Qceanic Yacht Care
Yacht owners' company registration
Yacht owners' company registration, yacht charter, vessel registration and flag selection, technical support, administrative, accounting, and financial services
Your maritime dreams are our responsibility
Cyprus is popular among boat owners due to its strategic location in the Mediterranean Sea and attractive tax and legal conditions. The registration process here is simple and efficient, with low registration fees and no annual renewal required. Furthermore, as a member of the European Union, the Cypriot flag is highly regarded internationally. This recognition can be significant when traveling in international waters or conducting business with other countries. We are ready to assist you with preliminary registration within a week. This process is transparent and straightforward. Registration of a vessel under the Cypriot flag will be valid for one year.
Company specialization
Our goal is to ensure that your yachting business brings you minimal hassle and maximum benefits and comfort.
Registration
Optimal registration of your vessel
Management
Administrative and accounting services
Certification
Compliance with international maritime rules
Insurance
For leisure and commercial yachts and boats
When deciding to purchase a yacht, buyers should consider important legal aspects:
- Select the flag under which to register the yacht.
- Decide whether to register the yacht under personal ownership or a company.
A yacht can be registered in a foreign ship registry either in the name of an individual or in the name of a company. This company may be specifically created by an individual for the purpose of owning that particular yacht.
Confidentiality of ownership
If a person owns a yacht, this information typically becomes public. In most maritime registries around the world, information about the yacht and its owner can be easily obtained.
However, many yacht owners prefer not to disclose information about their property. In such cases, registering the yacht under a company is a convenient option, as ownership through a company provides a high level of confidentiality and is an effective way to protect assets.
Information about the founders of a company is private and not accessible to third parties in most classic offshore jurisdictions (for example, Panama, Belize, and the British Virgin Islands).
In the structure of companies registered in such countries, the use of a nominee service is allowed. This means that companies can have a nominee director and shareholder. The latter appears as the registry owner of the shares, holding them on behalf of the beneficiary.
Thus, a foreign company can be used as a convenient and legal option for yacht ownership.
Limited liability
In the event of claims made against an individual (such as debts) as part of debt recovery, the yacht may be subject to confiscation. The owner is personally liable for any damages or losses associated with the yacht. Furthermore, other property of the individual may be seized to cover such liabilities.
When a legal entity owns the yacht, the general rules applicable to most offshore companies come into play: the company is liable for its shareholders’ obligations with its assets, and the shareholders’ liability is limited to their contributions to the company. As a result, if a shareholder is the target of a claim, the company, not the shareholder, owns the yacht. In cases where the company’s liabilities exceed its assets, the personal assets of its shareholders cannot be targeted for recovery.
When an individual sells a yacht, the income from the sale must be declared in the country of tax residency and the corresponding tax paid. However, when a yacht is sold by a company registered in an offshore jurisdiction, the company is exempt from paying taxes in its country of registration (a typical rule for such companies).
Additionally, it is procedurally simpler to sell a yacht through a company; the company’s shares can simply be transferred from the seller to the buyer. In this case, what is actually being sold is the company itself and, with it, its asset, the yacht.
Yacht owners' company registration services
Yacht owners’ company registration is a crucial aspect of owning and managing a yacht. This process provides yacht owners with the opportunity to secure their assets, comply with legal requirements, and operate in accordance with international standards.
To register a yacht owners’ company, it’s necessary to follow specific procedures and requirements, which can vary depending on the jurisdiction.
Typically, this involves preparing necessary documents, paying relevant fees and contributions, and adhering to legislative norms and business regulations.
Choosing the right jurisdiction for company registration is crucial, taking into account tax, legal, and operational factors. Many yacht owners choose jurisdictions like the British Virgin Islands, the Cayman Islands, Malta, or others due to their attractive conditions for yacht owners’ company registration.
Qceanic Yacht Care
Yacht insurance
We provide you with an opportunity to compare your existing vessel insurance with those offered by our insurance partners, with no commitment. We will review proposals from multiple vendors and present you with the best option.
We are ready to send your vessel's information to our insurance partners so that they can determine the best insurance offer for you. This service is provided free of charge.
Frequently asked questions
To register a yacht owner company, you will need the following documents:
- A copy of the company’s charter or memorandum of association.
- Passport details of all founders and directors of the company.
- Documents confirming the residence of the founders and directors.
- Documents proving the contribution of the share capital.
- Documents confirming the company’s registered address.
- Familiarize yourself with the rental terms, such as the price, availability dates, and renter criteria.
- Sign a rental agreement that shows the mutual approval of both parties.
- Check that the yacht is outfitted with proper safety and navigation equipment.
When choosing a flag for yacht registration, consider the following:
- The rules and requirements of the flag of the selected country.
- Tax and administrative obligations associated with the chosen flag.
- International agreements and laws that affect the rights and responsibilities of a yacht under a certain flag.
Yacht owners may require the following services:
- Technical maintenance and repair of the yacht.
- Administrative support, including the handling of documentation and licensing.
- Accounting services, including tax reporting and financial transaction management.
- Financial planning, investment, and asset management.
A yacht requires regular technical maintenance, including inspection and servicing of engines, cooling systems, electrical systems, navigation equipment, and safety equipment. Regular checks for corrosion and hull damage are also necessary, as is addressing any defects found.
Yacht owners may need administrative services that include handling necessary documents, yacht registration, ensuring compliance with international and local regulatory requirements, as well as consultations on legal and licensing matters.
Consulting services
Please submit a consultation request form, and we will respond within one hour (during working hours).