For the BVI yacht registration we’d suggest first to incorporate a BVI IBC with nominee directors for this purpose, then to register the yacht in the IBC name, however if you wish to own the yacht in the name of the BVI IBC, you must be advised that he will not be able to charter the vessel to persons resident in the BVI.
Following is information on the subject of yacht registration in the BVI:
NOTE: During the registration process, we suggest that a representative of our office in the British Virgin Islands be appointed a director or power of attorney holder of the British Virgin Islands company so that the beneficial owner has the legal capacity to inspect and take possession of the vessel on behalf of the company, in the country where it is lying, while our office has the legal capacity to prepare and file all documentation with the Registrar of Shipping in the British Virgin Islands. Once the registration of the vessel is completed, the representative from our offices will resign as a director or power holder. Neither the vessel nor the beneficial owner need ever visit the British Virgin Islands.
Advantages of Ship Registration in the BVI
- Ships which fly the Red Ensign are entitled to the support of British Consular and High Commission and Royal Naval protection
- Registered ownership is permitted to citizens and companies registered in the U.K. and all British Territories
- Certificate is recognized worldwide
- Low initial registration fee
- Facilitates the registration of mortgages, change/transfer of ownership
- BVI is the yachting Mecca of the Caribbean, equipped with state of the art facilities, berths, accommodation and services for you and your vessel
- The BVI is recognized as a reputable offshore financial center leading the world in company formation and service
- Political stability in the BVI
The registration procedure is as follows:
- Clear the name of the vessel. For this we need:
- Registry where vessel is currently registered or name and address of yard where the vessel is being built
- Name under which vessel is currently registered, if applicable
- Nationality of current registry, if applicable
- Port at which vessel is lying, if applicable
- Approximate tonnage
- Method of Propulsion
- Proposed trade of vessel (pleasure, fishing, etc.)
- Proposed date
Name clearance will be a matter of two to three days.
- Upon clearing the name we shall need:
- Original builder’s certificate with descriptive details of the vessel and clearly showing the name of the company on whose account the vessel has been built.
- Notarized bill of sale from last registered owner to present owner, if applicable.
- Notarized bill of sale from present owner to BVI Company.
- Declaration of Ownership on behalf of Body Corporate (prepared and signed by our representative of the company in the British Virgin Islands).
- Original ad measurement survey certificate done for British Registration. Qualified organizations for purposes of this survey are:
LLYODS REGISTER OF SHIPPING
AMERICAN BUREAU OF SHIPPING
- Upon receipt of the ad measurement survey documents, the Registrar of Shipping will issue a Ships Carving and Marking Note. The vessel must then be inspected by any of the following officials:
- A British Department of Trade and Industry official
- A Lloyds Register of Shipping Surveyor
- An Officer of the British Customs and Excise not below the rank of Assistance Officer.
- A British Consul or Vice Consul
Who will complete and sign the certificate and return it to the company for filing with the Registrar of Shipping. Registration documents will then be issued.
- In the case of a boat that has been registered at a British Port the only documents required are as follows:
- Close Transcript from the current Port of Registry
- Power of Attorney authorizing one of our office staff to register the boat
- Bill of Sale
We can also arrange for marine telecommunications operating license(s) and ships station licenses if requested.
Concerning the temporary authorization to use a British flag, once the ad measurement survey is completed, the Registrar of Shipping may issue a provisional certificate of registration (“Terminable Certificate”) upon request.
- Timing. The complete process, assuming that documents are readily provided in good order, should take approximately one month.
- The owner of the vessel must be a BVI company.
- The vessel may not exceed 500 tons.
The Valsen Advantage
- Speedy, Efficient and consistent Services.
- Relentless effort to obtain bank accounts.
- Expert advice on structuring options.
- Dedicated ongoing compliance support.