Ship & Yacht Registration
Working in tandem with its off-shore capabilities, Mauritius has positioned itself as one of the most competitive jurisdictions for ship and yacht registration and provides the following benefits for those seeking a reliable and competitive international registry:
- Flag of repute;
- ISO 9001:2008 accreditation;
- Member of Indian Ocean Memorandum of Understanding on Port State Control;
- Ship Registration based on the Merchant Shipping Act 2007 which follows the traditional English legal system inter alia provisions for mortgage and bareboat charter;
- Permits registration of fishing vessels, yachts, convention size ships, ships under construction;
- Ease of offshore company formation and operation for foreign owners;
- Very competitive registration fees and well-educated bilingual support services;
- Mauritius is party to the key of IMO and ILO Conventions;
- Ships surveys carried out by recognized Classification Societies on behalf of the Government of Mauritius;
- No nationality restriction for employment of personnel on board Mauritius Flag ships;
- Strategic location and time zone – gateway to Asia and Africa;
- Political and Social Stability; and
- Bareboat registry in and out is permitted.
Offshore Companies registered in Mauritius enjoy a number of incentives inter-alia:
- No income tax on income derived from operation or freight earnings of the vessel registered under the Mauritian flag;
- No withholding tax on dividends or interest payments;
- No exchange controls;
- No capital gains tax is payable upon the sale or transfer of a ship or the shares in a shipping company;
- Ship’s stores, consumables, spare parts and bunkers are exempted from customs and excise duties; and
- No estate duty is payable on the inheritance of shares in a shipping company.
Qualification for a Mauritius Flag and how OSMS can assist
It is obligatory for every 'Mauritius' ship of 24 metres in length or more to be registered under the Act. OSMS can help all non-Mauritian interests establish a GBL 1 licensed by the FSC provided their objects are confirmed with regard to the registration of ships under the Mauritius Flag and that their shipping activities are carried out exclusively outside Mauritius.
This process consists of two steps, the incorporation of the GBL 1, and the registration of the vessel in Mauritius with a Mauritius Flag. Depending on the business plan and the document availability, GBL 1 incorporation takes around 3-4 weeks with ship registration another 2-3 weeks.
Bareboat registry in and out is permitted and a GBL 1 can register a foreign ship under the Mauritian flag if the ship is bareboat chartered to them for a period of at least 12 months.