Ship and Yacht Registration
The Isle of Man has a long history of ship registration, the first ship having been registered in 1786. Since then it has become the jurisdiction of choice for ship registration and its shipping register is now one of the most respected in the world having obtained ISO 9001 Accreditation and following the adoption of the "Mega Yacht Code" in 2003.
The Isle of Man Shipping Register has been rated in the Paris Port State Control MOU as one of the top ten shipping registries in the world appearing on the White List for the best performing flags, demonstrating that Isle of Man registered ships are operated and maintained to the highest standards.
Benefits of registration in the Isle of Man
- Favourable tax regime - 0% corporation tax and no capital taxation or stamp duty
- The right to fly the "Red Ensign" with the support of the UK government which offers consular services around the world with the protection of the Royal Navy
- Excellent worldwide reputation of the Isle of Man Ship Registry
- Highly skilled and professional Ship Registry where Marine Administration staff are available 24 hours a day and availability of experienced shipping professionals such as ship managers and marine lawyers
- Low 'one-off' registration fee, once registered no additional registration fees are payable
- No annual tonnage fee
- Efficient and flexible registration process
- No requirement for pre-registration visit and inspection for ships under 10 years of age
- Availability of Demise (Bareboat) Charter Register enabling a vessel to demise "in" and "out"
- The Isle of Man is not regarded as a Flag of Convenience
- Flexibility in requirements for registered owners - a vessel can be owned by corporate body, limited partnership, or an individual
- Corporate ownership of Isle of Man registered vessels permitted by countries in the EU, EEA, British Dependent Territories as well as Australia, Bahamas, Canada, China, Hong Kong, India, Japan, Liberia, Marshall Islands, New Zealand, Pakistan, Panama, Russia, Singapore, South Africa, United Arab Emirates, and United States of America.
- The Isle of Man maintains Standard and Poor's sovereign rating of "AA+" demonstrating the high quality of the island's political, legal and regulatory environment
The Isle of Man is not part of the United Kingdom or European Union (EU) however it has a special relationship with the EU whereby it is part of the customs territory of the Union which allows zero rate tax companies to operate with the EU Value Added Tax system and trade freely within the EU.
How can Corporate Options assist?
Corporate Options Limited can provide the following services for ship owners and operators in respect of the management and registration of a vessel:
- Establishment of a corporate entity to own a vessel
- Arrange the registration of the vessel in the Isle of Man or another jurisdiction
- Assist with finance arrangements if necessary
- Provide officers to the company
- Provide a registered office for the company
- Provide company secretarial and administration services to the corporate structure
- Liaise with maritime authorities in the Isle of Man
- Prepare charter agreements
- Arrange payment of day to day expenses of the vessel
- Arrange applications for licences if necessary, e.g. Radio licence
- Arrange insurance for the vessel
- Provide accounting, bookkeeping and payroll functions for the vessel crew if necessary
- Apply for VAT registration and filing necessary VAT returns thereafter