Malta already has an excellent reputation as a maritime register and is extending that to aviation, both of which have number of requirements where Finco can provide assistance.
The Merchant Shipping Act provides for the registration of ships in Malta. The Act and its regulations allow for the registration of private and commercial yachts as well as of larger vessels. Ships may be registered in the name of legally constituted corporate bodies or entities irrespective of nationality, or by a European Union citizen.
The Maltese Shipping Register is well established and provides a 24-hour, seven days a week service. Malta is also on the White List of the Paris MoU and Tokyo MoU and on the Low Risk Ship List of the Paris MoU. The Shipping Register is one of the largest in the world and very active in European Union forums and international organisations
We regularly assist clients in the registration of both pleasure and commercial yachts as well as larger commercial vessels under the Maltese flag. We have over 20 years’ experience in the sector and provide clients with a prompt and efficient service both in registration and in maintaining the vessels’ records on the Register.
Our ship registration services include the drafting of the required forms for registration and ownership, incorporation of a Maltese company or registration of the international owner of the ship, acting as special attorney, liaising with the Registry of Shipping and obtaining the required licences and approvals from the competent Maltese authorities. We also frequently assist a number of clients in obtaining certification for the crew of Maltese vessels.
In respect of private yachts, we can also assist in advising clients on the VAT scheme for yacht leasing in accordance with VAT guidelines, where we draw on our experience in the shipping sector together with the knowledge of our accounting and tax team about VAT. Similarly, we can advise on the VAT position with regards to chartering of commercial yachts where the charter commences in Malta.
