4 Dec 2013
British Virgin Islands close to securing unlimited tonnage status
The British Virgin Islands (BVI) currently operates as a Category One Red Ensign Registry with some limitations; meaning it is able to register all types of yachts up to 3000gt and general cargo ships of unlimited tonnage. Speaking exclusively to SuperyachtNews.com, however, John Samuel, director of shipping at Virgin Islands Shipping Registry, reveals that BVI is close to securing unlimited tonnage status for yachts.
“BVI is currently upgrading our in-house technical competencies, administrative systems, software, and finalising plans for administrative presences in London and Fort Lauderdale,” explains Samuel. “Based on our work schedule, we anticipate approval for our upgrade to full Category One status to take place in early 2014. This will make BVI unlimited in all yachts and shipping markets and will create an exciting option for registration under the Red Ensign Flag. We pride ourselves on being personal and responsive, and have three ports of registration that are cruising ports top of the lists for placement on many a superyacht’s transom; White Bay in Jost Van Dyke, Gorda Sound in Virgin Gorda and Road Harbour in Tortola.”
When asked about the effect that this will have on BVI’s market share of the superyacht fleet, Samuel responded that he hoped the unlimited status will see an increase of the larger superyachts registered under the BVI flag. “With our improved status, and our careful and targeted expansion to deliver seamless transactions to our clients, we anticipate that BVI will initially become a viable and discussed option when flagging decisions are being made,” said Samuel. “As a result, we do anticipate growth in our superyacht fleet in the coming years. That is one of our goals and we are carefully placing the stepping stones to make it happen.”
The upgrade will perhaps give BVI the opportunity to compete with other, more established, Red Ensign flag registries going forward, but is this a particular goal? “There is a very healthy competition among the Red Ensign flags, and we all work diligently to maintain the standards of the group and the Red Ensign Flag,” explains Samuel. “Most of the targets are new business resulting from new builds, or new or change of ownership from sales. BVI remains the first choice for company formation, and many Red Ensign flagged yachts are owned by BVI companies. With this improvement at the Virgin Islands Shipping Registry, the BVI can now offer clients the ability to complete all transactions in one jurisdiction, which eases the burden of having cross jurisdiction business transactions relating to the same yacht. Administratively and financially it is an offer of improvement in yacht administration.”
Add a comment
Other Business News
After an extraordinary turn of events the Superyacht Owner’s VIP lounge returns to its traditional home. Make sure your name is on the guest list More
As concepts arrive on our desk in the run up to Monaco, we look at the line between inspiration and PR More
Thus far 2016 has seen eight serious incidents that have resulted in the loss of superyachts, nearly five more than the average numbers of yacht fires between 2010 and 2015. More
We delivered €60,000 of prizes to the crew of motoryacht Secret, the winner of The Crew Report's Superyacht Golden Ticket survey. More
ABB Marine and Ports
ABB is a leading supplier of electrical power and propulsion systems for ships. We provide innovative, safe and environmentally-friendly solutions and qualified services worldwide. Our AzipodÂ® propulsion has proven its efficiency and reliability on yacht vessels with its ultimate silent and ecological solution.
Jets Vacuum AS
Jets Vacuum has for over 30 years been the leading innovator in vacuum sanitation technology. With over 11,000 Jets systems in operation on all types of ships, Jets are known for high quality, flexible cost efficient solutions backed up by first class world wide service
Superyacht Tenders & Toys
Superyacht Tenders & Toys have a high level of expertise in providing new build and custom tenders, chase boats, RIBs & all popular yacht toys. With an unrivalled global service network, maintaining a personal & bespoke service, wherever you are in the world, Superyacht Tenders & Toys can help.
ASEA POWER SYSTEMS
ASEA POWER SYSTEMS is the Marine Industry Leader for Shore Power Conversion equipment ranging in power from 8kVA - 1000kVa.
ATLAS MARINE SYSTEMS
Atlas Marine Systems, the world leader in the design of marine electrical power systems, offers a full range of engineering services necessary to define the onboard electrical distribution system or simply the application of the Atlas power conversion products.
Integrated Navigation Systems based on state-of-the-art technology and decades of experience in the superyacht industry. Ultimate knowledge and flexibility in system integration. Dedicated customer care throughout the whole project and beyond.
WREDE Consulting is an independent paint consultant and paint surveyor company who has worked for most of the 200 largest yachts worldwide in coating, paintwork and equipment areas. WREDE Consulting engages in quality management and objective quality assessment for the coating of mega- and superyachts. www.wrede-consulting.com
Marlink offers seasonal, flexible contracts to match regional sailing requirements. Through our dedicated account managers & customer services, we develop personal relationships with customers & drive innovations to develop digital solutions & smart applications that take you beyond just connectivity.