When it comes to a yacht for commercial use, before the owner rises a question of how and where it will be best to register the mentioned vessel. One of the most convenient and popular ways to accomplish this task is to register the yacht through a specially created company under the Maltese flag.
Malta is one of the globally-recognized territories with beneficial conditions for registering yachts for business purposes. The country has the necessary legislative framework in place, having been established for quite some time now. The Merchant Shipping Act of 1973 officially established the Malta flag as an open registry. The country is also on the White List of both the Paris Memorandum of Understanding and the one of Tokyo’s. On top of that, Malta's geographical location and rich maritime history have greatly contributed to its global recognition as an advantageous jurisdiction for yacht registration.
Some of the most significant benefits of listing a commercial yacht through a Maltese company are the VAT and tax benefits. Thanks to Malta's “tonnage tax” system, profits from the use of commercial vessels are subject to tonnage tax rather than income tax. This allows the owner to save on the boat's operating costs.
Commercial yachts registered in Malta and operating on the high seas are freed from VAT on the charges of maintenance, chartering, fueling, etc. Exemption from this value-added tax applies only if the place of supply is Malta.
Among other significant advantages of registering a yacht under the Malta flag are:
- Full membership of the jurisdiction in the European Union;
- Comparably low cost of establishing a company to possess a commercial boat;
- Tax concessions for owners of yachts intended for commercial use;
- The yacht registration process is straightforward and free from unnecessary bureaucratic delays;
- Compliance with international standards ensured by flag state inspection;
- Availability of effective maritime administration;
- Maltese vessels have no restrictions on the nationality of the captain, officers, and crew;
- Absence of restrictions on the nationality of shareholders and directors of Maltese shipping companies.
Incorporate in Malta with Clevver’s Hand
Company registration in Malta with Clevver’s assistance is a well-structured and smooth procedure. Together with legal partners, our highly qualified specialists provide comprehensive support to entrepreneurs wishing to register a company to own a commercial vessel in the Republic of Malta.
Company formation in Malta does not require the client's personal presence, Clevver's experts will do everything remotely and provide the necessary documentation in digital form.
APPLY TO US TO RECEIVE:
- The assistance of the experts of the highest qualification;
- The remote process of starting up a company in Malta;
- A complete set of documents on the company formation that can be assessed digitally;
- Time-efficient proceeding of an application for the business incorporation service;
- Regular customer support and individual approach to each client.
Malta is a promising country in the Mediterranean Sea, located between Europe and Africa. The Republic of Malta can safely be called an assuring jurisdiction for entrepreneurship. This is due to the political stability of the Mediterranean island-state, its well-developed and structured finance and tax systems, and a high level of economic growth.
Beside this, Malta is also one of the best places to register commercial yachts. It’s proven by the fact that the country has the largest shipping registry in Europe and the 6th largest in the world.
Our team provides support in the remote registration of a company in Malta. You can start the formation of your Maltese business entity right now!
DISCLOSURE NOTICE: Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice.