Cayman
Islands
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Registration
of Vessels
Cayman has been a popular base for the registration of foreign owned vessels for many years recent conventions adopted by the Islands mean that a Cayman registered vessel owned by a Cayman company enjoys all the privileges afforded to the British Flag and full international recognition while benefiting from the tax free status and confidentiality laws of the Cayman Islands.
Conditions:
For a vessel to be registered in the Cayman Islands the following conditions must be complied with:
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The
owner must be British or be an individual or company in specific
British dependencies e.g. Cayman, Gibraltar, Isle of Man, Bermuda,
etc. It should be noted that a Cayman company regardless of the
nationality of its beneficial owners would qualify as a “British”
owner. Also nationals, body corporate or “shipping entities”
of any European Union (EU) or any European Economic Area (EEA) State
including their Overseas Territories. |
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The
owners are required to appoint a local representative/agent as a
point of contact with the Registrar of Ships. This person/company
is authorized to sign the Declaration of Ownership for the vessel
on behalf of the owner. |
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The
ship is subject to survey by the Marine Survey Department to ensure
compliance with international standards. |
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The ship requires a Safe Manning Certificate and the three senior
officers (Master, Chief Officer and Chief Engineer) require either
British certificates or appropriate certificates considered to be
equivalent. |
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Other
crew members must be qualified in accordance with the STCW convention. |
Benefits
of Registering a Vessel in the Cayman Islands
The benefits of registering in the Cayman Islands are as follows:
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Manning
restrictions are less onerous than for other British dependencies,
while still providing the benefits of being under the Red Ensign
Flag. |
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Red
Ensign Flag entitles ships to the protection of the Royal Navy. |
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Full
assistance of the British consular service worldwide, which is especially
useful in connection with crew matters. |
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Registration and annual tonnage fees are very competitive. |
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High
quality local expertise in the fields of banking, company management,
legal and accounting services. |
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Absence
of exchange controls |
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No
income, corporate or capital gains taxes exist in the Cayman Islands.
Political stability and full British Colony status. |
Registration
Procedures:
Following are the requirements and documents to be provided to register a vessel in the Cayman Islands
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Application
to Register at the Port of George Town |
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Notice
of Name Proposed for a British Ship |
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Appointment
of authorized officer/agent : Person/company authorized by the vessel
owner to sign the Declaration of Ownership for company owned vessels. |
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Declaration of ownership: Relevant form should be signed before
a Registrar of British Ships, ,a Justice of Peace or a Notary Public. |
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Declaration
of Private Use (pleasure craft only). |
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Undertaking
to Mark Vessel for Conditional Registration. |
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Appointment
of Representative Person: If the owner is not resident in the Cayman
Islands, a Representative person resident in the Cayman Islands
needs to be appointed |
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Title
documents: Builder’s certificate or Bill of Sale. |
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Certificate
of Good Standing (for company owned vessels) or Certified copy of
Passport (for individually owned vessels) |
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Certificate
of Incorporation |
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Certificate
of Survey |
Government
Fees
For the registration of the vessel (in US$):
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Up to 150 gross tons | 300.00 |
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Over 150 and up to 400 gross tons | 500.00 |
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Over 400 and up to 1500 gross tons | 700.00 |
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Over 1500 gross tons | 1000.00 |
Annual
Tonnage Fees (US$):
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Minimum fee | 100.00 |
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Per gross ton for the first 1000 gross tons | 00.40 |
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Each additional gross ton above 1000 gross tons 00.14 | 00.14 |
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Over 1500 gross tons | 1000.00 |
Tonnage
Measurement survey and issue of Tonnage Certificate and Certificate of
Survey, where the ship is (US $):
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Under 24 metres in length | 300.00 |
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24 metres and over in length | 750.00 |
Application
review and issue of a Safe Manning Certificate (SMC), where the ship is
(US$):
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Up to 500 gross tons | 275.00 |
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Over 500 gross tons | 460.00 |
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Endorsement attesting to the recognition of STCW 95 certification | US$185.00 |
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Statutory Certificates (i.e. SOLAS, Marpol, Load Line, Tonnage, etc.) | US$230.00 |
For further information about this product please contact us at omc@omcgroup.com
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