REGISTRATION
DÖHLE CORPORATE AND
YACHT OWNERS SHOULD TAKE INTO ACCOUNT VARIOUS OPERATIONAL ASPECTS WHEN CHOOSING A FLAG
“Here at Döhle Corporate and Trust Services we work closely with all major Flag States and with highly reputable Tax advisory firms in order to ensure superyacht owners have all the necessary information to make a very well-informed decision at outset and to secure a registration with the most suitable Flag.”
She adds, “When considering which Flag would suit their asset best, superyacht owners should take into account various operational aspects for example will their superyacht be operating under temporary admission in the EU; what is the general regulatory
environment where their
superyacht will be navigating; will their superyacht charter in the EU and/or worldwide; which Flag will be more cost effective and less onerous in terms of overall regulatory requirements and yet still be internationally respected, just to name a few important factors.“
OTHER REGISTRIES Try as they might to keep a grip on the lucrative large yacht flagging industry, the REG is not the only show in town. Other jurisdictions have recognised the financial potential a fleet of superyachts flying their flag can bring. Some are good and some are bad. Trust me I know! For a short period in my otherwise gloriously untarnished career as a superyacht captain I was briefly in command of a yacht flying the flag of Belize. The shame of doing so
came rushing to mind every time a glance aloft and saw the ensign flying from the gaff. But I have to say dealing with issues as they arose was wonderfully easy. I simply told the Registry what I wanted to do or receive, paid the fee and the job was done. Never in all my time did a 10 year survey proceed so effortlessly!
MARSHALL ISLANDS The Republic of the Marshall Islands is a group of coral atolls and islands in the South Pacific. It became an independent and sovereign state in 1986 and in September 1991 was admitted to full membership in the United Nations. It has created a flag register that is run as a commercial-for- profit organisation. It is operated from a head office in Virginia USA and has worldwide representation.
The registry is actively encouraging yachts to fly their flag and have even issued their own code of practice for large yachts. It has a good safety record and offers easy to use tax free corporations based on Delaware (USA) laws. It is a fast growing registry established using a team of aggressively profit motivated sales folk who target American owners luring them away from the red ensign. In July 2001 there were just 2 yachts over 24 metres flying the Marshall Island Flag. Eighteen months later there were 10 and in early 2020 there were a staggering 620 yachts flying the Marshall Island Flag.
TRUST SERVICES LIMITED Alongside full corporate and trust services’ provision, Döhle can also support clients with their Yacht Registration, EPIRB registration and Ship Radio Licence services’ requirements. All services are delivered professionally and efficiently, including liaison with owners’ representatives and yacht captains, shipyards and surveyors as guided by their clients. Döhle are leaders in Corporate and Trust Services. For more details Tel: +44 (0)1624 64 97 38 or visit
www.doehlecorporatetrust.com
The RMI allows, through its national legislation and its own Yacht Code, a ‘Pick n Mix’ style registration of private yachts, private yachts limited charter, commercial yachts, and passenger yachts. It also allows for RMI flagged private yachts to charter in French and Monégasque waters without the need for commercial registration by requesting a Temporary Certificate of Registry for Yacht Engaged in Trade.
Yacht owners can choose the home port of either Bikini or Jaluit. Two yachts may share a common name as long as they are registered in different home ports. Ownership of yachts registered in the RMI must be through an RMI corporation, limited or general partnership, limited liability company, or a qualified foreign maritime entity. With an office in Fort Lauderdale, and regional offices around the world, they are able to provide same-day service to the superyacht community, regardless of location and time zone.
PANAMA Panama has been registering all types of ships, boats and yachts since 1917
ONBOARD | AUTUMN 2020 | 69
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