The maritime history of the Isle of Man dates from the eighteenth century and the Island is recognised internationally as an efficient and well- run centre for both registration and management. It was ranked third in the world by Port State Authority in September 2004. The Marine Administration was established in 1984 and offers 24 hour cover for both yacht and ship owners. Local legislation has also been amended to adopt the “Megayacht” code and enable commercial yachts exceeding 24 metres to be registered on the Island. Benefits of registering a vessel on the Isle of Man include •A zero rate of tax for shipping related activities •No annual tonnage dues •A low registration fee •Attractive VAT arrangements •Security of mortgages registered on the Island •A Demise Charter Register, both in and out •British Flag and support of British Consular services •Flexibility in the requirements for registered owners including limited partnerships Merchant ships to be registered in the Isle of Man should be registered with one of the approved Classification Societies and it is a requirement that functions of effective management are undertaken by a ship management company, resident in the Isle of Man, having responsibility for the ship. The Isle of Man recognises the following Classification Societies •Lloyds Register of Shipping •Germanischer Lloyd •Bureau Veritas •Det Norske Veritas •American Bureau of Shipping •Registro Italiano Navale •Nippon Kaiji Kyokai Registration Owners have the option of registering either on the main register or on the Demise (Bareboat) Charter Register. The registration process is in two main steps •Incorporation of a company on the Isle of Man. There are no nationality restrictions on the ownership of shipping companies. •Registering the vessel. The majority interest in the vessel must be owned by one of the following, oA company incorporated in the Isle of Man and having its principal place of business within the Island oA company incorporated in the U.K. Channel Islands, any British Dependant Territory, or in a Member State of the E.U. or E.E.A. and having its principal place of business in one of those territories oLimited Partnerships established and registered in the Isle of Man About the Author The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site www.chesterfield-management.com |
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