THE BENCHMARK
As one of the world’s leading flag states the Isle of Man Ship Registry (IOMSR) is pioneering innovation and high quality standards in the yachting industry
The benefits of the Isle of Man as a jurisdiction include low costs and industry leading support and expertise. The IOMSR plays a central role in this well established eco-system. It has built strong working relationships with specialists, including Corporate Service Providers (CSPs) looking to make use of the many positives the island offers.
Lesley-Anne Walker, head of marketing and new business at the independent, boutique corporate and trust service provider based on the island, Sentient International, has worked with IOMSR for the past 15 years. Explaining the benefits of CSPs, she says: “In an age of increased litigation, experts recommend that ownership of a high value asset such as a large vessel or superyacht, that moves from country to country, exposing itself to differing jurisdictions’ legislative requirements and tax laws, is owned by a corporate structure.
“When purchasing a high value asset it is also essential for owners to consider whether there may be wider financial or liability implications and whether tailored tax planning could offer any fiscal benefits and minimise any liabilities. A corporate structure affords the advantage of segregating the inherent risks involved whilst also providing privacy of ownership. The Isle of Man’s stable political and economic environment provides
obvious benefits to owners who use it to structure ownership of their vessel, including favourable taxation treatment, both in terms of VAT planning and corporate tax.
She adds, “Supported by a large number of CSPs, it is the ideal place for vessel owners seeking a tailored solution that manages risk, tax and privacy. CSPs are integral to the establishment and administration of such ownership structures and provide a comprehensive range of ancillary services with ongoing support, including working with IOMSR to register the vessels.”
One of the world’s leading registers, IOMSR has set the ‘gold standard’ for superyacht new builds and their operation and has clients managing commercial yachts in every corner of the world. The relationship it builds with owners, operators, captains and crew is invaluable.
The IOMSR is also leading innovation in decarbonation and digitisation in the yachting sector. It recently became the first flag state in the world to offer reduced registration fees to yachts deploying green technology. In addition, it launched the first mariner welfare app ‘Crew Matters’ featuring physical and mental health wellbeing classes.
Crew can also log their work and rest hours, and if they feel stressed or unwell, there is a live ‘SOS’ function giving immediate access to ‘ISWAN’s SeafarerHelp a multilingual helpline for seafarers and their families.
IOMSR is an internationally respected registry which also grants the right to fly the ‘Red Ensign’ with all the support that brings globally, including Royal Navy protection. It prides itself on fast response times and direct contact with key decision makers on survey and policy matters.
In addition, it offers an optional survey regime to private yachts with a ‘Pleasure Yacht Charter Ready’ scheme, which allows owners to voluntarily comply and be certificated against commercial regulations.
Lesley-Anne Walker concludes, “The IOMSR is a leader and works outside the box in so many ways, making such a big difference not only to our island but the wider maritime industry.”
For more details visit www.iomshipregistry.com
