The Cayman Islands is an efficiently regulated international finance jurisdiction at the leading edge of global best practice. Typical shipping industry practice is to have each vessel owned by a separate company or entity. Cayman offers several vessel ownership structures, ranging from individual ownership through to a choice of corporate ownership options. Company incorporation procedures are well-established and clear with no nationality or residency requirements for beneficial shareholders and directors.
|No. of Ships||250|
|Age Limit||25 years (discretionary|
|Size Restrictions||No restrictions*|
|Ownership Requirements||Qualifying Parties: British subjects; Nationals of any of EU or EEA State, including their overseas territories, bodies
corporate and "shipping entities" established in and having a place of business in any of the above States or
Territories. Shipping entities include partnerships, exempted limited partnerships and any other similar entities
regardless of whether they have a legal personality separate and distinct from those of their members; Foreign
Companies registered in the Cayman Islands under the relevant Cayman Islands law and having a place of business
within the islands.
|Documents Required||application to register at the Port of George Town;
notice of name proposed for a British ship;
appointment of authorised officer/agent;
declaration of ownership on behalf of body corporate;
declaration of private use (for pleasure craft);
undertaking to mark vessel for conditional registration;
appointment of representative person (for owners not residing in Cayman Islands);
certificate of good standing;
certificate of incorporation;
certificate of survey.
|Registration Fees||First Registration, Registration Anew, Re-registration or transfer to another port:-
Vessel up to 150 grt - US$300
150 grt – 400 grt - US$350
400 grt – 1,500 grt - US$700
1,500 grt and more - US$1,000
Registration of Transfer of Ownership:-
Vessel up to 150 grt - US$200
150 grt – 400 grt - US$250
400 grt – 1,500 grt - US$275
1,500 grt and more - US$400
Minimum fee - US$100
Per grt for the first 1,000 tons - US$0.40
Each additional ton above 1,000 grt - US$0.14.
|Approved Classification Societies||ABS, BV, DNV, GL, LRS, RINA – for the vessels located outside the Cayman Islands. Vessels located within the
Cayman Islands will be surveyed by the Registry.
|Crew Nationality||No restriction on nationality|
|Parallel Registration||Allowed both in and out of Registry|
|Flag of Convenience||Yes|
|Principal IMO Conventions Adopted||SOLAS, MARPOL, STCW, COLREG, CLC, FUND, INMARSAT and all other major maritime Conventions.|
|Type of Mortgage||An account current or principal and interest statutory mortgage form is accepted and will need to be registered at
the Shipping Registry. There will normally be a separate Deed of Covenants which need not be registered at the
Shipping Registry. However, care should be taken to ascertain whether or not these documents also need to be
registered in the relevant Companies Registry (within a specific time limit) where the owner is a body corporate.
|Mortgage Registration Fee||Vessels up to 1,500 grt - US$200
Vessels of 1,500 grt and more - US$350
|Useful Addresses||Cayman Islands Shipping Registry
PO Box 2256 GT
Grand Cayman, Cayman Islands
Tel: +345 949 8831, Fax : +345 949 8849