Registration

Why Register?

There are several important reasons for registering a vessel –

• To prove its nationality which is essential for overseas voyages
• To secure ownership title to a movable asset for the owner of that asset
• To use the ship as security to obtain a marine mortgage, which in turn is registered.

Advantages

Stable, efficient, tax-neutral, with modern maritime legislation and an experienced global team.

• Cayman offers 5 different types of vessel registration – Full; interim; provisional; under construction; and demise (bareboat) charter.

Flag Cayman

Vessels of any size or type (international fishing vessels are not accepted) may be registered in Cayman provided that they qualify.

• There are no age limits on qualified vessels, however
• An ongoing target of Cayman is to keep the overage age of its fleet at less than 15 years.

Ownership

The Cayman Islands is an efficiently regulated international finance jurisdiction at the leading edge of global best practice.

• Typical shipping industry practice is to have each vessel owned by a separate company or entity.
• Cayman offers several vessel ownership structures, ranging from individual ownership through to a choice of corporate ownership options.
• Company incorporation procedures are well-established and clear with no nationality or residency requirements for beneficial shareholders and directors.