The usual method used to register a ship is through the registration of a company which in turn has full ownership of the ships. The company may be registered using nominee directors and shareholders thus protecting the beneficial owners identity. The incorporation process can be completed in a few days and the procedure for the registration of the ship may begin in the Register of Ships.
Tax and other benefits:
- No income tax is payable on the profits derived from shipping activities by shipping company which owns or charters bareboat ships
- No capital gains tax is payable on the sale or transfer of a ship or shares in a shipping company
- No income tax is payable on the salaries of the officers and crew of ships
- No stamp duty is payable on bills of sale and mortgages on ships and related documents
Ship management companies.
These are companies offering full management services to ship-owners worldwide and are engaged in chartering, crewing, ship broking and similar activities.