 metres in length where the carving and marking note must be certified by one of the surveyors of the above Classification Societies.
Certificate of Registration ("Blue Book"). Once this has been returned to the Registry a Certificate of Registration will be issued. Renewal of Certificate of Registration. The Certificate of Registration must be renewed every year and is done so on payment of a nominal fee. Our firm can do this on behalf of the owners.
SEYCHELLES BOATS AND YACHTS REGISTRATION:
The Merchant Shipping Act 1992 governs the shipping industry in the Seychelles. Ships and yachts may be registered in the Seychelles under the terms of the Act. Consular and diplomatic representatives of Seychelles abroad are also empowered to issue provisional certificates of registration to vessels satisfying the ownership and registration criteria. The shipping law also provides for parallel registration of bareboat charters in the Seychelles registry; likewise, a Seychelles vessel may be parallel-registered abroad during chartering.
An International Business Company is the most effective vehicle for offshore ownership of a Seychelles-registered vessel or ship management operation. Such a company will be exempt from Seychelles taxation on profits and dividends. Sale and transfer of Seychelles-registered vessels or the companies owning them are also free of tax, as are the salaries of officers and crew of Seychelles-registered vessels operating internationally.
A normal range of documentation is required for Seychelles registration of a vessel. The age limit for registration is 15 years. The Government recognises most leading classification societies; for surveying and certification purposes the Government has appointed American bureau of Shipping, Bureau Veritas, Nippon kaiji Kyokai and Det Norske Veritas. The Seychelles is an increasingly popular center for the leasing and insurance of ships.
Guidelines to yacht registration under Seychelles flag. Eligibility. Yachts eligible for the registration under the Seychelles flag must be wholly owned by: - either a Seychelles citizen or, a Seychelles Body Corporate established either as an International Business Company (IBC) with the Seychelles International Business Authority (SIBA), or as a Domestic company with the Registrar of Companies.
Registration Procedures. Application for Registry. If the yacht is registered under a body corporate, a certified copy of the Certificate of Incorporation is required. Such incorporation can either be done as an IBC or as a domestic company from whom the necessary documents can be procured.
Recognized Classification Societies. The present recognised and authorised Classification societies by the Seychelles Ship Registrar are listed below:
Lloyd's register of Shipping (UK) Bureau Veritas (France) Nippon Kaiji Ryokai (Japan) Det Norske Veritas (Norway) America Bureau of Shipping (USA) Germanischer Lloyd (Germany)
Particulars required for the prescribed application regarding the Provisional Registration of Vessels under Seychelles Flag. A certificate signed by the builder of the ship and containing: i) a description of the ship; ii) the estimated tonnage of the ship; iii) the date and place of construction of the ship; and iv) the name of the person, if any, on whose account the ship was built. Where the yacht has been registered under the law of a foreign country, a Certificate of Deletion as evidence that registration in that country has ceased. Evidence that the applicant is the owner of the ship. A list of not less than three alternative names, numbered and order of performance, under which the ship is proposed to be registered. A declaration of ownership (RS02). Radio license, which requires to be approved by the Ministry of Information Technology and Communications, and which is licensed by the Seychelles Licensing Authority.
Once approval has been given (normally within 10 days) a certificate of registration is given. Note however if the vessel were not to be registered in Seychelles then it would be liable to pay harbour dues. The forms that are required for provisional registration of the yacht are as follows: application for Registration of Ship as Seychelles Ship, Official Number and Call Sign. Declaration of Ownership. Application for a Telecoms/Radio License. Application for Activation of Maritime Mobile Earth Station.
List of supplemental documents for the permanent registration of a vessel under Seychelles flag. After the period of 90 days, or the expiry of the extension of the registration certificate, the Yacht can be permanently registered at no extra cost. The Yacht owner must submit the following documents. Application for permanent registration under Section 23 of the Merchant Shipping Act signed by the attorney of the Seychelles company. Bill of Sale. Statutory Certificates issued by the Classification Society. Carving and Marking Note which s used by the Registrar of Shipping on deposit of documents 2 and 3 above duly signed and sealed by the ship's classification society.
CYPRUS BOATS AND YACHTS REGISTRATION:
Cyprus shipping companies. The Merchant Shipping Legislation in 1963 effectively was the milestone in making Cyprus one of the leading maritime centers of the world. The Cyprus Merchant Shipping (Registration of Ships, Sales and Mortgages) Law 1963 is based on the English Merchant Shipping Acts of 1894 to 1954. The procedure for the registration of vessels under the Cyprus flag are contained in the Act. The Act also governs the registration of mortgages on Cyprus flagged vessels. For a ship to be registered in Cyprus, she must be owned by a Cyprus legal entity. In order to register a ship under the Cyprus flag certain requirements must be satisfied. Firstly, 50% of the shares in the ship must be owned: by Cypriots; or by a Cyprus registered company irrespective of whether such a company is totally owned by aliens; or with special permission of the Council of Ministers, by a foreign corporation in which Cypriots have a controlling interest.
Secondly, the ship must be under seventeen years of age, or if over seventeen, up to twenty years of age provided that: the ship undergoes a special inspection; or the vessel is managed from Cyprus. Where the ship is between twenty and twenty-three years of age, it may be registered provided: the beneficial owner has at least another two vessels registered under the Cyprus flag, each having a gross tonnage of over 1000 tons, with a good safety record, and whose average age, including the vessel to be registered, does not exceed seventeen years, or, its beneficial owner is Cypriot who, in the situation he resides abroad, fully manages his vessel; the vessel undergoes a special inspection; the vessel is managed from Cyprus. Where the ship is over twenty-three years of age, it may be registered provided: it is owned by Cypriots permanently residing in Cyprus or by a Cypriot company; the vessel undergoes a special inspection; the vessel is managed from Cyprus.
In view of the above requirements, all non-Cypriot owners who wish to register their ships under the Cyprus flag must incorporate a company in Cyprus which will either acquire the ship in its name, or bareboat charter the ship. Practice and custom have created a special type of Cyprus shipowning company (hereinafter referred to as 'the company'), which is limited by shares and has a nominal capital, usually CY£1.000 divided into 1.000 shares of CY£1 each.
In accordance with the Advocates Laws of Cyprus, only local lawyers are entitled to draft the necessary documents for the incorporation of Cypriot companies. Therefore, the first step to be taken by persons interested in registering a vessel under the Cyprus flag is to engage the services of a local lawyer. The main types of vessel registration in Cyprus are provisional, permanent and parallel registration (see Chapters V and VI).
Language of Supporting Documentation. Cypriot legislation provides that all documents which refer to Cypriot ships (i.e. including documents for their registration) are admissible provided that they are drawn up in a language comprehensible to the competent officers under the law for their acceptance. Such provision makes the registration of vessels faster and saves on translation expenses. In practice, most of the documents are admissible in the English language.
Vessel Registration and Age Limit. As of 1 January 2000, vessels of any size and type having an age not exceeding 15 years, except fishing vessels, may be registered in the Cyprus Register of Ships as long as they comply with the provisions contained in the merchant shipping legislation and the circulars of the Department of Merchant Shipping.
Vessels over 15 years of age, including fishing vessels, may be registered in the Cyprus Register of Ships under additional conditions, which must be fulfiled concurrently with the submission of the application for registration and must be complied with at all times while the vessel remains registered, irrespective of any subsequent transfer of ownership.
The owner/bareboat charterer of a vessel registered under the Cyprus flag automatically undertakes that, whenever the Department of Merchant Shipping deems necessary, to have the vessel inspected by its own surveyors as a result of identified deficiencies or an alleged serious violation of international conventions. The owner/bareboat charterer is required to submit the vessel for inspection, at his expense, in order for the Department to determine whether the vessel meets the applicable statutory requirements.
The age of a vessel is calculated by deducting the year when its keel was laid from the year when the application for registration of the vessel was filed with the Registrar of Cyprus Ships. The year of conversion or modification or major reconstruction and the year of completion or delivery of a vessel, are considered irrelevant and will be ignored.
While waiting for permanent registration, which will take place after all the administrative formalities have been completed, a provisional registration procedure is available. Such provisional registration will allow time for all the administrative formalities of permanent registration, while in the meantime the ship will be registered under the Cyprus flag.
The approval of the Minister of Communications and Works is required for provisional registration. However, provisional registration is possible of taking place in countries where Cyprus has an Embassy, High Commission, Consulate or Honorary Consul. Provided all the necessary documents, details and safety confirmation certificates are provided, provisional registration usually takes place within 10 days. Once a ship is provisionally registered, permanent registration must take place within six months. However, an extension period of three months is available upon application.
Taxation of shipping companies. Shipping companies are virtually exempt from any type of tax. Furthermore, Offshore shipping companies and their foreign employees are entitled to maintain foreign currency accounts and may transfer their income abroad after payment of all necessary taxes. They pay no income tax on profits or dividends. They pay no estate duty. No capital gain is considered to arise from the sale or transfer of ownership of any ship or shares in a shipping company. Emoluments of seamen employed on board Cyprus ships are exempt from tax. Dividends distributed to shareholders of offshore ship management companies attract no tax. Seamen employed by Cyprus offshore ship management companies on board foreign flag ships or in respect of services on board Cyprus flag ships managed by them pay no tax in respect of emoluments received by them. To qualify for tax exemption in respect of foreign flag ships, the emoluments must be paid through a bank operating in Cyprus. Foreign employees of offshore shipping companies who derive their income from outside Cyprus are taxed at 10% of the normal tax rates applicable in Cyprus. If they receive their emoluments in Cyprus then they are totally exempt from tax. Foreign employees of offshore shipping companies who work within Cyprus, are taxed at half the rate of tax.
With regards to a ship sailing under the Cyprus flag, it is exempt from tax in respect of all profits, dividends, capital gains tax and estate duty arising from shipping activities. On confirmation of instructions, Coddan undertakes to register a Cyprus company which will own the ship. At the same time, an application is made to the Department of Merchant Shipping for the registration of the ship in the Cyprus Registry. Apart from the company's certificates, the following documents accompanying the application are required: a duly legalised Bill of Sale, by which the owner has acquired title to the ship. Resolutions of the company's board sanctioning the purchase of the ship and her registration under the Cyprus flag. A Power of Attorney authorising an Attorney, to execute all necessary documents on behalf of the ship-owning company. Declaration of Ownership (form M.S. 53). Memorandum as to the Ship's Husband (form MS 10). The application for a radio license for the ship. Deletion Certificate from the previous registry where appropriate. Copy of the agreement signed with the ship's International Radio Accounting Authority.
Provisional and Permanent Registration. Coddan undertakes both the provisional and permanent registration of ships. Provisional registration of a ship in the Cyprus Registry is an option taken by some owners who require time (they have up to nine months) during which to complete the necessary administrative formalities before permanent registration can be effected.
Parallel Registration. Parallel registration is also available in Cyprus. Cyprus legislation provides for the two forms ofinternationally accepted bareboat registration: "Parallel in" and "Parallel out" registration. "Parallel in" registration allows a foreign flag vessel on bareboat charter to be registered in "parallel" under the Cyprus flag for a period of up to 2 years, which is renewable. "Parallel out" registration allows a Cyprus flag ship to be bareboat chartered to a foreign person orcompany and registered "parallel" in a foreign register for the duration of the charterparty.
Cargo Vessels with Gross Tonnage of 1000 and over, Ocean Going Tug Boats with Gross Tonnage of over 500 and Mobile Offshore Drilling Units. Over 15 years but not exceeding 17 years of age. A vessel in this category may be registered provided it passes a special inspection. Over 17 years but not exceeding 20 years of age. A vessel in this category may be registered provided: it passes a special inspection, and it is operated by a ship-management company certificated for compliance with the ISM Code. Over 20 years but not exceeding 23 years of age. A vessel in this category may be registered provided: it passes a special inspection and is subject to subsequent annual special inspections; it is operated by a Cyprus ship-management company, which must be certificated for compliance with the ISM Code.
Cargo Vessels with a Gross Tonnage of less than 1000. Only cargo vessels not exceeding 20 years of age may be registered. However, they are subject to a special inspection if they are subsequently detained on account of deficiencies or violations of international conventions by flag or port state control authorities.
Passenger Vessels. Over 15 years but not exceeding 25 years of age. A vessel in this category may be registered provided it passes a special inspection and is subject to subsequent annual special inspections.Over 25 years of age. A vessel in this category may be registered provided: it passes a special inspection and is subject to subsequent annual special inspections; it is operated by a Cyprus ship-management company, which must be certificated for compliance with the ISM Code.
In both cases, whenever the vessel is engaged in regular service which includes at least two calls per month to a Cypriot port, at least 25 percent of its crew should be Cypriot, unless a confirmation is given by the Limassol District Labour Office that no Cypriot seamen are available, and at least 1 Cypriot student or graduate of a Marine Officer's School, if available, is engaged for sea training for a period of up to 6 months.
Fishing Vessels, Fish Factory Vessels. There are detailed requirements for the registration of fishing and fish factory vessels of any age covering ownership, safety, fishing activities and hygiene. Interested parties should contact the Department of Merchant Shipping for further information.
Auxiliary Vessels and Pleasure Craft. Vessels up to 25 years of age may be registered without any additional conditions. Vessels over 25 years of age may be registered provided they belong beneficially to residents of Cyprus and their management and operations are controlled from Cyprus. Interested parties should contact the Department of Merchant Shipping for further information.
Special Inspection. The special inspection is carried out by the surveyors of the Department of Merchant Shipping at the expense of the ship-owner. The inspection of a ship acquired by a person qualified to own a Cyprus ship should be carried out before the provisional or directly permanent registration of the vessel. If this is not practically feasible, it should be conducted within 3 months from the date of provisional or parallel-in registration, or within 1 month from the date of permanent registration, if effected directly.
Management and Operation of a Vessel. The management and operation of a vessel is evidenced by the Joint Declaration on the Operation of a Ship (form ISM.01). A vessel is considered as managed and operated by a ship-management company if that company holds, or is to be issued by or on behalf of the Cypriot Government with a valid, Document of Compliance (DoC) or Interim DoC and the vessel is to be issued with a Safety Management Certificate (SMC) or Interim SMC by or on behalf of the Cypriot Government, indicating that it is operated by the company in question.
In addition, the operation and management of a vessel by a Cyprus ship management company is proved if it qualifies for reduction of the tonnage tax in accordance with the provisions of section 8(3)(b) of the Merchant Shipping (Fees and Taxing Provisions) Laws, 1992 - 2003. The management requirement is deemed to be satisfied if the company concerned has a satisfactory safety record. A company is not considered to have a satisfactory record if during the last 24 months, the percentage of justified detentions recorded by the Department exceeded 30 percent. Companies operating outside Cyprus must have at least 2 ships under their management.
Deletion. Ships may be deleted from the Cyprus Register of Ships where the shipping laws or regulations have not been adhered to or upon the disposal of the ship. All financial obligations to the Cyprus Authorities must be settled and existing mortgages on the ship discharged at the time of deletion.
DELAWARE YACHT REGISTRATION:
To register your boat in Delaware, you must incorporate a Company in the State of Delaware first. State Of Delaware Boat Registration. Coddan's Fee. Coddan's professional fee for the registration of the Yacht in the name of the Delaware Company is £400.00 (excluding state fees).
First Preferred Ship's Mortgage. When a vessel is registered with the State of Delaware they will provide the client with the decals for the boat, the registration card, and a computer printout of the registration. For some of our foreign clients we can provide them with a Certificate of Vessel Registration which is a document we prepare with information regarding the boat and it is then notarized. We cannot provide power of attorney services nor can bearer shares be issued.
Delaware is recognized as having a favorable tax climate. Delaware has no sales tax, personal property tax, intangible property tax or stock transfer tax. Additionally, no Delaware corporate income tax is assessed for income derived outside of the State of Delaware. It is important to note that sales tax shelters are situational. Many states have "user taxes" and the like. One should consult with a legal or tax advisor to determine if a tax on a yacht will be due in the State in question.
Many of corporate boat owners recognize that a sales/use tax will be due in the state they are actually keeping or using the vessel. They also understand, that under ordinary circumstances, when they opt to sell the vessel, the new owner will have to pay a sales tax on the purchase of the vessel. With this in mind from the outset, they choose to put the vessel into a Delaware corporation, and pay the tax in the corporate name (deriving other benefits incorporation has to offer such as limited liability). When the vessel is subsequently put up for sale, the owner has the flexibility of selling the vessel as an asset of the corporation or selling the entire corporation of which the vessel is an asset. The latter circumstance is accomplished by simply transferring the shares of stock in the corporation over to the new owners. This arrangement can be very attractive to the prospective purchaser because title to the vessel has not changed hands - it is still registered to the corporation. Therefore, no sales tax may be assessable on the transfer, and, no re-registration costs are incurred.
What boats require registration and how do I apply? As a rule, every boat, vessel, jet ski, surf jets, ski craft or any other personal watercraft operated by Delaware residents on Delaware waterways must be registered. Non-resident boats/vessels using the waters of Delaware for principal use over 60 days and non-residents owning a boat docked and/or stowed in waters of Delaware for over 60 days must be registered in Delaware.
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£ 650.00
This is our most popular package with worldwide customers, and includes: -
The registration your offshore company from scratch using our registered agent & registered office address, and appoint your own candidates to the roles of director, and shareholder;
The provision of a registered agent and registered office address in Panama for 12 months are also included in the price of this package (our registered agent and provision of a registered office address service are charged annually);
LR - Lloyds Register of Shipping