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Flag State Registrations There are a number of factors to consider before deciding to register a yacht in a maritime state and fly their flag. These include vessel size, type of registry, corporate ownership set-up, financial and legal jurisdictions, value added tax, residential owner status, operational areas, etc etc.
Each flag registry has something different to offer a prospective owner. The issue here is to choose the flag registry that best suits the requirements of the owner. With their extensive experience and knowledge of the industry, 7 East are able to make an independent assessment to ensure that the right flag registry is chosen for the owner.
Vessel Classification For yachts that wish to charter; they need to be commercially registered. To do this, if the yacht is over 24 metres, the flag will require a full survey to be completed by one of the classification societies (Eg. Lloyds, RINA, ABS, etc).
If the yacht passes the survey, then it will be issued with a classification certificate that states it's area/s of commercial operation/s and any restrictions imposed. The yacht is said to be then in "Class".
Many of the yachts comply with the MCA's large yacht code (LY1 & LY2) specially written for building and operating commmercial yachts. If the yacht is out of "Class" it can still operate as a private vessel.
To bring a yacht back into "Class" can be complex and costly; and in such cases, 7 East will make an independent assessment of the possibilities and present a full project.
Yacht & Crew Assistance Due to a busy owner or/and charter schedules, many Captains and crews do not have the time to organise essential shore related operations for the yacht. This assistance provided by 7 East is done in liaison with the Captain and their crew.
The Yacht & Crew Assistance provides such services that include obtaining the best quotations from shipyards for re-fits, managing maintenance schedules, berthing, provisioning worldwide, finding the best fuel prices for bunkering, managing contracts with stage payments, etc etc.
Owner Support & Advice This specific consultancy service provides the owner with independent advice and guidance for major capital expenditure projects; such as a vessel major re-fit or simply budgeting for annual refits over several years. With our specialist knowledge and considerable practical experience in the industry, 7 East can ensure that the owner's budget is spent wisely and effectively.
For any owner, it is important to keep their yacht in A1 condition; not doing so can badly affect the re-sale value of the yacht later on.
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Contact us at info@7eastyachts.com or telephone France +33 (0)497 210 539.
Copyright 7 East Yachts SARL (April 2009) excluding images used.