Super Yacht Registration Services
29 October 2004 - 17:35
The Isle of Man Marine Administration has been established since 1984 and has earned an enviable reputation throughout the shipping world. In 2003 new regulations were introduced, which enables commercial yachts (over 24 metres) to be registered in the Isle of Man.
These new regulations have been extremely successful in attracting the Super Yacht or Mega Yacht to the Isle of Man Register thus enabling the owners to enjoy the financial benefits.
All yachts on the Isle of Man Register are British Ships and are therefore entitled to fly the British Red Ensign (and/or the Manx Red Duster) as well as enjoying the help and assistance of the United Kingdom Consular services throughout the world.
Where a Yacht is registered is largely dependent on the location of the owners residence and the basis of the Yachts usage, however many owners believe the Red Ensign to be of significant benefit. The Isle of Man provides this opportunity, although there may be circumstances where the Isle of Man is inappropriate but the Red Ensign is still required.
TheYachtMarket.com through their associated ECS offices in Gibraltar can now offer an alternative location for registration. A satellite associate ECS office in the Puerto Sotogrande Marina in Southern Spain is also available.
Benefits of using the Isle of Man and Gibraltar
Yachts registered in the Isle of Man enjoy:
Usage of the British Red Ensign and access to the UK Consular Officials,
The Isle of Man Register is internationally accepted,
Beneficial taxation treatment in the Island including Value Added Tax,
No charge relating to Annual Tonnage Tax,
No Insurance Premium Tax in the Isle of Man,
Professional Corporate and Marine Services in a regulated environment,
Isle of Man enjoys political stability - 1000 years of continuous Parliament,
Swift registration process by the Marine Administration,
Low initial Registration Fee,
A Marine Administration that will provide assistance to the owner regarding, Safety, Prevention of Pollution and crewing matters.
Where a yacht is operating within European Union waters it will require a VAT Paid Certificate unless it can qualify for temporary importation or exemption. A VAT Paid Certificate can be issued by the Isle of Man Customs & Excise. The Isle of Man also offers a number of opportunities to mitigate the cost of VAT whilst maintaining the ability to reclaim the VAT on the acquisition of the vessel.
The companies used to own the Yachts would be resident in the relevant jurisdiction but the day to day administration of the entity would be carried out from our Isle of Man office.
Notwithstanding the benefits of registering Yachts in the Isle of Man and Gibraltar, we are able to register Yachts in many other jurisdictions around the world.
Registering a Yacht in Gibraltar will give you the same benefits and in addition there is no Value Added Tax or Import Tax if the Yacht is to be based in Gibraltar.
A Gibraltar Registered Yacht may operate within EU waters for a limited period each year under the temporary importation licence arrangement.
Services:
TheYachtMarket.com in association with ECS Marine Services through its offices in the Isle of Man, Gibraltar and Sotogrande (Southern Spain) can offer the following comprehensive range of services to the owners and crews of Yachts registered in the Isle of Man and/or Gibraltar -
Swift and efficient Yacht Registration.
Accepting the nomination as the Representative Agent for any Super Yachts registered within the Isle of Man as required by the Isle of Man Marine Administration.
Yacht Insurance through our contacts in the insurance industry.
VAT planning regarding the acquisition and ongoing ownership
Formation and ongoing administration of the corporate entity that owns the Yacht including the provision of Directors, Registered Offices and Nominee Shareholders.
Maintenance of the Companys accounting records.
Liaising with the owner regarding the Yacht
Liaising in all matters arising with the Master of the Yacht and providing him with a 24 hour telephone support service which is available 365 days a year.
Maintaining a database of technical support services which can be called upon as and when required by the Master and/or Owner of the Yacht.
Payment of all yacht expenses including the maintenance of the crew payroll and the transfer of funds to any location in the world for collection by the Master of the Yacht.
Providing Monthly Accounting Reports to the Owner and the Master if appropriate.
Establishing and administering Pension Schemes for the Yachts crew.
Estate planning for the owner by the use of offshore trusts etc.
Who are ECS Marine Services? -
ECS Marine Services is a Registered Business Name in the Isle of Man of ECS International Limited, which is an Isle of Man Registered Company.
ECS International Limited is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider and is also approved by the Isle of Man Government Insurance and Pensions Authority as an approved Pension Scheme Administrator in the Isle of Man.
Latterly ECS International Limited has been approved by the Isle of Man Marine Administration as an appropriate organisation to be allowed to accept the nomination as Representative Agents for any Super Yachts on the Isle of Man Register
ECS International is a privately owned company with offices in the Isle of Man, Gibraltar and Southern Spain and has been operating in the offshore environment since 1982.
They pride themselves in providing an efficient and confidential service to all our clients who are located throughout the world. TheYachtMarket.com Yacht Registration is in association with ECS Marine Services
For more information on Yacht registration telephone: Richard Roberts on UK: 02380 228154 Europe: 001 - 44 - 2380 228154 or USA: 011 - 44 - 2380 228154 or simply click on the Contact us tab above.
