Registration of the Mortgage of a Ship
How long does it take to register a Ship?
Owning a vessel through a Mauritius GBCI Company and its registration in Mauritius has many advantages. OCRA (Mauritius) Limited, as a pioneer in this market, has unique expertise in the facilitation of the registration of ships in Mauritius.
Some of the advantages of registering your ship in Mauritius include:
Further, the above persons or companies can register a foreign ship under the Mauritius Flag if the ship is bareboat chartered to them for a period of at least 12 months but not exceeding three years. Every type of sea worthy vessel intended for use in navigation is eligible, but they should not be older than 15 years. It must maintain class with one of the classification societies approved by the Director of Shipping and a third party liability insurance certificate must be produced evidencing compliance with international maritime conventions to which Mauritius has acceded.
The registration procedures involve the formation of a Company licensed by the Financial Services Commission to hold a Category 1 Global Business Licence and the registration of the vessel itself with the Ministry of Trade and Shipping.
The Mauritius shipping laws allow for permanent, provisional and parallel registration of vessels.
Provisional registration under the Mauritius Flag for a period of up to six months prior to permanent registration is allowed and may be effected at any place abroad, where Mauritius has an embassy, a consulate or an honorary consul.
The requirements as to the age, class, and proof of liability insurance and international conventions as required for permanent registration shall apply. For a ship which has a foreign certificate of registration and wants to transfer to the Mauritius register, a certificate of deletion from the foreign register clearing any registered encumbrances, is required.
Parallel registration. Ships bareboat registered in a foreign registry chartered by Mauritius companies may be registered in the Mauritius Open Ship Registry for the period of the charter, however, not exceeding three years.
Permanent Registration is where the ship is permanently registered after fulfilment of all of the registration procedures. On receipt of the certificates, the Director of Shipping will allot to the ship the number which must be carved on the ship, together with the name, registered tonnage and the port of registry. On the completion of the carving, marking and the inspection by an approved surveyor, and receipt of the necessary documents and fees, the Director of Shipping will issue the certificate of registration.
A Mauritius ship may be given as mortgage for security of principal sum and interest. The legislation has been amended to bring it in line with the British System of Mortgages. Both owners and mortgagees are fully safeguarded by clear provisions in the appropriate regulations.
A ship under the Mauritius Flag or a share therein may be pledged or given security for a loaner guarantee. A provisionally registered Mauritius ship can be mortgaged and the priority of such mortgage is preserved upon permanent registration of the ship.
The process includes two steps, the incorporation of the Mauritius GBCI Company, and the registration of the vessel in Mauritius with a Mauritius Flag. Depending on the business plan and the availability of the documents, it takes around 3-4 weeks for the company incorporation and another 2-3 weeks for the ship registration.
Purchasing a yacht is a major acquisition which requires careful planning and consideration. As a dedicated division of OCRA Worldwide, OCRA Marine is positioned to assist at every level.
We invite you to contact the consultant listed below for a Free Initial Consultation.
Our professional services go beyond yacht registration and include ownership structuring that provides for beneficial VAT planning and tax mitigation (and/or deferral). We are also able to arrange for yacht finance and vessel insurance, and will take care of any project management requirements in addition to the day-to-day maintenance and management of the vessel. In short, we take care of all aspects of yacht ownership providing owners with a single and dedicated point of contact for the ongoing management of their vessel.
If you would prefer to make contact with a consultant at one of our offices who speaks your language, click here for a full list of our office contact details, otherwise follow the details below to make contact.
Alternatively, click on the link below to complete and submit our yacht questionnaire:Yacht Questionnaire or visit our website www.ocramarine.com for more information.
Languages spoken in this office: English and French
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