The nationality of an individual wishing to own a Cayman Islands registered vessel is significant and quite restrictive. However, there is no such restriction as to the ownership of shares in a Cayman Islands company. Accordingly, it is common practice when registering a vessel to form a corporation to take ownership. This also provides a convenient administrative vehicle through which to conduct all the necessary formalities of purchase, registration and ongoing operation, operating with Limited Liability.
For most clients the preferred ownership structure would be through a Cayman Islands Company, allowing Cayman Management to manage the registration of the vessel in the Cayman Islands . Some clients prefer to provide their own directors and in such cases we are happy to provide the basic registered office and secretarial services.
Our procedure for new clients is straightforward, and following the receipt of our completed Application form with appropriate due diligence documents, we will proceed with the formation and/or management of the company. For full details of fees and costs for registration and management of the company Contact us
A company formed in another jurisdiction may need to be registered in the Cayman Islands as a foreign company to qualify to own a Cayman-flagged vessel. Cayman Management is happy to attend to the registration of the company and to provide directors where desired.
Tax authorities look carefully at the location of a company’s “mind and management” and a local director will assist in establishing that such is demonstrably in the Cayman Islands.
Typically we incorporate an exempted limited company in the Cayman Islands to act as the registered owner of the vessel. We offer full management allowing Cayman Management to deal with the registration of the vessel in the Cayman Islands without the need to refer back to clients and their agents. We can also attend to all routine matters and filing requirements going forward.