Virgin Islands Shipping Registry or VISR
British Virgin Islands

Virgin Islands Shipping Registry or VISR

Over the last few months, delegations from the BVI have attended the high profile boat shows in Monaco and Fort Lauderdale, keen to promote the territory’s promotion in June of this year to Category One Shipping Registry status. This new status means the VISR can now register general cargo ships of unlimited tonnage and mega yachts of up to 3000GT. The only vessels that the territory will, for the time being, not be able to register are specialist vessels such as oil tankers, ore carriers and cruise-liners, since specialised professionals would have to be recruited at the VISR to ensure that the relevant expertise is available within the BVI. There is no VAT on yachts registered in the territory and European tax laws do not apply.

With its political stability as a British overseas dependent territory whose court of last resort is the House of Lords sitting as the Privy Council, the availability of sophisticated legal, corporate and banking services on the doorstep and modern, flexible statutory and regulatory framework for doing business, it is no surprise that the BVI is a leading offshore jurisdiction.

When coupled with the fact that ships registered in the BVI fly the Red Ensign Flag, making them entitled to the support of the British Consular and High Commission and Royal Naval protection, and have the attraction of the low initial registration and annual maintenance fees, the fully computerised fleet management system and database at the VISR and the speed with which a registration can be completed, the reasons to choose the BVI for ship registration are compelling.

To register a ship, one needs to provide to the VISR:
• the name of the ship;
• the name and address of its owner;
• a marine survey of the vessel by a marine surveyor (the surveyor must be qualified to provide the survey);
• the builder’s certificate or foreign bill of sale;
• in the case of a new vessel, the name and address of builder and yard number allocated to the vessel;
• the deletion certificate where the vessel was previously registered, if it was;
• a declaration of ownership;
• in the case of ownership by a company, the certificate of incorporation and memorandum and articles of  association and certificate of good standing; and
• the appointment of an authorised officer.

It is important to note that only UK persons (including those of its crown dependencies of the Isle of Man, Guernsey and Jersey and overseas dependent territories of Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Gibraltar, Montserrat, St Helena and the Turks & Caicos Islands) may register a vessel in the BVI. The usual way for foreign nationals to register a vessel in BVI is to form a BVI business company for this purpose which, as a limited liability vehicle and owner of perpetual existence, owns the vessel. The BVI business company is a modern, flexible corporate entity perfect for such purpose.

Click here for more information and a full PDF.

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