60% of global air freight is handled by cargo aircraft, according to Boeing; otherwise, shipping comes in handy. The British Virgin Islands are a group of islands located in the Caribbean well-known for their beautiful beaches and stunning scenery. However, the British Virgin Islands is also a major shipping hub that handles many large cargo ships annually. Here are some things you should know about shipping laws related to this area.
1. What’s the Purpose of the BVI Shipping Registry?
The British Virgin Islands Shipping Registry (BVISR) is responsible for the registration of ships in the British Virgin Islands. The Registry provides a wide range of services to shipowners, including vessel registration, the issuance of Certificates of the British Virgin Islands Flag State, and the provision of technical and operational support. The BVISR is also responsible for the safety and security of vessels registered in the British Virgin Islands.
2. What Are the Eligibility Requirements for Registering a Vessel in the BVI?
To be eligible for registration in the British Virgin Islands, a vessel must be owned by a British Virgin Islands company or individual. The vessel must also be used for commercial purposes.
3. What Are the Documentation Requirements for Registering a Vessel in the BVI?
To register a vessel in the British Virgin Islands, shipowners must apply for registration, the Articles of Association of the owning company, the Certificate of Incorporation of the owning company, and the Certificate of Survey of the vessel. Additional documentation may be required in some cases.
4. What Are the Fees Associated With Registering a Vessel in the BVI?
The fees associated with registering a vessel in the British Virgin Islands vary depending on the size and type of vessel. Registration fees require an annual payment.
5. What Are the Benefits of Registering a Vessel in the BVI?
Vessels registered in the BVI are entitled to fly the flag of the British Virgin Islands. It gives the vessel certain benefits and protection under international law. Additionally, registering a vessel in the BVI can be advantageous for tax purposes.
British Virgin Islands shipping is governed by many laws and regulations. These laws protect the safety of vessels, their crews, and the environment. Registered shipowners in the British Virgin Islands can take advantage of several benefits. Contact JML Corporation today to learn more.