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Newsletter | Articles BVI Shipping The British Virgin Islands is set to register not just yachts but super tankers too. The change in the BVI’s vessel registration status from Category 2 to Category 1 is imminent. To this end, the BVI government launched the Virgin Islands Shipping Registry (VISR) in 2006. VISR was the consolidation of the two Government marine-related regulatory bodies, the Shipping Registry Division of the BVI Financial Services Commission and the Marine Services Unit of the Ministry of Communication and Works. The merger was one of the final conditions required for the territory to operate as Category 1 Shipping Registry within the Red Ensign Group. Under its 2003-2007 legislative agenda, the BVI government pledged to devote the resources necessary to create the infrastructure required for the change in status, and it is anticipated that the new status will officially be launched before the end of this year. The change of registration status will lift the current tonnage restrictions on vessels that may be registered under the BVI flag, and open the territory to new possibilities in the merchant shipping. The BVI will join the ranks of Bermuda, the Cayman Islands, Gibraltar, Isle of Man and the United Kingdom once the new status has been formally conferred. Advantages of registering a ship in the BVI There are many advantages to registering a vessel in the BVI. These include: British Diplomatic or Consular support and Royal Naval protection for vessels which fly the Red Ensign Access to the technical expertise of the British Maritime and Coast Guard Agency 24/7 Registered ownership for citizens and companies registered in the UK and all British territories Certification recognised worldwide How ILS can help: Structuring/establishment of the corporate vehicle to hold the vessel Representative manager for the vessel Officers of the company, subject to restrictions Statutory certificate of vessel registration Establishment of bank accounts Preparation of operating agreements Arrangements for settlement of accounts in respect to survey and registration Administration For more information about Marine Registration please contact Stephen Colderwood.