British Shipping Registries To Hold London Reception
by Jason Gorringe, Lowtax.net, London
07 August, 2015
Jersey and five other British jurisdictions with major shipping registries (Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, and the United Kingdom) are to hold a major international shipping reception on September 9, 2015, during London Shipping Week.
The territories, which all offer preferential tax regimes for shipping companies, are to host the reception at the offices of leading shipping lawyers Ince & Co. Attendees will include shipowners, lawyers, brokers, shipyards, finance house representatives, and registrars of shipping. The reception will focus on the advantages of registering ships of all types and tonnage within the Red Ensign Group.
The Group will attend an LISW conference on September 10, which will focus on how the maritime industry can be an engine for economic growth. Jersey will co-host tables at the gala dinner associated with the conference, and representatives of the island's registry will also be present at a number of other events throughout the week. While relatively low-profile internationally, Jersey's registry has built particular expertise in its superyacht and small commercial ship business in recent years.
Jersey's Minister for Economic Development, Lyndon Farnham, said: "Jersey's attendance at and involvement in London International Shipping Week allows the island to increase its profile with key figures in the industry. This gives us a real opportunity to grow our existing shipping markets and to make inroads into new ones. With significant crew management and ownership structures already well established in the island, the benefit to local businesses is potentially substantial."
"The fact that Jersey was asked to chair the Red Ensign Group's initiatives for the week is further recognition of the island's growing significance in shipping matters."
The benefits of registering a vessel in Jersey include: GST-free temporary importation of vessels into the island; VAT-free temporary importation into the EU for ships owned by non-EU residents; social security insurance exemptions for non-resident crews; and no corporation or tonnage tax for company-owned vessels. Registration is only required every ten years, with no annual fee.
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