International Ship Management Ltd., an affiliate company of Cayman Management, was established in 2004 to provide crew payroll services.
International Ship Management provides clients with a mechanism through which its crew may be employed and paid. Crew members will enter into a contract of employment with International Ship Management whereby a crew member’s salary and all associated recruitment, travel costs etc., can be paid. The client will enter into a contract for the services with International Ship Management under which the terms and conditions of the services are defined.
The client will transfer funds to a segregated bank account of International Ship Management on an agreed basis and from which the monthly salaries and expenses will be paid. Fees for this service are based on an agreed percentage of total payroll costs, dependent on the number of crew and value of payroll.
Depending on the client’s specific circumstances it may be preferable to establish a separate company to manage the payroll and operational aspects of the vessel, generally recommended for crew members of six and above.
In all cases CAYMAN MANAGEMENT is keen to review and work with the client and/or their advisors so that the services provided are specific to the requirements of the client and are provided on an efficient and cost effective basis.
To find out more about the service provided by International Ship Management Contact us