ONBOARD Magazine summer 2023

THE BENCHMARK
As one of the world’s leading flag states the Isle of
Man Ship Registry (IOMSR) is pioneering innovation
and high quality standards in the yachting industry
ADVERTORIAL
The benefits of the Isle of Man as a
jurisdiction include low costs and
industry leading support and expertise.
The IOMSR plays a central role in this well
established eco-system. It has built strong
working relationships with specialists,
including Corporate Service Providers (CSPs)
looking to make use of the many positives
the island offers.
Lesley-Anne Walker, head of marketing and
new business at the independent, boutique
corporate and trust service provider based
on the island, Sentient International, has
worked with IOMSR for the past 15 years.
Explaining the benefits of CSPs, she says:
“In an age of increased litigation, experts
recommend that ownership of a high value
asset such as a large vessel or superyacht,
that moves from country to country, exposing
itself to differing jurisdictions’ legislative
requirements and tax laws, is owned by a
corporate structure.
“When purchasing a high value asset it
is also essential for owners to consider
whether there may be wider financial or
liability implications and whether tailored tax
planning could offer any fiscal benefits and
minimise any liabilities. A corporate structure
affords the advantage of segregating the
inherent risks involved whilst also providing
privacy of ownership. The Isle of Man’s stable
political and economic environment provides
One of the world’s leading registers, IOMSR has set the ‘gold
standard’ for superyacht new builds and their operation and has
clients managing commercial yachts in every corner of the world
obvious benefits to owners who use it to
structure ownership of their vessel, including
favourable taxation treatment, both in terms
of VAT planning and corporate tax.
She adds, “Supported by a large number of
CSPs, it is the ideal place for vessel owners
seeking a tailored solution that manages
risk, tax and privacy. CSPs are integral to
the establishment and administration of
such ownership structures and provide a
comprehensive range of ancillary services
with ongoing support, including working with
IOMSR to register the vessels.”
One of the world’s leading registers, IOMSR
has set the ‘gold standard’ for superyacht
new builds and their operation and has
clients managing commercial yachts in
every corner of the world. The relationship
it builds with owners, operators, captains
and crew is invaluable.
The IOMSR is also leading innovation in
decarbonation and digitisation in the yachting
sector. It recently became the first flag state
in the world to offer reduced registration
fees to yachts deploying green technology.
In addition, it launched the first mariner
welfare app ‘Crew Matters’ featuring physical
and mental health wellbeing classes. Crew
can also log their work and rest hours, and
if they feel stressed or unwell, there is a
live ‘SOS’ function giving immediate access
to ‘ISWAN’s SeafarerHelp a multilingual
helpline for seafarers and their families.
IOMSR is an internationally respected
registry which also grants the right to
fly the ‘Red Ensign’ with all the support
that brings globally, including Royal Navy
protection. It prides itself on fast response
times and direct contact with key decision
makers on survey and policy matters.
In addition, it offers an optional survey regime
to private yachts with a ‘Pleasure Yacht
Charter Ready’ scheme, which allows owners
to voluntarily comply and be certificated
against commercial regulations.
Lesley-Anne Walker concludes, “The IOMSR
is a leader and works outside the box in so
many ways, making such a big difference not
only to our island but the wider maritime
industry.”
For more details visit www.iomshipregistry.com
ONBOARD | SUMMER 2023 | 33