About site: Transportation and Logistics/Maritime/Ship Registries - International Management Services Ltd
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Title: Transportation and Logistics/Maritime/Ship Registries - International Management Services Ltd Ship and yacht registration in the Cayman Islands.
Caltop_Logistics A non-profit shippers' association for the distribution of small shipments within the Western Region at competitive rates.

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International Management Services Ltd - InformationBulletinShip & Yacht Registration in the CaymanIslands[IMAGE]Index to Web PagesRecent DevelopmentsAlthough Cayman has been a popular base for the registration of foreignowned vessels for many years, recent conventions adopted by the Islandsmean that a Cayman registered vessel owned by a Cayman company enjoys allthe privileges afforded to the British Flag and full international recognitionwhile benefitting from the tax free status and confidentiality laws ofthe Cayman Islands. Ship registration and management are provided by IMSShip Registration and Management Ltd, a subsidiary of International ManagementServices Ltd. The following are among the more significant developments.Adoption of part 2 of the UK Merchant Shipping Act enables ships registeredin the Cayman Islands to fly the Red Ensign, with only majority ownershipbeing "British" owned. Cayman Islands has secured full convention status, with power to issuefull convention certificates e.g. solas, loadline, Marpol, etc. Creation of a Survey department, which, with support from the UK Departmentof Transport, ensures compliance with international convention certificates.Temporary easing of manning requirements until June 1990, regardingnationality of officers , until local requirements can be complied with.Transitional arrangements in existence regarding survey, whereby existingclass certificates are acceptable in the interim.RequirementsFor a Ship to be registered in the Cayman Islands the following conditionsmust be complied with:The owner must be British or be an individual or company in specifiedBritish dependencies e.g. Cayman, Gibraltar, Isle of Man, Bermuda, etc.Ownership requires only 33/64 or more to be "British". It shouldbe noted that a Cayman company regardless of nationality of its beneficialowners would qualify as a "British" owner. The owners are required to appoint a local representative/agent asa point of contact with the Registrar of Ships. (IMS will provide the localagent if required) The ship is subject to survey by the Marine survey department to ensurecompliance with international standards. The ship requires a Safe Manning Certificate and the three senior officers(Master, Chief Officer and Chief Engineer) require either British certificatesor appropriate certificates considered the equivalent - certificates fromcertain Commonwealth countries or from NATO or EEC countries. Other crew members must be qualified in accordance with the STCW convention.Cayman BenefitsThe benefits of registering in the Cayman Islands are as follows:Manning restrictions are less onerous than for other British dependencies,while still providing the benefits of flying under the Red Ensign Flag.Red ensign flag entitles ships to the protection of the Royal Navy.Full assistance of the British consular service worldwide, which isespecially useful in connection with crew matters. Registration and annual tonnage fees are very competitive. High quality local expertise in the fields of banking, company management,legal and accounting services. Excellent international communications by fax, telephone and telex.Absence of exchange controls. No income, corporate or capital gains taxes exist in the Cayman islands.(i) Political stability and full British Colony status.RegistrationDocuments which require to be submitted for registration are as follows:-Appointment of authorized officers. Form GSR 342 - approval of the ship's name. Application to register, either by the owner or his agent, who is authorizedin writing, and under the company seal in the case of company ownership.Title documents Certificate of survey - to be organized through the Marine Survey department,using classification societies, if necessary, in the short term. Surveyfees are US$80 per hour plus surveyors travelling expenses. Declaration of ownership.On registration the Registrar allocates an official number to the vesseland issues a carving and Marking Note to the surveyor. Where required theRegistrar will also assign the international call sign.FeesThe fees charged by IMS for dealing with the registration of a vesselare US$1,500 plus any additional time charges which may be incurred dependingupon the complexity of the situation.The Government fees payable on registration are US$634 for a vesselunder 1500 tons and US$854 for a vessel over 1500 tons.The basic fees charged by IMS for providing the registered agent anddealing with any registry matters on an annual basis are US750 per annum.An annual tonnage fee is charged by the Cayman Islands Government ata rate of 36 cents per ton on the first 1000 tons and 12 cents per tonthereafter subject to a minimum of US$73. Further enquiries should be made to:Ian Goodall (Director)International Management Services LtdBox 61, Harbour CentreGeorge Town, Grand Cayman, Cayman IslandsTel: 345 949 4244, Fax: 345 949 8635E-mail: ims@candw.kyReturn to IMS Home Page
 

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International Management Services Ltd 2008 October

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Ship and yacht registration in the Cayman Islands.

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