Ship Registry
The purpose of a Ship Registry is to establish a ships nationality and ensure that every ship belongs to a particular state. When a client registers their ship they must provide proof of key information such as their ship’s build, declaration of ownership of the vessel, a ship tonnage certificate and a deletion certificate if the vessel has been previously registered elsewhere.
The Isle of Man has their own Ship Registry which was established in 1984 and specialises in registering Ships and Yachts. The Registry is based in the heart of Douglas and is currently the 17th largest register in the world, with over 10,000 sea fearers, almost 400 merchant ships and over 400 commercial yachts and pleasure craft registered. The Island’s Ship Registry has held a strong reputation for a long period of time through providing a top quality customer service experience to each and every customer.
Why use the Isle of Man Ship Registry?
One of the main benefits of the Isle of Man Ship Registry is their positive reputation and ability to maintain an AAA standard rating through providing a highly accommodating service for all clients. This is done through the Registry having an experienced customer service team of local representatives and supplying quick responding emergency contacts, available 24/7 to accommodate clients globally. This contributed to them being awarded Best Global Ship Registry in 2020.
The Isle of Man Ship Registry also provides the option of a Demise Charter ‘In’ and ‘Out’ Registration which is available for all clients to use to their advantage. The ‘Demise In’ is a service which gives clients the ability to temporarily suspend their ship from their foreign register for the duration of the Demise Charter and become registered under the name of the Demise Charterer in the Isle of Man. On the other hand, the ‘Demise Out’ is the alternative service which enables clients to temporarily suspend their ship registration on the Isle of Man for the Demise Charter period. Whilst suspended, the ship is then registered in the name of the Demise Charterer on another foreign register. This optional service is another benefit of the Isle of Man Ship Registry due to being highly accommodating towards clients, providing them with clear flexibility.
Aircraft Registry
An Aircraft Registry functions in a similar way to a Ship Registry which enables there to be an indication of which country each aircraft is registered in. Each aircraft must renew their registration every three years. In order to have a successful registration application within the Isle of Man, each client must provide specific details of their aircraft including, the year of manufacture, maximum take-off weight in kilograms and the passenger capacity. There are also key requirements that need to be fulfilled including the aircraft weighing between 2730 kilograms and 5700 kilograms.
The Isle of Man Aircraft Registry was established on 1 May 2007 and currently has over 400 aircrafts registered making it the second largest Registry in Europe and the sixth largest aircraft Registry in the world. At present, the Registry is operated by the Department for Enterprise and has a positive reputation for providing a high quality and cost efficient service to all clients. Consequently, the Isle of Man Aircraft Registry has been voted the ‘Best Global Aviation Registry’ in both 2019 and 2020.
Why use the Isle of Man Aircraft Registry?
There are many benefits of the Isle of Man’s Aircraft Registry. One of the key benefits is that there are no requirements to pay Premium Insurance Tax on the Isle of Man resulting in there being low operational costs for all aircrafts from the Island. The Registry also provides every client with exceptional personal service through a Registry that is available 24/7 for all clients. As a result of this, the Registry has consistently been able to maintain an AAA rating.
Benefits of the Isle of Man
It is clear that over recent years the Isle of Man has established highly successful Aircraft and Ship Registries. There are many factors which have contributed to their high success rate, one of them being the numerous tax benefits present on the Island. The Island’s corporate tax rate of 0% is highly appealing for companies. Additionally, having no Capital and Wealth Tax on the Island is highly beneficial for ultimate owners of aircraft and vessels.
The Isle of Man has clear political and financial stability being the oldest continuous legislative system in the world and being a ‘white-listed’ country recognised by the OECD.
Caitlin Christian is a law student currently studying at university and undertook a Summer Internship with DQ in August 2021 during which she gained valuable insight into the work which DQ’s market leading shipping team undertake. For any queries regarding shipping, please contact Mark Dougherty.
