Barbados Ship Registration
The Barbados flag is a favorable option for shipowners seeking a reputable, cost-effective, and efficient flag state for their vessels.
Registering a ship under the Barbados flag provides several advantages, including (a) Barbados's commitment to maintaining high safety and compliance standards, being on the White List of the Tokyo MoU, (b) competitive registration and tonnage tax rates, and (c) no restrictions on ship ownership or crew nationality. Barbados offers efficient administrative services and a supportive regulatory environment.
Facts & Info about: Barbados Ship Registration
- Ownership: Ships can be owned by both Barbadian and foreign individuals or companies.
- Company Formation: The owning company can be registered in Barbados or elsewhere.
- Directorate: A Cypriot resident must be appointed as a director to comply with local laws.
- Resident Agent: A resident agent must be appointed if the owner is not a Barbadian citizen or company.
- Office Address: The company must have a registered office, which can be a representative office in Barbados.
- Annual Maintenance: Annual tonnage tax and maintenance fees must be paid.
- Inspections: Regular safety and compliance inspections as mandated by the Barbados Maritime Affairs Department.
- Financial Statements: Not explicitly required.
- Tonnage Tax System: Tax is based on the ship's net tonnage rather than its profits.
- Income Exemptions: No tax on profits from the operation or management of a Barbados-registered vessel.
- Capital Gains: No capital gains tax on the sale or transfer of a Barbados-registered vessel or the shares of a shipping company.
- Registration Process: The registration process is typically swift, taking a few days.
- Maritime Law: : Governs the registration, sales, and mortgages of ships in Barbados.
- Tonnage Tax Law: Regulates the taxation system based on tonnage rather than profits.
- Flag State Control: Barbados ensures compliance with international maritime regulations.
- Reputation: Barbados is on the Grey List of the Tokyo MoU.
- Support Services: Barbados offers comprehensive maritime services including management, legal, and logistical support.
- Strategic Location: Barbados’s favorable regulatory environment offers advantages for global shipping operations.