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Newsletter | Articles
  BVI Yacht Registration
The advantages of registering a yacht in the BVI, are:
- Ownership is permitted to citizens and companies in the UK and all other British Territories.
- Registration Certificate is recognised by authorities world-wide
- No Annual Tonnage fees
- Very low Registration fee
- Provision for Registration of Mortgages, Change of Ownership or Transfer of Ownership
- The benefit of a world-wide recognised and reputable financial centre
Procedure
With our own office in the BVI, ILS are able to deliver a first-class personal service. The first step is to incorporate a BVI International Business Corporation, with ILS providing a registered office and agent in the BVI and all officers/directors from any one of our other offices located offshore such as the IOM or Guernsey.
The next step is to register the Yacht in the name of the Corporation and to ensure that if you do so no charter is executed in favour of persons resident in the BVI.
During the registration process, which should not take more than two weeks in total, ILS personnel in the BVI may be appointed as representative and hold a Power Of Attorney for limited period if necessary in respect of the corporation. This enables the beneficial owner to have legal capacity to take possession of the vessel on behalf of the Corporation in the place where it remains whilst we prepare and file all documentation at the Registry.
Once the registration of the yacht has been completed, the ILS representative may relinquish POA. Neither the vessel nor the beneficial owner need then visit the BVI.
Registration Process:
- Proposed name of vessel
- Clear “name approval” first (as for a corporation)
- Submit details of where vessel is currently registered or yard where vessel is being built.
- Name under which vessel is currently registered (if applicable)
- Nationality of current registry
- Port at which vessel is based/lying/located
- Approximate tonnage (gross or net)
- Method of propulsion
- Proposed trade of vessel (pleasure, fishing,etc)
- Proposed date of sale
Name clearance usually takes two to three days.
Upon Clearing the Name:
- Forward the Original Builders Certificate inclusive of all descriptive details of the vessel or so attached indicating the name of the Corporation for whom the vessel was built.
- Notarised Bill of Sale from last registered owner to present owner, where applicable.
- Notarised Bill of Sale from Present owner to BVI Corporation
- Declaration of Ownership on behalf of the Body Corporate ( this will be prepared and signed by us in the BVI, its form is similar to that of the “Declaration of Eligibility” used in the UK).
- Original Measurement Survey Certificate ( same as carried out in the UK using one of the recognised Classification Societies or Yacht Broker and Designers Association).
Following the receipt of the above measurement survey documents the Registrar will issue a Carving & Marking Note. The vessel must then be inspected by an official authorised by the Registry. Following the return and receipt of his/her report to the Registrar a Certificate of Registry will be issued.
If the vessel was previously registered in a British Port only then the following documents are required:
- Close/Deletion transcript from current port of registry
- POA authorising ILS staff to register the vessel
- Bill of Sale
ILS staff can then arrange for Radio Station License and/or Communications Licences to be obtained.
Fees
Vessel Registration: £1,500.00
BVI Corporation: £1,000.00
Vessel Licence fee: £150.00
Annual Registration Fee: £200.00
The complete process of registration of the vessel should take no longer than one month, however, this does depend on how quickly supporting documentation is received by ILS from the outgoing registry.
Please note that the yacht must not exceed 500 tons.
More information is available from Alan Cable.
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