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 yacht 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 that have been widely opted by global investors.
If you are looking forward to investing in yacht registration in the British Virgin Islands, then 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. British ships and marine vessels are widely opted by business investors and corporate entities.
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
- Yachts of up to 3000 gross ton
- The vessels pre-registered under category 2
- Pleasure crafts and yachts up to 400 gross
- Cargo and commercial craft up to 150 gross
Here’s a guide on 10 services to Avail at the time of Yacht Registration
Documents Required to Register a Yacht in the 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?
When it comes to yacht registration in the BVI, one has to follow through the below-mentioned steps:
1. Application Submission
The first step when it comes to yacht registration in the BVI is the submission of the application form to the Registrar of Shipping for registration of 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
3. 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.
4. Qualified Categories
Individuals and corporate business entities are qualified to hold a yacht in the British Virgin Islands. 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, the corporate bodies need to submit the Certificate of Incorporation. In addition, the individuals must provide proof of nationality (Passport).
5. Official Number
Once the documents have been submitted accordingly, they will undergo the scrutiny process, and a vessel number will be assigned with an Official Number.
6. 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
7. Pay the Appropriate Fees and Obtain the Certificate of Issuance
The next step is to pay the appropriate fees to the British registry. Once it’s cleared, the certificate of issuance can be obtained.
It can be seen that the registration process involves multiple steps. At the same time, it is also essential to carry out the process at ease and without any hindrance. Being an investor, it might be difficult for you to proceed with the offshore setup process in BVI, so, it is recommended to move with the expert’s advice.
At Business Setup Worldwide, we take the necessary steps to understand the client’s requirements and satisfy the business needs accordingly. Our advisors are well-versed in the registration process and guide you accordingly by providing tailored solutions. If you want to proceed with yacht registration in the BVI, feel free to speak with our experts. Contact us today-we’d be glad to assist.
