COMMERCIAL YACHT REGISTRATION IN MALTA
In 2006 the Maltese flag authorities adopted a Commercial Yacht Code (hereinafter 'the Code') dealing with the technical requirements of a commercial yacht registration in Malta. The Code makes the Maltese register very attractive for superyacht owners and superyacht managers for the construction, equipment and operation of a Commercial Yacht. The advantages of the Maltese Commercial Yacht Registration system are:
- An internationally recognised and reputable jurisdiction
- EU compliant legislation
- Clear technical rules
- A well-organized and efficient Commercial Yacht registration system
- An advantageous tax regime
- VAT exemption on Commercial Yacht
- Low registration costs for Commercial Yacht
- Efficient holding and administrative structures
The Maltese Commercial Yacht Code
The Commercial Yacht Code in Malta:
- Determines the standards of the structural design and internal layout, stability and weather-tight integrity of the Commercial Yacht
- Imposes safety standards and the existence of lifesaving appliances
- Does not compromise innovation
- Is in line with International Conventions
The advantage of the Maltese flag for commercial yacht registration lies also in the way the authorities administer the Code:
- Officials at the Authority are always available and prepared to listen to reasonable proposals by Commercial Yacht owners' representatives and builders, helping to find solutions to difficulties that may arise from time to time.
- It will be possible for persons holding a Commercial yacht registration in Malta, or seeking a commercial yacht registration in Malta, to explore new designs, materials and concepts and obtain guidance from the flag officials during the process of the commercial yacht registration
- Allows the appointment of Government approved surveyors to survey yachts under 500GT
The Commercial Yacht Registration Process in Malta
Any Maltese or European citizen, and any company registered in Malta or in a Member State of the European Union, may register a yacht for commercial purposes. Any EU citizen (and non) may register a company in Malta.
Please refer to the page titled 'company formation' for further detail on the commercial yacht registration in Malta procedure
A commercial yacht may be registered provisionally in Malta pending the completion of all the formalities required for a permanent commercial yacht registration by simply filing the necessary applications and providing preliminary proof of ownership. It is also possible to register a mortgage while the yacht is provisionally registered in Malta.
In order to obtain an operative certificate it will be necessary to carry out a survey of the yacht and prepare a detailed report certifying compliance of the yacht to the safety and security standards of the Code. Such survey may be prepared by a surveyor authorized by a Classification society or a Government approved surveyor.
Registration costs for commercial yacht registration in Malta are reasonable and vary according to the size of a yacht.
Please refer to the page titled 'superyacht registration' for further detail on the Commercial Yacht registration in Malta procedure.
Taxation
The Maltese flag provides far greater advantages when the superyacht (or Commercial Yacht) is held and managed through a Maltese registered company, established in Malta for tax purposes.
A Maltese company owning a superyacht (or commercial yacht) registered under the Maltese flag with a commercial status:
- is exempt from the payment of VAT on the purchase of the commercial yacht, and on the operations directly relating to the charter activity including refit works, bunkering, provisioning, taxation and other services, provided the commercial activity of the commercial yacht may be proven at all times.
- A commercial yacht registered in Malta is exempt from the payment of Maltese Income tax.
- Non-resident officers and employees of the company are exempt from effecting social security contributions in Malta.
- No duty is levied on the various transactions related to the company's activity
All the above-mentioned advantages are only possible when the whole structure is administered in an efficient and professional manner. DF Marine provides the competence, knowledge and experience necessary for any superyacht owner, superyacht consultant or manager to take the full benefits of the structure of commercial yacht registration in Malta and have their mind at rest.
