The Cayman Islands, located in the western Caribbean Sea, is a perfect destination when it comes to offshore business incorporation and an excellent tourist destination. It is well known that the offshore business investments have been continuously rising, and investors prefer to invest in as it provides a safe and secure business destination. Understanding the growth prospects, the Cayman Island also allows the business investors to proceed with the offshore company set up in the region.
Apart from offshore company formation, the next best investment choice for the investors is yacht registration. Flagging a vessel in the Cayman Islands requires certain specific processes to be followed. If you are looking forward to investing in the Cayman Islands, or to own a vessel, then this guide is a must-read for you.
The Cayman Islands Ship Registry (CISR)
The Cayman Islands Shipping Registry, a division of the Maritime Authority of the Cayman Islands (MACI), maintains the complete registration process of Yacht in the region. The authority holds specific requirements that need to be met under the Cayman Legislation. The Cayman Islands is one of the popular offshore destinations and is widely opted by the business investors to proceed ahead. When it comes to the registration process, it needs to be conducted in any one of the three ports:
- George Town
- Bloody Bay
- The Creek
According to the registry guidelines, the following persons are qualified to hold a yacht:
- British citizens
- British Overseas Territories and Crown Dependencies citizens
- Individuals who are under Hong Kong Order 1986
- Cayman Island citizens
- Nationals of the Member State of the European Union
- Any business entity partnership in Cayman Islands, United Kingdom
Here’s a guide on offshore company registration in the Cayman Islands that needs to be followed accordingly while proceeding towards offshore company incorporation.
How to Register a Yacht in the Cayman Islands?
The ground of the Cayman Islands allows the business investors and investors to hold Private Yacht and Commercial Vessel. Registering them requires a specific documentation process that needs to be cleared accordingly as per the Cayman Islands Shipping Registry.
Documents Required to Register a Private Yacht in the Cayman Islands
- Name availability
- Completed Registered Forms
- Declaration of Ownership
- Bill of Sale
- Declaration Certificate of Transmission Documents to transfer from other British Port
- Certificate of Good Standing
- Vessel Qualification for Private Yacht
- Certificate of Survey
- Tonnage Certificate
Documents Required to Register a Commercial Vessel in the Cayman Islands
- Name of the Yacht
- Vessel Qualification
- Evidence of Qualifying Oner and Proof of Legal Title
- Vessel Dimensions and Other Details
- Duly filled Registration Form
- Certificate of Good Standing
- Certificate of Tonnage
- Ship Survey and Certification
- Manning and Crew Compliance
- Ship Radio Station License
Additional Documents Required to Register a Commercial Vessel in the Cayman Islands
Depending on the type of registration requested, certain additional documents may be required, which holds:
- Shipyard Letter
- Construction Contract
- Charter Party Agreement
- Previous or Current Certificate of Registry
- Transcript of Register from the Previous Registry
- Deletion Certificate from the Previous Registry
- Owner’s/Mortgagee’s Consent
- Court Order
- Resolution to Sell
- Transferee’s Declaration
Steps to be Followed to Register a Commercial Vessel in the Cayman Islands
To proceed towards the registration of a commercial vessel in the Cayman Islands, one has to go through the following steps:
- Qualifying the Vessel and the Vessel Name
- Qualifying the Legal Title and Ownership of the Vessel
- Dealing Directly with the Registry through a Business Consultant or Service Provider
- Submitting the Relevant Documents
- Obtaining the Relevant Approvals
It is to be noted that the complete process needs to be carried out in an error-free way, and the essentials are to be met accordingly as per the registry guidelines. If you are not aware of the process in-depth, it might turn out to be a troublesome one. To avoid any confusion, most of the global investors prefer to proceed ahead with the guidance of experts. Here’s a guide on how the Four Core Reasons to Hire an Offshore Business Consultant, which will help you to understand the benefits that you can avail.
We at Business Setup Worldwide do understand the process of company incorporation and yacht registration at a detailed level. With a team of experts, we aim to provide the best possible hassle-free offshore incorporation solutions, which helps the business investors to convert their business dreams into reality. Our business advisors hold industry experience and can provide tailored solutions accordingly. In case you are looking forward to owning a yacht, feel free to have a word with our experts. Contact us today-we’d be glad to assist.
1. How much does it cost to register a yacht in the Cayman Islands?
2. Does anyone need a license for a vessel?
3. For how long a yacht’s name is available?