Howto: Register your boat in the BVI - SailNet Community
 
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post #1 of 9 Old 02-18-2007 Thread Starter
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Howto: Register your boat in the BVI

http://www.bvifsc.vg/Default.aspx?tabid=134

Just click on "Expand all", scroll down to "Shipping" all the needed info is there.

I post some of it here, since there is a lot of confusion on this subject and the law firms make you believe you have to create an IBC. That might be true for US citizens but not necessarily for the ROW (rest of world). I apologize for the long post but I want to make sure the search function on sailnet can find this info.

Shipping
What is the benefit of BVI Registration?

There are several advantages some of which are:

* Registry is a member of the Red Ensign Group. Ships flying the Flag are entitled to British Diplomatic/ Consular support and Royal Navy Protection. BVI has access to the range technical expertise of the UK Maritime and Coastguard Agency.
* Registered ownership is permitted to citizens of and, companies registered in BVI, UK and all British Territories. Likewise, those of the EU, CARICOM & OECS are eligible for registration as Owners of BVI Ships.
* Low Initial Registration & Annual Maintenance fees.
* Registry is specialized in Yacht registration and Certificates are recognized worldwide.
* Facilitates simple yet secure registration of ship, mortgages, discharge of mortgages, change/ transfer of ownership and other proprietary interests and services.
* Full corporate, legal, telecommunications and courier services readily available in BVI.
* Political and social Stability in BVI and British Judicial System.
* BVI is the Yachting Mecca of the Caribbean, equipped with modern state-of*the *art facilities, berths, accommodation, supplies and services.
* Prompt, courteous and efficient service. Fully computerized Fleet Management System and Database.
* BVI is recognized as worldwide as a reputable offshore financial centre, leading the world in company formation and related corporate services.

What is needed to register a vessel?

* Application to register
* Declaration of Eligibility
* Original Documents of sale such as Bills of Sale, Builders Certificate.
* Certificate of Survey and Tonnage Measurement issued by one of our Classification Societies. If the vessel is over 24 metres in Load Line Length an International Tonnage Certificate (ITC69) is required
* Certificate of Incorporation (if a company is applying)
* Initial Registration fee: See list
* If the ship is coming off a foreign register, the deletion certificate and an extract of their register is required
* If the ship is coming off a Red Ensign Register, the Closed Transcript and copy of original Certificate of Survey/Tonnage Certificate
* Any documents that are used to support an application and are in a foreign language must be accompanied by a notarized translation and it must be certified as correct by a notary public
* All applications must be accompanied with the appropriate fee. We can supply all the necessary forms from the Registry. When you apply to register your vessel you will have to make a list of nominated names. A list of fees and charges for registration are available at the Registry.

How long does it take?.

After all the required documents, including the Carving and Marking Note are returned and the fee paid, the Certificate of Registry is printed and issued immediately.

The use of courier companies with operations to and from BVI have been known to facilitate expeditious dispatch and return of documents and certificates. Owners/Agents are advised accordingly

What Persons are eligible to be owners of a British Virgin Island Ship?

Citizens and/or Bodies corporate registered in the British Virgin Islands and any of the following:

United Kingdom and it Crown Dependencies and Overseas Territories. Nationals of and bodies corporate incorporated in; Member State of the European Community (EC) or European Economic Area (EEA).
Overseas Territory of Member of EC or EEA.
(Bodies corporate must have a place of business in such Member State or Overseas Territory)
Bodies corporate incorporated in a Member State of the Caribbean Community (CARICOM) or the Organization of Eastern Caribbean States (OECS) (and registered in the BVI.)

What vessels are entitled to be registered?

According to tradition interest/ownership in a British Ship is divided into 64 Shares.

A vessel is entitled to be registered, if a majority of the interest (at least 33 of the 64 shares) is owned by qualified persons (individual or Bodies Corporate)

Foreign persons may own a minority interest (up to 31 of the 64 shares) in the ship.

Last edited by TradewindSailing; 12-23-2007 at 08:06 PM.
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post #2 of 9 Old 10-13-2012
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Re: Howto: Register your boat in the BVI

My sailboat is currently registered in the BVI and I have BVI corporation as the owner of the sailboat. Over the last few years my law firm in BVI continues to increase my annual fees to file the annual renewal documents. Does anyone know of a more economical way to file the annual renewal registrations.
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post #3 of 9 Old 10-14-2012
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Re: Howto: Register your boat in the BVI

eagle366 - the fees for incorporation and renewal are generally the same, as all those companies offerring the service are pretty good a price fixing so there shouldn't be any increases. How high have your increases been?


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Re: Howto: Register your boat in the BVI

For the Company the Government charge is 350.00 and the law firm fee is 1,000.00.
For the Vessel the Government Charge is 100.00 and the firm fee is 250.00.

I think this is outrageous for a renewal.... they have increased my fees every year since 2009

Is their not a way I can do this myself? Or find a much cheaper firm?
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post #5 of 9 Old 10-19-2012
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Re: Howto: Register your boat in the BVI

That sounds awfully steep. Does the IBC have a local belonger nominated officer or are you listed - the former option usually does cost more. I'll check my records for the company that was recommended to me, I believe they were significantly less expensive.


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Re: Howto: Register your boat in the BVI

I am using a trust company with an office in the BVI. I did put out a request for quotes from other registered agent trust companies in BVI and am starting to get competitive bids, some of which are much lower than I am paying, but still far too much for the actual service rendered. Annual renewals take virtually no time to accomplish and the paperwork is only secretarial and simple.
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Re: Howto: Register your boat in the BVI

That's how the BVI funds itself - IBCs and offshore banking. The whole system is immensely profitable and controlled by a few belonger families. The over half a million IBCs, each raking in at least these minimal fees and most incurring more fees plus carrying balances in local bank accounts, give a tax revenue base that is second only to tourism and is not as fickle or unpredictable.


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Re: Howto: Register your boat in the BVI

Quote:
Originally Posted by eagle366 View Post
I am using a trust company with an office in the BVI. I did put out a request for quotes from other registered agent trust companies in BVI and am starting to get competitive bids, some of which are much lower than I am paying, but still far too much for the actual service rendered. Annual renewals take virtually no time to accomplish and the paperwork is only secretarial and simple.
You will never get "us customer fair price for actual service rendered." You are not buying someone moving papers around. You are buying someone with exclusive right to do what you need (very limited amount of people is entitled to do that). So yes, limited offer equals high prices. Nevertheless, it is starting to get better. Search for boatregistrationbvi
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Re: Howto: Register your boat in the BVI

You should maybe check out Trident BVI, their rates seem to be the cheapest on there.
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