The benefits of doing so are wide ranging: it ensures maximum confidentiality and anonymity for the shareholders and directors of the company; protection of asset from confiscation orders from foreign governments; the company is exempt from all BVI taxes and stamp duty; there are no disclosure or minimum capital requirements; and the company is easy to maintain and operate.
Who can regiser with VISR Registration of a ship with VISR is available to citizens of, and companies registered in: VISR updates this list regularly to ensure it meets the demands of those individuals and companies that wish to register their ships in the BVI.
A BVI company can be incorporated for the sole purpose of holding a ship.
You must have in force an insurance policy for all powered boats which covers third-party liabilities of at least one million pounds, issued by an insurer authorised under the Financial Services and Markets Act 2000.
The insurance must be valid for the full duration of the registration.
So too is the fact that Gibraltar’s legal system is based on English common law and broadly follows UK maritime legislation, giving ship owners and mortgage lenders confidence in contracts and legal processes.
There are a number of lawyers in Gibraltar who specialise in maritime law and can offer clients a seamless service, allowing them to register vessels.
Why register with VISR The British Virgin Islands (the BVI) is renowned as a top sailing destination, so where better to register a ship?
As one of the world's leading shipping registries, the advantages of registering with VISR are extensive: The main reason to register a ship is to prove nationality, secure title to a moveable asset and if required, allow the ship to be used as collateral for the purpose of a marine mortgage.
Gibraltar’s status as an EU Member States register also provides distinct advantages for owners choosing the Gibraltar flag, most notably where there are cabotage restrictions within Europe.