The Baker Tilly Isle of Man group specialises in the registration and administration of vessels through its division, ECS Marine Services, and its associated company, Bennett Roy Maritime Limited.
The Isle of Man is widely recognised as a centre of excellence for the registration and management of commercial and private yachts. The high quality of the Ship Registry and its progressive outlook, combined with the significant advantages of using the offshore environment, make registration of superyachts in the Isle of Man a natural choice.
Gibraltar also has a highly successful Ship Registry, which allows registration of both commercial and private vessels.
Vessels registered in either the Isle of Man or Gibraltar are entitled to fly the Red Ensign and have access to all British consulates throughout the world.
Benefits of offshore registration
Benefits of registration in the Isle of Man or Gibraltar include:
- Internationally accepted and well respected status of both registries
- Beneficial taxation treatment, including zero rated corporate tax and various VAT options
- Corporate ownership structures
- Flexibility in requirements for registered owners including acceptance of limited partnerships
- Availability of shipping mortgages under established law
- No annual tonnage tax charges
- No insurance premium taxes
- Availability of experienced professionals and tailored financial products
- 24-hour availability of senior staff available at the registries
- Highly competitive scheme of charges
How we can help
Before registering a commercial or private yacht there are many important matters to consider. Using our breadth of experience in this industry and our extensive network of contacts, including direct access to the Ship Registries, we are able to ensure that both registration and the ongoing administrative requirements of yacht ownership run smoothly and without unwanted surprises. The services we provide include:
- Advice on and facilitation of ownership structure
- Assistance with financing arrangements as required and the ability to obtain a marine mortgage in the planned port of registration
- Advice on the importation of vessels into the EU and associated VAT implications
- Consideration of cruising locations and in particular whether or not the yacht will visit or be based in the EU and the VAT ramifications
- Ongoing complete administration of the vessel including the appointment of a Representative Agent ashore
- Full management of the vessel including payment of supplier accounts, crew payroll, insurance, yacht accounting and liaison with regulatory authorities in the port of registration
Specialist Services
In addition to the services provided by ECS Marine Services and Bennett Roy Maritime Limited, Baker Tilly Isle of Man is responsible for the management of PAS, a bespoke yacht management business providing a portfolio of services specifically for Nautor Swan sailing yachts. For more information, please click on the link: www.pasyc.com
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