Holding a yacht is one of the prestigious moves that most of the high-net-worth-individuals and multi-national businesses prefer. The yacht industry has been exponentially growing and holds a massive market globally. In the year 2018, the global yacht market size was valued at USD 6.19 million and is expected to grow at a compound annual growth rate of 5.6% between 2019 and 2025. Investing in the yacht charter business or owning a yacht is one of the preferable moves of global business investors. If you are planning to invest in the yacht business, then this is a must-read for you.
What is a Yacht Charter Business?
A yacht can be stated as a power vessel that can be used for pleasure, cruising, or racing. With the increase in the disposable income of individuals, luxury tourism and personalized services have been the primary factors. There are numerous types of charters that are used for:
- Business functions
- Whale watching
What are the Different Types of Charter?
The different types of charter available at the global level include the following:
- Day charters
- Term charters
- Sailing charters
- Fishing charters
- Diving charters
- Instructional charters
Key Points to be Considered Before Setting up an Offshore Charter Business
Some of the key points that are to be taken into consideration are highlighted below.
- A tax-free offshore company will own the yachts
- The clients of the company will enter into an international agreement with the Offshore company (mostly an International Business Company)
- The relevant IBC must hold an Offshore Bank Account
- A merchant account can be established for secure payments
How to Set Up an Offshore Yacht Charter Business?
As it has been mentioned that an IBC is required to operate with yacht charter business operations, here are the necessary steps that need to be followed.
1.Choose a Business Consultant
Incorporating a business entity in any of the tax-haven jurisdictions might turn out to be a problem is one is not well-versed with the legal proceedings. Hence, it is advised to take the help of certified business experts who can assist you in the process. Professionals like Business Setup Worldwide can help you to incorporate an offshore business in a hassle-free way.
2.Keep Your Documents Ready
The next move is to be ready with the essential set of documents that needs to be submitted to the business partner. While establishing an offshore business, the following documents are to be presented:
- Identity proof of the shareholder(s)
- Address proof of the shareholder(s)
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Well-drafted business plan
- Relevant registration fees
3.Verification of Documents
Once the documents are handed over, it will undergo the verification process, which will be continued by the respective government authorities.
4.Open an Offshore Bank Account
The final step is to proceed with an offshore corporate bank account, which will help the business entity to deal with the business transactions at ease. Here’s a treatise on the advantages of offshore banking that will help you to understand the importance of the same at ease.
Proceeding ahead for business incorporation alone might turn out to be a complicated task. We at Business Setup Worldwide understand the intensity of the establishing one, and understanding the same, we offer hassle-free business setup solutions. Our business advisors are well-versed with the business process and can provide you tailored solutions to suit your business needs. In case if you hold any query or want to initiate further steps, feel free to have a word with our advisors. Contact us today-we’d be glad to assist.