A yacht is a craft used for pleasure and sport and is often held by high-net-worth individuals and multinational corporate organizations. Possessing a boat is a sign of power and status and has been in the picture since Pharaonic Egyptian times, which began in the 1600s.
The British Virgin Islands (BVI) has been one of the most profitable offshore business destinations widely opted for by global investors.
If you look forward to investing in yacht registration in the British Virgin Islands, you are in the right place. Understanding the essentials is of utmost importance, and this guide will help you to go through the requirements effectively.
British Virgin Islands: A Yacht Ground
The ground of the British Virgin Islands is a suitable platform when it comes to offshore business incorporation. Business investors and corporate entities widely opt for British ships and marine vessels.
The British Registry Port takes care of the essentials required to register a marine vessel that meets the international standards adopted by the registry.
Different Types of Yachts in the British Virgin Islands
The different types of yachts that can be registered in the British Virgin Islands (BVI) are:
- Cargo ships of unlimited tonnage
- Boats of up to 3000 gross ton
- The vessels pre-registered under Category 2
- Pleasure crafts and ships up to 400 gross
- Cargo and commercial craft up to 150 gross
Required Documents for Yacht Registration in BVI
The basic set of documents that are required to present to take forward the Yacht registration in the BVI are:
- Duly filled application form
- Certificate of Incorporation (Corporate Entities)
- Passport and Visa (Individuals)
- Appointment of Authorized Officer (SR 101-03)
- Appointment of Respective Person
- Declaration of Eligibility
- Undertaking to Act as Representative Person (RP) form
How to Register a Yacht in BVI?
One has to follow the below-mentioned stages to register a yacht in BVI:
1. Application Submission
The first step in yacht registration in the BVI is submitting the application form to the Registrar of Shipping to register all vessels.
2. Gather Name Approval
The yacht name must be officially approved using the form SR101-01. It is to be noted that the selected name must not be a duplicate name. Registration of the same can be done in any one of the three ports:
- Road Harbour
- White Bay
- Gorda Sound
- Obtain the Pre-Registration Certificate/ Tonnage Certificate
The next move is to obtain the pre-registration / tonnage certificate, which is possible only after receiving the respective details regarding the size and other particulars under the Merchant Shipping Act.
3. Qualified Categories
Individuals and corporate business entities are talented enough to hold a British Virgin Islands yacht. The eligible criteria include the individuals and corporate bodies from
- The United Kingdom and its Crown Dependencies and Overseas Territories
- Member states of the European Community (EC) or European Economic Area (EEA)
- Member State of Caribbean Community (CARICOM)/ Organization of Eastern Caribbean States (OECS)
While proceeding with the registration process, corporate bodies must submit the Certificate of Incorporation. In addition, the individuals must provide proof of nationality (Passport).
4. Obtain the Official Number
Once the documents have been submitted accordingly, they will undergo scrutiny, and a vessel number will be assigned with an Official Number.
5. Carving and Marking Note
After obtaining the official number, the registrar is satisfied that the vessel can be registered accordingly and issues a Carving and Marking note. This document involves the details of the following essentials:
- Vessel's name
- Port of registry
- Official number
- Registered tonnage
6. Make the Payment
The relevant payments must then be paid to the British registrar. The certificate of issue can be received once it has been cleared.
How Can We Help?
As can be seen, several phases are involved in the registration procedure. The process must be carried out smoothly and without obstacles, which is also crucial. Being a foreign investor, it could be challenging for you to move forward with the offshore setup procedure in the British Virgin Islands. Thus, it is advised that you follow the counsel of the experts.
Business Setup Worldwide is here to assist you. Our consultants know the registration procedure and can direct you accordingly. Feel free to speak with our professionals if you wish to move forward with yacht registration in the BVI. Contact us right away.
What is the boat renewal fee in BVI?
1050 USD, including state tax.
How long does it take to register a yacht in BVI?
A couple of days.