Lowtax Network

Back To Top

Your Lowtax Account

Manx Shipping Registry Celebrates 30 Years

by Jason Gorringe, Lowtax.net, London
15 September, 2014

The Isle of Man Ship Registry has celebrated its 30th anniversary this week. The register is ranked fourteenth in the world by tonnage and, in the last ten years, has more than doubled its gross tonnage and increased the number of registered vessels by a third.

The Manx fleet comprises all types of modern merchant ships and also pleasure yachts. Vessel owners are based all over the world, and more than 40 percent of the tonnage on the Isle of Man register is now managed or controlled from Asia. Vessels registered in the Isle of Man are generally owned by an Isle of Man company. The island provides a zero rate of corporation tax for shipping-related earnings, as well as a number of other benefits.

Director of the Isle of Man Ship Registry, Dick Welsh, said: "The success of the register is due to its people. We have a very dedicated team of professionals who constantly go the extra mile to assist ship owners and help them to keep their vessels operating safely and efficiently in a global commercial environment. This may involve registration in the middle of the night to suit shipyard delivery times in the Far East or access to our dedicated emergency response service which is available 24/7."

The Department of Economic Development's Political Member responsible for the Ship Registry, Alan Crowe said: "I am immensely proud of what the Ship Registry has achieved in its 30 years of operation. The maritime sector has become very important to the Isle of Man and now employs around 600 people. The Registry provides the hub for maritime-related activities by a large number of firms in the Island, which delivers real economic benefit to our economy."


See all of today's news


 

News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »