MARSHALL ISLANDS OFFSHORE YACHT REGISTRATION (Private)

The Marshall Islands is located in the North Pacific Ocean, about halfway between Hawaii and Australia. It is a sovereign country in the Asia Pacific Region and a major Maritime jurisdiction.

The Marshall Islands Maritime Operations Department activities in Reston/Washington DC, New York and London are certified as ISO 9001: 2000 Quality Management Systems. Offices are maintained in major maritime and financial centers around the world and 24 hour assistance is available for maritime emergencies.

The yacht must be owned by a Marshall Islands Company or other foreign corporate entity. Maritime International Ltd. can provide either the Marshall Islands offshore company or a company in any of the other 17 jurisdictions in which we operate. You therefore have a wide range of choice, but we do recommend a Marshall Islands company as it is simpler and more cost effective. Using another corporate entity requires that company to be also registered in the Marshall Islands, thereby incurring additional costs.

OVERVIEW OF KEY FEATURES

• Non-resident companies are exempt from Marshall Island taxes and there are very simple documentation requirements.
• There are no annual filings, except to pay annual fees.
• A tax free offshore Marshall Islands company can be used to own the yacht or it can be owned by another foreign entity. Note that it is significantly less expensive to use a Marshall Islands company as the owner.
• Yacht registration can be updated each year, or the owner may pay every three years, at a discount.
• The United States and the Marshall Islands have entered into an agreement which authorizes pleasure yachts flying the Marshall Islands flag to receive a cruising license upon request.
• The Marshall Islands yacht registration procedures, documentation, preferred mortgage standards and administrative contracts are recognized by leading international lending institutions.

SPECIFICATIONS

• To be classified as a Private Yacht, the vessel must not be for charter, not carry passengers for hire and not engage in trade or commerce. It must be used solely for pleasure or recreational purposes.
• There is in exemption period of 84 days per year during which a private yacht may be chartered out, without having to be registered as a commercial yacht. Additional filing requirements will be necessary.
• The Yacht must be 12 meters or more in length.
• Yachts over 20 years of age may not be registered.
• The corporate entity owing the yacht must be in Good Standing for the period the yacht is registered in the Marshall Islands.

DOCUMENTS REQUIRED (Vessel)

• Application for Registration
• Declaration of Private Use
• Bill of Sale or Builder’s Certificate
• Safety Survey
• International Tonnage Certificate if over 24 meters (if under 24 meters, the simplified method can be used)
• Proof of Hull and Machinery and Liability Insurance, made out to the owner
• Evidence that the Yacht is free of recorded liens from the present registry, dated within three days of the registration
• Deletion certificate

DOCUMENTS REQUIRED (Corporate Owners)

If the owner is an offshore Marshall Islands incorporated company and is in Good Standing, the primary documents will already be available. In addition, the following documents will be required:

• Resolution of the Shareholders
  - To acquire the vessel
  - To register in the Marshall Islands
  - To confirm private use
• Resolution of Directors

Fees:

MARSHALL ISLANDS REGISTRATION
(5,000 gross tons and under)
TYPICAL PACKAGE FEES

The above fees include:

• Resolution of Corporate Owner
• Nominee Director of Owning Entity( if desired)
• Professional assistance with registration and registration documents
• All Registration Fees
• Tonnage Taxes
• Certificate of Registry
• Radio Station License

NOTE 1: The owning entity must be in Good Standing, with all annual fees paid for the full period of the yacht registration, or the yacht cannot be registered.

NOTE 2: The Government charges additional minor fees for recording instruments as needed, such as Mortgage instruments, Builders Certificate, etc. If required, these are billed at cost.

MARSHALL ISLANDS INCORPORATION
TYPICAL PACKAGE FEES

The above incorporation and 1st year fees include everything you need to legally operate and manage your offshore company:

• Our incorporation fees
• Government fees
• Registered Office/Agent
• Nominee Director (if desired)
• Corporate bank account forms and account opening documents
• All corporate documentation (Apostilled)

OPTIONAL SERVICES