Seychelles Yacht Registration

Seychelles Yacht Registration

• Governed by the Merchant Shipping Act, 1992, Seychelles yacht registration mandates that vessels under 15 years of age may apply, while older vessels require a seaworthiness certificate. A thorough survey is necessary to ensure the vessel meets all trade, class, and legal standards. Opting for an International Business Company (IBC) structure is ideal for offshore ownership or ship management companies with Seychelles registration, exempting them from income tax on profits or dividends.

• Additionally, sales, transfers, and wages for officers and crew of Seychelles-registered vessels remain tax-free, with Tetra Consultants providing comprehensive offshore company incorporation services tailored specifically for Yacht Registration needs.

• Seychelles Yacht Registration

• Register company in Seychelles

• Registered agent and registered address services

• Corporate bank account opening services

• Accounting and tax obligations services

Benefits of Seychelles Yacht Registration

Tax exemption:

• Seychelles yacht registration offers a significant advantage by exempting all earnings and profits from vessel operation from taxation, allowing owners to maximize their returns without the burden of tax liabilities, enhancing financial efficiency and profitability.

Tax-free sale or transfer:

• The absence of taxes on the sale or transfer of Seychelles vessels or their owning company shares streamlines transactions, reducing administrative complexities and financial burdens while facilitating smooth ownership transitions.

Attractive jurisdiction:

• Seychelles is renowned as one of the most attractive yacht registration jurisdictions globally, offering a favorable regulatory environment, streamlined processes, and a range of benefits that make it a preferred choice for yacht owners seeking stability and efficiency.

International recognition:

• Membership in the Commonwealth and the United Nations lends credibility and recognition to Seychelles-flagged vessels worldwide, facilitating smoother interactions and operations across different jurisdictions, ensuring favorable treatment and cooperation.

High quality perception:

• Seychelles yacht registration is associated with a perception of high quality and standards, reflecting positively on the reputation of the vessel and its owners, attracting discerning clientele and enhancing the vessel’s marketability and value proposition.

How much time does it take for Seychelles Yacht Registration?

• Navigating the Seychelles yacht registration process is efficient and uncomplicated, typically spanning approximately 1 week. Our comprehensive service includes the submission of requisite documentation, such as proof of ownership and compliance with safety regulations, directly to Seychelles Maritime Safety Authority. With Tetra Consultants, clients experience a seamless process, ensuring compliance and swift registration for their yachts in Seychelles.

• We offer expedite to register company in Seychelles, completing the process within 1 week. Additionally, our assistance extends to facilitating the corporate bank account opening, ensuring you have access to financial services within 4 weeks of your company’s incorporation. With our streamlined procedures, you can swiftly establish your business presence and financial operations in Seychelles, enabling you to focus on your core objectives with confidence.

• Thus, the cumulative duration of Yacht registration will come up to 6 weeks which will include 5 weeks of company registration and bank account opening.

Can a foreigner proceed for Seychelles Yacht Registration?

• Yes, foreign entities can have 100% ownership of yachts in Seychelles. Foreigners usually have the opportunity to register their yachts in Seychelles provided they meet specific criteria, including adhering to age restrictions and maintenance standards. Registering a yacht in Seychelles can offer advantages such as tax exemptions and favorable ownership conditions, making Seychelles a desirable choice for yacht registration. There are various criteria for foreigners wishing to proceed for Seychelles yacht registration which are as follows:

• The yacht should comply with age limitations, with a maximum age of 15 years, and undergo complete maintenance to operate legally.

• If the yacht operates outside Seychelles’ territorial waters, it can be temporarily registered as a diplomatic representation of the Seychelles flag abroad, with the provisional registration valid for 90 days and renewable.

• The yacht must meet all required standards to receive authorization for registration at the time of inspection, allowing for direct registration.

Types of yacht registration in Seychelles

Provisional registration

• If a yacht or vessel is not within Seychelles waters, it can undergo provisional registration under a Seychelles flag at a diplomatic or consular representative abroad. Subsequently, it can be permanently registered with the Seychelles Ship Registrar.

• Typically, a ship is provisionally registered for an initial period of 90 days, which can be extended for an additional 90 days. Upon submission of all necessary documents, the ship becomes eligible for provisional registration.

The following particulars will need to be presented for the provisional registration of a yacht:

• A certificate signed by the builder containing various technical details relating to the yacht

• Where the yacht has been registered under the law of a foreign country, evidence that registration in that country has ceased

• Proof of ownership of the yacht

• A list of not less than three alternative names under which the ship is proposed to be registered

• A radio license

Permanent registration

• Following the 90-day period or the expiration of the registration certificate extension, the vessel can undergo permanent registration. The vessel owner is required to submit the necessary statutory certificates and documents for this process. This includes:

• Certificate of class

• Cargo ship safety equipment certificate

• Cargo ship safety construction certificate

• International oil pollution certificate

• Minimum safe manning certificate

• Load line certificate

• GMDSS safety radio certificate

• Declaration of transfer

• Bill of sale

Process of registering Seychelles yacht

Step 1: Company registration for Yacht Registration

• While you proceed to register yacht in Seychelles you will be required to register company in Seychelles. The most suitable type of business entity for yacht registration in Seychelles is an International Business Company (IBC). This type of company is exempt from income tax and dividends and is often used for offshore ownership of a Seychelles-registered vessel or ship management operation. The registration process can take a 1 week to complete and is typically handled by the Seychelles Maritime Safety Administration (SMSA).

• Various statutory requirements for IBCs in Seychelles are as follows:

• A Seychelles IBC must have at least one shareholder, who can be either an individual or a corporate body without residency requirements.

• A Seychelles IBC must have at least one director, without residency requirements.

• A Seychelles IBC must have a registered office and a registered agent in Seychelles.

• The registered agent must be a licensed company in Seychelles, and the registered office must be a physical address in Seychelles.

• No prescribed minimum share capital requirement

Step 2: Comply with pre-requirements

• Ownership of the yacht must be held by either a citizen of Seychelles, a Seychelles International Business Company (IBC) registered with the Seychelles International Business Authority (SIBA), or a domestic company registered with the Registrar of Companies. The preferred choice for most clients is to register the yacht under a Seychelles IBC due to its streamlined process and enhanced confidentiality. This option offers simplicity and ensures discretion for yacht owners seeking registration in Seychelles.

Step 3: Prepare necessary documents

• Prior to registration under a company, an array of documents is essential, subject to varying factors. Tetra Consultants offer adept guidance through this pivotal phase of Seychelles Yacht Registration. Our seasoned experts provide comprehensive assistance, including the meticulous drafting of requisite legal paperwork. Whether navigating intricate legalities or addressing specific requirements, our team ensures a seamless process, ensuring clients are equipped with the necessary documentation for successful registration under a company structure.

Step 4: Submit the documents

• Further, Tetra Consultants will oversee the submission of applications and accompanying paperwork to the Seychelles authorities. Leveraging online platforms, the registration process is expedited, with straightforward documentation requirements. Our experts streamline this step, ensuring a seamless interaction with Seychelles authorities. With our proficiency, clients can rest assured that the registration process progresses efficiently, facilitated by our adept handling of submissions and adherence to the simplicity of documentation procedures mandated for online registration.

Step 5: Wait for processing

• Once all the documents are submitted you will be required to wait patiently as it takes 1 week for Seychelles yacht registration. Throughout the journey of registration Tetra Consultants will be the helping hand providing you the seamless experience.

Step 6: Pay yacht registration fees

• In addition to covering initial registration fees, annual tonnage fees, certificate of registry, telecommunication license, and first-year governmental fees, the registration fee is inclusive of other charges. Prior to engagement, Tetra Consultants ensure absolute clarity by transparently outlining both associate fees and governmental charges to clients.

• This proactive approach aims to eliminate any confusion, providing clients with a comprehensive understanding of the various costs involved in the yacht registration process in Seychelles. By offering this detailed breakdown upfront, Tetra Consultants foster trust and empower clients to make well-informed decisions regarding their registration requirements.

Step 7: Renewal of yacht registrations

• Tetra Consultants facilitate seamless renewals for the one-year validity of the registration. Clients can rely on our efficient services for hassle-free renewal arrangements, ensuring continued compliance and uninterrupted yacht registration in Seychelles.

Step 8: Corporate bank account opening

• After successfully completing your yacht registration in Seychelles, the subsequent step is initiating the opening of a business bank account. Our corporate bank account opening service simplifies this procedure, guaranteeing the establishment of your bank account within 4 weeks. With our assistance, you can efficiently progress from registering your yacht to securing essential financial infrastructure in Seychelles, ensuring a smooth transition for your maritime ventures.

Minimum requirements of Seychelles yacht registration

• A resident of Seychelles who can be a registered agent or a local representative.

• Offshore companies

• Special License Company

• A boat with a maximum age of 15 years

• Boats up to 25 years of age can be registered with the use of specific documentation.

For company proceeding for Yacht Registration in Seychelles in the form of an IBC will include:

• A Seychelles IBC must have at least one shareholder, who can be either an individual or a corporate body without residency requirements.

• A Seychelles IBC must have at least one director, without residency requirements.

• A Seychelles IBC must have a registered office and a registered agent in Seychelles.

• The registered agent is required who must be a licensed company in Seychelles.

• The registered office must be a physical address in Seychelles.

• No prescribed minimum share capital requirement.

Documents required for Seychelles yacht registration

• Copy bill of sale

• Copy of builder’s certificate

• Copy of valid insurance policy (and will not expire in the following three months)

• Deletion certificate from previous flag state (not applicable for newly built)

• Copy of International Tonnage Certificate (if vessel is over 24m and applying for international registration)

• Copy of all statutory and class certificates (where applicable)

• Complete form for call sign/MMSI number

• Complete the 406 MHz EPIRB registration form (if there is any onboard)

• Mortgage(s) Agreements (if any)

• Vessel to be surveyed for its seaworthiness certificate by an approved SMSA surveyor or an approved recognized organization

• Copy of minimum safe manning certificate

• An A4 photo of vessel (colour)

• Provide copy of import permit (where applicable)

• For fishing vessels, written approval from Seychelles Fishing Authority.

• Complete the radio application form and bring to Seychelles licensing authority (SLA).

• Certificates of two qualified GMDSS operators (only for fishing vessels and any vessel 300GT and above)

• For SOLAS vessels, copy of last continuous synopsis record issued by previous maritime administration.

Documents required for individual beneficial owners, directors and shareholders:

• Complete application form RS01

• Copy of passport or national identity card

• If owner is a non-resident, letter appointing resident agent (when applicable)

• Declaration of ownership (must be notarized and stamped of the notary) RS02

• Certificate of Incorporation and Memorandum and Articles of Association and Particulars of Directors (for corporations)

• Proof of authorization person to sign on behalf of the owner (where applicable)

Documents required for corporate shareholder:

• Certificate of incorporation

• Company ownership declaration

• Memorandum of Association

• Articles of Association

• Latest financial statements

• Business Registration Certificate (for locally registered business)

Accounting and tax obligations

• Seychelles Yacht Registration entails companies encountering accounting and tax obligations akin to those of conventional businesses. Tetra Consultants provide extensive services ensuring adherence to all accounting and tax requirements. The outsourcing of these services not only guarantees compliance with regulations but also facilitates the reduction of overhead costs for companies. By assigning their accounting and tax responsibilities to Tetra Consultants, companies can prioritize their core operations while effectively maintaining regulatory compliance.

Accounting obligations

• Like any other standard company, shipping company in Seychelles must maintain accurate accounting records, encompassing assets, liabilities, sales, purchases, and other pertinent transactions.

• Accounting records should be preserved for at least seven years following the completion of related transactions or operations.

• Records are typically stored at the company’s registered office address or another location chosen by directors, with notification to the registered agent if stored elsewhere.

• While public filing of financial information is not mandatory, companies must uphold reliable accounting practices as stipulated by the Seychelles International Business Companies Act.

Tax obligations

• Seychelles shipping company registered as IBCs are not taxed on foreign income but are liable to domestic business tax ranging from 15% to 25% on income generated within Seychelles.

• Seychelles shipping company registered as IBCs do not possess access to Seychelles’ double taxation avoidance agreements.

• Accounting records must be maintained by Seychelles shipping company registered as IBCs at their local registered office.

• Seychelles shipping company registered as IBCs are exempt from the requirement of annually filing accounts and income tax returns if their earnings are derived from foreign sources.

• Seychelles shipping company registered as IBCs are restricted from engaging in banking, insurance, investment, corporate services, fintech, and gambling sectors.

• Compliance with Economic Substance Requirements (ESR) is mandatory for Seychelles shipping company registered as IBCs.

Bareboat chartering in Seychelles

• Bareboat chartering refers to a leasing arrangement where the charterer assumes full responsibility for the operation and management of the vessel, akin to ownership, for a specified period. In the context of vessel registration, parallel registration involves registering a vessel in more than one jurisdiction simultaneously.

• For the vessel to be eligible for parallel registration under the Seychelles flag while bareboat chartered to a Seychelles-incorporated company, certain conditions must be met, likely including compliance with Seychelles maritime regulations, payment of requisite fees, and adherence to any specific requirements outlined by the Seychelles Maritime Authorities.

• Thus, it is feasible for a vessel to be bareboat chartered to a company established in Seychelles, enabling the vessel to undergo a parallel registration under the Seychelles flag, subject to meeting specific criteria. Additionally, a vessel registered under the Seychelles flag can be bareboat chartered to a foreign corporation for parallel registration under the flag of another jurisdiction, provided that the laws of that jurisdiction acknowledge and permit bareboat chartering arrangements.

Looking for Seychelles Yacht registration

• Tetra Consultants offer comprehensive services for Seychelles Yacht Registration, ensuring a smooth and efficient process for our clients. Beyond yacht registration, we provide a wide range of business solutions, including corporate bank account opening, offshore company incorporation, and nominee director and shareholder services many more. Our expertise extends to facilitating all necessary procedures, from initial documentation to ongoing compliance, allowing clients to navigate the complexities of yacht ownership with confidence. With Tetra Consultants, clients can trust in our dedicated support and tailored solutions for their maritime ventures in Seychelles.

FAQ

Who can register a yacht in Seychelles?

What are the prerequisites for Seychelles yacht registration?

Is there a size limit for yachts registered in Seychelles?

Can yachts with Seychelles registrations be rented out for business purposes?

Are there tax advantages for yacht owners in Seychelles?

Is it possible to modify ownership information for a yacht registered in Seychelles?

Are yachts registered in Seychelles recognized internationally?