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CHRISTODOULOS G.VASSILIADES & CO. LLCA d v o c a t e s - L e g a l C o n s u l t a n t s
CGV
LEDRA HOUSE, 15 Agiou Pavlou Str., Agios Andreas, 1105 Nicosia, CyprusTel.: + 357 22 55 66 77 | Fax: + 357 22 55 66 88 | Email: [email protected]
www.vasslaw.com
VESSELREGISTRATION
GUIDE
“ The goal is not to sail the boat,
but rather to help the boat sail herself…”
John Rousmaniere
Aristotle
CHRISTODOULOS G.VASSILIADES & CO. LLCA d v o c a t e s - L e g a l C o n s u l t a n t s
CGV
The Law Firm of Christodoulos G. Vassiliades & Co. was established by ChristodoulosG. Vassiliades in 1984. The Firm, subsequently named Christodoulos G. Vassiliades& Co. LLC, swiftly developed a reputation of excellence and diligence in all legaland business matters – a reputation cultivated and maintained to the present day.
With more than 30 years of experience, the Firm is presently universally cited as oneof the leading law firms in Cyprus and worldwide. The Firm has singled itself out asa full-service law firm entrusted by high-profile corporations and private clientswith their legal and business matters, in both domestic and international law.
The Shipping Department of the firm consists of a team of professionals committedto providing first class service in the field.
The firm, through its local office and international representative offices, is ableto assist with the vessel registration of any type of vessel, worldwide, ensuringthat the needs of its clients; ship owners, charterers, ship managers, are met inthe most efficient way, looking after the client’s interests at all times.
" W e a r e w h a t w e r e p e a t e d l y d o . E x c e l l e n c e , t h e n , i s n o t a n a c t , b u t a h a b i t . "
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No tax on profits from the operation or managementof a Cyprus-registered vessel or on dividends receivedfrom a vessel-owning company.
No income tax on the wages of officers and crew.
Low registration costs.
Favourable tonnage tax scheme based on ship net ton-nage.
No stamp duty on ship mortgage deeds or other securitydocuments.
Double tax treaties with 43 countries.
No exchange control and freedom of movement offoreign currency
Full protection for financiers and mortgagees.
Low set up and operating costs for companies.
EU flag
Classification of Cyprus flag in the White List of theParis and Tokyo MOUs and exclusion from the “List ofTargeted Flag States” of the US Coast Guard resultingin fewer inspections of the ships and less delays at theports of both MOUs and of the US.
Maritime offices in New York, London, Rotterdam,Piraeus, Brussels and Hamburg offering services toCyprus ships.
A network of local inspectors of Cyprus ships, coveringimportant ports worldwide in order to ensure efficientand effective control of Cypriot vessels and to avoiddetentions by port state control.
Signatory to all international maritime conventionson safety and pollution prevention.
Bilateral agreements with 26 countries, through whichCypriot ships receive either national or favoured nationtreatment in the ports of other countries. Those
THE CYPRUS SHIP REGISTRY
Advantages
Ownership requirements
More than half of the shares (50%) of the ship mustbe owned by Cypriot citizens or by citizens of MemberStates of the EU or of the European Economic Areawho in the instance of not being permanent residentsof the Republic will have to appoint an authorisedrepresentative in the Republic of Cyprus, or
The total (100%) of the shares of the ship must beowned by corporations, which operate in accordancewith the laws of the Republic and have their registeredoffice in Cyprus, or they operate in accordance withthe laws of any other EU or EEA Member State andhave their registered office, central administrationor principal place of business within the EEA or bycorporations registered outside the EU or the EEAbut controlled by Cypriot citizens or citizens of aMember State. In both the latter cases they musthave either appointed an authorised representativein Cyprus or the management of the ship must beentrusted in full to a Cypriot or Community shipman-agement company in Cyprus.
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International Conventions Adopted
Cyprus is a member of the IMO and the ILO, and has ratifiedor adopted all international maritime conventions:
Approved Classification Societies:
ABS, LRS, DNV, BV, GL, RINA, NKK, KRS, CCS, RS, PRS.
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agreements with labour supplying countries providefor specific terms of employment which are beneficialto both the shipowners and the seafarers.
Efficient and qualitative provision of services by theShip Registry
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Permanent registration. The permanent registration ofa provisionally registered vessel must be effected withinsix (6) months (or 9 months if the 3 month extension hasbeen obtained) from the date on which she was provisionallyregistered.
Parallel (Bareboat) Registration: The Cyprus legislationprovides for the two forms of bareboat registrationinternationally accepted e.g. the “Parallel-in” registrationand the “Parallel-out” registration of vessels, providedcertain prerequisites are fulfilled.
Registration Requirements:
Application for registration;
Company Memorandum and Articles of Associationand corporate certificates; if owner is a physical personthen passport copy/i.d.;
Appointment of Authorised Representative in thecase of a Company established outside the Republicof Cyprus or in the case of a non-Cypriot citizen;
Resolutions of the Directors of the Company/ Power ofAttorney for the purchase of the vessel and its registrationin the Register of Cyprus Ships, duly certified;
Bill of Sale/ Builder’s Certificate, duly certified;
Deletion Certificate from the previous registry (where applicable);
Forms ISPS (where applicable);
Continuous Synopsis Record (C.S.R.) (where applicable);
Declaration of Ownership;
Form for the Registration of a Mobile Maritime RadioStation/ copy of Shore Based Maintenance Agreement;
Form for the Registration of SAR Particulars (where applicable);
Confirmation of Radio Traffic Accounting Authority(where applicable);
Confirmation of Classification Society (where applicable);
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Mortgages
A mortgage once created must be deposited with theRegistrar of Cyprus Ships. The mortgage is recorded inthe Register as from the date and hour of its deposit andremains an encumbrance on the vessel until discharged.A mortgage may be created independently of whetherthe ship is provisionally or permanently registered. If theship on which a mortgage was created belongs to a Cypriotcompany, the mortgage will also have to be registeredwith the Registrar of Companies.
ISM forms (where applicable);
Declaration of Owner of a Cyprus Ship in the case ofa qualifying ship engaged in a qualifying shippingactivity;
Certificate of Insurance for Maritime Claims, e.g.Certificate of Entry issued by the vessel´s P&I Club forvessels of a gross tonnage of 300 and above;
Application and certificate of insurance (Blue Card)for the issuing of a Certificate under the 2001 BunkersConvention for vessels of a gross tonnage of 1000 andabove;
Application and certificate of insurance (Blue Card)for the issuing of a Certificate under the 1992 CLCConvention for tankers with a carrying capacity above2000 tons;
Certificate of Survey;
International Tonnage Certificate;
Safety Management Certificate (SMC) (where applicable);
Entry Inspection Report (where applicable);
Applications for registration of ships must be madethrough law firms in Cyprus.
Vessels of any size and type may be registered in theCyprus Register as long as they comply with theprovisions contained in the law and the circulars ofthe Department of Merchant Shipping (DMS) and satisfycertain conditions according to their age and type.
At the time of its registration, the ship must be surveyedby an approved classification society.
Types of registration
Provisional registration of a ship may remain in forcefor six (6) months. Thereafter, it may be renewed once, fora further three months.
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Application form for Registration completed in itsentirety and duly signed by the applicant;
A copy of an official document proving Ownership (i.e.a notarized Bill of Sale);
A power of attorney appointing a shipping agent in Belize;
Confirmation of the name of the authorised RecognizedOrganization that will be responsible for the issuanceof the Statutory Certificates on behalf of the Governmentof Belize;
Completion of the Minimum Safe Manning Certificateform;
IMMARBE:THE BELIZE SHIP REGISTRY
BELIZE
Advantages
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Fast reliable ISO 9001:2008 accredited registration andcertification services;
Worldwide network of Deputy Registrars in majormaritime centres;
Worldwide network of General Safety Inspectors toconduct inspections to verify compliance with interna -tional standards;
Competitive tonnage taxes, fees, discount incentives;
A well-established legal system and mortgage recordingservice;
Competent technical and administrative staff ;
International Business Corporations;
Political Stability;
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Provisional Registration
Provisional registration is valid for 6 months and thereafterPermanent registration may be effected given that allformalities have been complied with.
Requirements:
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of the bareboat charter party. If satisfied that allformalities have been complied with, the Registry'sHead Office may authorize the vessel’s parallel/dualregistration for a period of up to two years. Duringthe terms of this registration, all relevant annual andother fees will be payable to IMMARBE. The Vessel’stitle and any mortgages, l iens or encumbrancesthereon shall be recorded at IMMARBE.
Mortgage recordation:
Mortgages are recorded upon submission of the Bill ofSale/Builders Certificate, Mortgage Form and deed ofMortgage/Loan Agreement, duly notarized.
Submission of all applications and documentation requiredin order to obtain Belize Endorsements for Officers &Engineers as well as for the Endorsements for Ratingsworking onboard the vessel;
Submission of Blue Card for Bunker Convention Coverageand Application for Bunker for the issuance of the BunkerCertificate;
After the vessel’s registration the Technical Dept, willissue the DMLC Part I;
Application for the Nairobi Convention at Cook Islands;
MMSI Number;
Application form for maritime ship station licence/Letter ofConfirmation from the authorised radio accounting entity;
The ISM, ISPS, CSO & Form 2 for issuance of CSR must becompleted and submitted;
Copy of vessel's deletion certificate from previous registry(where applicable);
Vessel’s complete CSR File (Continuous Synopsis Record)from Previous Registry;
An extension period of 3 months can be obtained if alldocuments for permanent registration are not submittedwithin the provisional period.
Parallel/Dual Registration
Charter-In Foreign registered vessels may obtain parallel or dualregistration at IMMARBE as a second Registry underthe terms of a bareboat charter party provided thatthe First Registry grants its consent in writing. Uponsubmission of an authenticated copy of the bareboatcharter party, the consent from the First Registry andthe corresponding fees, navigation and ship stationlicences valid up to two years will be issued.
Charter-Out A vessel registered at IMMARBE may obtain a parallelregistration in another country's registry based on abareboat charter party. For this purpose, the applicantshall submit a formal application giving full details
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Malta’s Ship Register is currently the 1st largest registryin Europe and the 7th largest in the world with over 50million tonnes and 1150 vessels registered
European Union Register - Vessels fly the Malta flag andhave access to cabotage within the European Union
Safe, credible, quality Register, listed on the White Listof Paris MoU on Port State Control
Applicability of all IMO conventions and EU Directives.Malta is signatory to most international conventions
Vessels may be registered in the name of legally constitutedcorporate bodies or entities irrespective of nationality,or by European Union citizens
No restriction as to the nationality of the captain, officersand crew members
Highly competitive registration and maintenance feesand “tonnage fee/tax” with discounts for new vesselsand surcharge for vessels over 15 years old
Registration on a 24/7 basis by the Malta MaritimeAuthority (MMA)
Ship owners, operators and creditors benefit fromattractive tax incentives
Various types of vessels can be registered from superyachts to vessels still under construction
MALTA SHIP REGISTRY
Advantages
Provisional registration
A vessel is first registered provisionally under the Malteseflag for six months (extendible for a further period orperiods not exceeding in aggregate six months) duringwhich all documentation will need to be furnished to theRegistrar.
The general requirements for provisional registration are:
MA
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Declaration of ownership made in front of the Registrarby the owner or by the authorised representative
Evidence of seaworthiness; in case of trading ships,confirmation of class with a recognised organization,and information of the ship’s statutory certification,including Company ISM compliance
Where applicable, request for the Administration toauthorize the appropriate recognised classificationsociety to issue the ship’s and the Company statutorycertificates
Declaration of Maritime Labour Compliance (DMLC)- Part 1
Minimum Safe Manning Certificate
Application for Ship Radio Station Licence
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Permanent registration
Mortgages
Registration, transfer, amendment and discharge of mortgagesmay be effected immediately upon presentation of therelevant documents to the Registrar.
International Conventions
Malta has adopted all the major international maritimeconventions. For a ship to operate under the Maltese flag itmust carry at all times valid statutory certificates (survey,tonnage and convention certificates) issued on behalf ofthe Malta government by a recognized organization.
The following is a list if recognized organizations:
American Bureau of Shipping, Bureau Veritas, China ClassificationSociety, ClassNK, DNV-GL, Korean Register of Shipping,Lloyd’s Register of Shipping, Polish Register of Shipping,Registro Italiano Navale and Russian Maritime Register ofShipping.
Bill of sale/ builder’s certificate
Where applicable, cancellation of registry certificate/deletion certificate
In the case of SOLAS ships, a copy of the last ContinuousSynopsis Record issued by the administration wherethe ship was last documented
Certificate of Survey and International Tonnage Certificateissued by an approved surveyor
Evidence that the vessel has been marked in accordanceto the law
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Economic benefits
No trading restrictions and preferential treatmentto Maltese ships in certain ports
No hidden costs and no inspection fees
As of 2006, the Maltese Commercial Yacht Codeextends to commercial yachts the same benefitswhich are applicable to trading ships in Malta
For commercial yachts, their value is exempt fromVAT and goods purchased to supply them aredeductible
VAT exemption on short-term chartering of commercialyachts
Favourable tax regime
Low company formation and registration costs
Confidentiality of the Beneficial Owner
No restriction or taxation on the sale or transfer ofshares of a company owning a Maltese Ship
No restriction or taxation on the sale or mortgagingof a Maltese registered vessel
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Registration Procedure
A vessel may be registered under the Maltese flag via twomethods:
By appointing a Maltese registered agent; or
By incorporating a Maltese company and registeringthe vessel in its name.
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Application for registration by the owner or an authorisedrepresentative (a power of attorney must be presented)including if required, application for change of name
Proof of qualification to use a Maltese ship, and in the caseof a body corporate, the certificate of incorporation
In the case of non-Maltese owners, appointment ofa resident agent
Where applicable, copy of the current ship’s InternationalTonnage Certificate
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The requirements for permanent registration:
A certificate issued by the Maltese registry is subject toannual renewal on the anniversary of the 1st registration.
Bareboat Charter Registration
Maltese law provides for bareboat charter registration offoreign ships under the Maltese Flag and also for the bareboatcharter registration of Maltese ships under a foreign flag.The main criteria are the compatibility of the two registriesand that matters regarding the title over the ship, mortgages
and encumbrances are covered by the underlying registry,while operation of the vessel falls under the jurisdiction ofthe bareboat registry.
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THE MARSHALL ISLANDS SHIP REGISTRY
Ownership Requirements:
Application Form
Proof of Ownership; to be demonstrated by: Bill ofSale or Certificate of Ownership and Encumbrance(the latter where the owner doesn’t change)
Continuous Synopsis Record (CSR)
Power of Attorney or Secretary’s Certificate of CorporateResolution confirming the authority of the personmaking application for registration. If the vesselowner is not an entity, he/she must submit an Oath.
Certificate of Confirmation of Class: or a Certificateof Seaworthiness, dated not more than 10 days priorto registration.
Classification Society Statement
Survey Reports of Classification Society: Vessels that
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Advantages
Registry procedures are carried out through any ofthe worldwide offices.
Worldwide network of MI inspectors, who can alsoact as representatives in the case of a physical delivery.
The MI Flag has a very good and quality reputationamong PSC, charterers and major financiers, since itis a White List Flag in Paris and Tokyo MOUs and inaddition to that, it maintains its Qualship 21 Statuswith the USCG.
are 15 years of age or older, must also submit a copyof the most recent intermediate or special surveyreports
MARPOL Annex I Statement of Compliance
Application for Minimum Safe Manning Certificate
Declaration as to person to be contacted on a 24 hoursper day basis regarding vessel operation, marine safetysecurity and protection of the marine environmentmatters.
ISM Code Declarations of Company and DesignatedPerson(s), as may be applicable.
ISPS Code Declaration of Company Security Officer(CSO), as may be applicable
Proof of Liability Insurance: as may be requireddepending on the type of vessel.
Permission to Transfer or Cancellation Certificate fromprevious registry.
Certificate of No Liens: Proof that the vessel is free ofrecorded liens is required in the form of an officialstatement to be issued by the registry from which thevessel is being transferred. This statement may beincluded in the Consent to Transfer, Transfer of Registryor in the Cancellation Certificate (as may be applicable).
Long-Range Identif ication and Track ing (LRIT )Conformance Test Report (where applicable)
Maritime Labour Convention, 2006 (MLC, 2006):although not necessarily required for registration,it would facilitate subsequent compliance with MLcertification.
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Each vessel can be registered under a Marshall Islandscompany or under any company of any other jurisdiction.In the event where the owning company is non MarshallIslands , then the foreign company needs to be registeredas a Foreign Maritime Entity.
Registration Documents:
For vessels over 20 years old in order to be accepted forregistration, they need to pass Pre-registration Inspection,by an authorized Marshall Islands Inspector. This inspectionmust be carried out before any approval for registrationis granted.
Bareboat in and bareboat out registration
Bareboat in and bareboat out registration are permittedunder the relevant Marshall Islands Law.
Mortgages
In order to record a mortgage, the mortgage documentsneed to be submitted in original along with evidence ofthe authority of the person executing such and a notarizedMemorandum of Particulars.
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THE PANAMA SHIP REGISTRY
AdvantagesThe permanent navigation patent is valid for a five (5) yearperiod and may be indefinitely renewed. In case of yachtsand pleasure vessels, this patent is valid for a two (2) yearperiod and may be indefinitely renewed.
Requirements:
Requisites for Provisional Registration
Provision of all the necessary information on the vessel;
Payment of all the corresponding fees, taxes and rates;
International Ship Security Certificate (ISSC);
Continuous Synopsis Record (CSR);
Document of Compliance (DOC);
Safety Management Certificate (SMC);
Classification Certificate, if the vessel is a passenger,general or dry cargo vessel;
International Oil Prevention Pollution Certificate(IOPP);
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PAN
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Open registry
Accessible registration fees
Low taxes/ offshore jurisdiction,
Robust regulatory protection.
Registration Procedure
Registration under the Panamanian Flag is achieved intwo steps. First, a six (6) month provisional registration isgranted, whereafter the definitive registration is grantedfor a period of five (5) years.
The initial step for registering a vessel under the Panamanianflag is the provisional navigation patent.
The Provisional Navigation License and Radio Permit arevalid for a six (6) month period, which may be extendedfor additional months at request.
Permanent Registration
Power of Attorney in favour of authorised representativein Panama, authenticated by a Public Notary and thePanamanian Consulate of the place of issuance;
Certificate of Deletion of previous registry (whereapplicable) authenticated in the manner pointed outin paragraph a) above by a Panamanian Consulate.
A copy of the International Tonnage Certificate, ITC’69, issued by the corresponding classification agencyon behalf of the Panamanian Government.
If the vessel is built more than 20 years after itsregistration in Panama, then special inspection of thevessel should be arranged.
A copy of the bill of sale of the vessel and of the buyer'sacceptance of sale or, in case of new vessels, of thebuilder's certificate, issued in the name of the owner,duly certified by a notary and authenticated by aPanamanian Consulate.
According to Panamanian laws, the title deed of thevessel must be registered at the Public Registry ofPanama within the aforementioned six (6) monthperiod.
In respect to the radio license, upon issuance of theprovisional navigation patent, the vessel is assignedwith radio call sign and a provisional radio license isissued initially for six (6) months which can be renewedfor a three (3) month period. Thereafter, a definiteradio license is issued for five (5) years, regardless theissuance of the permanent navigation license.
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Charter In and Charter Out Registration are possible.
The Applicant will need to complete an “Appointment ofan Authorised Person” form, which must have the seal ofthe company affixed or the signature on the form mustbe witnessed by a Notary Public. An authorised personwill be authorised to complete, sign and submit theDeclaration of Ownership for the company, and all otherforms and supporting documentation submitted in relationto the vessel.
Please note that all matters relating to internationallyoperated passenger commercial vessels are dealt with ona case-by-case basis through consultation between theCISR and the owner of the vessel.
Mortgages
A Panamanian mortgage document is required along withall relevant information as per Art. 260 of Law 55 of August6, 2008. It is also possible to register the relevant loanagreement.
THE LIBERIAN SHIP REGISTRY
Largest Highest Quality Registry in the World
Second largest Registry in the world with 67 yearsof proven track record – 13% of the world fleet issailing under the flag of Liberia
White Listed by IMO and all PSC rankings
Simple and flexible registration structure
Efficient, truly 24/7 service through network of officesworldwide
Technical support for dispensations and adoptionsof IMO rules
LISCR Technical department and the worldwidenetwork of Regional Offices and Duty Officers areable to provide support in every time zone and alsooutside regular business hours
Unique services allowing enhanced operational effici -ency for Liberian owners and cost saving incentives
Nautical inspectors and exclusive auditors availableworldwide who can conduct flag state inspections,MLC inspections/audits, and ISM and ISPS audits.
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LIBERIA
AdvantagesApplication for registration
Evidence of Authority (in the form of a certified powerof attorney/resolutions)
Proof of Ownership (recent Builder’s certificate and/orBill of Sale notarized or certified by a person authorisedby the Liberian Registry; Apostille is not required)
Confirmation of Class
Proof of Liability Insurance
Bunker Blue Card/ Blue Card (where applicable)
Application for Minimum Safe Manning Certification(MSMC)
International Safety Management (ISM) Code Declaration forms
CSR Declaration Form (new-builds only)
International Ship & Port Facility Security Code (ISPS Code)/ declaration forms
International Ship Security Certificate
Application for waiver of ownership (for FMEs) -integrated with Application for registration
Affidavit from Owner for non-registration (where applicable)
Application for Inmarsat terminals (where applicable)
LRIT test (where applicable)
Application for Ship Radio License (within 90 days after registration)
Payment of fees
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Mortgage Recordation
Registration Process
Upon providing the Registry with the proposed name ofa vessel, name availability will be confirmed and Liberianofficial number, call sign, EPIRB, MMSI, and MF/HF/DSCwill be assigned to the vessel accordingly.
1. Ownership
A vessel registered in Liberia must be owned by a Liberiancorporation, registered business company, limited partnershipor LLC or by a Foreign Maritime Entity (from anotherjurisdiction registered in Liberia for the purpose of owninga vessel)
2. Vessel Registration Requirements:
There is an age limit for Liberian vessels of 20 years of ageat the time of registration. However, vessels older than20 years may be granted a waiver of the requirement.
In order to record an instrument in Liberia (Mortgage,Discharge, Amendment, Addendum etc.) in the LiberianDeputy Commissioner's office, you will need to submit adraft copy of the Mortgage documents (Mortgage Instrument,Memorandum of Particulars, and Evidence of CorporateAuthority from the Mortgagor) for review and pre-clearance,and if in order, for submission. Mortgage recording servicesare offered 24/7 in any Liberian Registry office worldwide.
Bareboat in and bareboat out registration
Bareboat in and bareboat out registration are allowedunder the Liberian Flag.
Liberia recognizes only class societies that are full IACSmembers.
Initially a Provisional Certificate of Registry is issued whichis valid for six (6) months(Where the vessel is new or transferred from another flag).
CHRISTODOULOS G.VASSILIADES & CO. LLCA d v o c a t e s - L e g a l C o n s u l t a n t s
CGV
LEDRA HOUSE, 15 Agiou Pavlou Str., Agios Andreas, 1105 Nicosia, CyprusTel.: + 357 22 55 66 77 | Fax: + 357 22 55 66 88 | Email: [email protected]
www.vasslaw.com
VESSELREGISTRATION
GUIDE
“The goal is not to sail the boat,
but rather to help the boat sail herself…”
John Rousmaniere
