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REGISTRATION


CREDENCE CORPORATE AND


ADVISORY SERVICES LIMITED The multi-disciplinary yachting team regularly advises owners, prospective owners, financiers and managers on the sale/acquisition of superyachts, yacht financing and registration of mortgages, yacht importation, VAT and crew-related matters. In an ever-changing environment, an international network of like-minded professionals is pivotal if one is to avoid the pitfalls of fiscal, legal and technical compliance. The yachting team regularly participates in conferences and attends yacht shows to create and maintain an open channel of communication with its peers across the globe. For more details Tel: +356 2125 2893 or visit www.credence.com.mt


the owner has to choose the ‘type’ of registry he/she wants: Open? Traditional? Offshore? Onshore? What does all that mean? “There are many differences between the types of registry,” says Ayala, “the most significant of which are the taxes...”


A Traditional Closed Registry is open only to ships of its own nation. “In other words they allow only vessels that are owned by companies or persons that are residents of that country,” advises Jallow. “Traditionally, closed registries have a two- fold requirement, firstly, incorporation in country of registration and secondly, principal place of business in country of registration. In a closed registry, the tax is charged on the earnings as compared to open, wherein the taxes are on the basis of tonnage.”


An Open Registry has virtually no restrictions, “However, this has led to allegations of sub-standard ships,” warns Jallow. ‘Open registers denote flags of convenience for ships.”


A ship registered in a country is required to fly the flag of that country and is entitled to the privileges and protection of the country. Registration provides title to a


ship which is important for the ship to enter into trade relations.


Offshore Registries permit, as an economic incentive, the hiring of foreign crews at wages lower than those payable to domestic crews. Says Jallow, “It was viewed as an alternative to open registry, to counter its effects on shipping. Prior to the advent of secondary registry, traditional maritime countries were offering various forms of financial incentives to ship owners, thus the main objective of secondary Registry was the phasing out of subsidy and incentive schemes.” Dr Zammit confirms, “States such as Malta and Cyprus offer an open, or international registry. Owners opt for registration under these open registries for a variety of reasons including reliability, stability, reputations, fiscal planning and opportunities for crew employment.”


Hybrid Registers offer attractive combinations registry


of national and features designed to THE ISLE OF MAN SHIP


REGISTRY The Isle of Man’s global centre of excellence for superyacht business is centred around its highly successful international Ship Registry. The team responds quickly and pragmatically to the fast-changing needs of the industry, contributing, advising and assisting with new build and conversion projects globally. The Isle of Man Ship Registry’s experience in applying the Red Ensign Group Yacht Code to all sizes of yacht, delivers solutions to yards and managers, ensures compliance with codes and conventions and provides peace of mind to owners. For more details Tel: +44 (0)1624 688500 or visit www.iomshipregistry.com


ONBOARD | SUMMER 2019 | 115 open


lure shipowners. Just as open registers developed in response to national registries, so hybrid registers have developed in response


to open registries. Jallow


explains, “They are easier to access and have fewer entry requirements than most national registries. They tend to maintain a nationality link between beneficial owner or management of the vessel and the flag State. In general, hybrid registries tend to offer financial incentives and advantages similar to open registers.


Some hybrids allow foreign shipowners access to the registry once certain technical standards are met. The Norwegian and Danish International Ship Registers, the Isle of Man, and Madeira permit foreign owned or controlled vessels in certain circumstances while the German and the French International Ship Registers do not have nationality requirements. But, what about changing legislation?


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