Georgia Ship Registration
Georgia's location on the Black Sea provides advantageous access to major shipping routes and ports, enhancing maritime trade opportunities.
Registering a ship under the Georgia flag offers several advantages, making it a strategic choice for maritime operations. Key benefits include (a) Georgia’s status on the White List of the Tokyo MoU, indicating high safety and compliance standards, (b) access to modern maritime infrastructure and services, (c) a favorable tonnage tax system, where tax is based on the ship's net tonnage rather than profits, and (d) no tax on profits from the operation of a Georgia-registered vessel. Additionally, Georgia provides efficient administrative services, a strong maritime tradition, and a robust legal framework, enhancing operational efficiency and reliability for shipowners (Tokyo MOU)
Facts & Info about: Georgia Ship Registration
- Ownership: Ships must be owned by Georgian individuals or companies. Foreign entities can also own ships through a Georgian company.
- Company Formation: The owning company must be registered in Georgia, typically as a Limited Liability Company (LLC).
- Directorship: Must comply with local corporate governance requirements.
- Resident Agent: Not explicitly required.
- Office Address: The company must have a registered office in Georgia.
- Annual Maintenance: Annual tonnage tax and maintenance fees must be paid.
- Inspections: Regular safety and compliance inspections as mandated by the Maritime Transport Agency of Georgia.
- Financial Statements: Submission of annual financial statements and other regulatory documents.
- 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 Georgia-registered vessel.
- Capital Gains: No capital gains tax on the sale or transfer of a Georgia-registered vessel or the shares of a shipping company.
- Registration Process: The registration process can take a few weeks depending on documentation and compliance with Georgian maritime law.
- Maritime Code: Governs the registration, sales, and mortgages of ships in Georgia.
- Tonnage Tax Law: Regulates the taxation system based on tonnage rather than profits.
- Flag State Control: Georgia ensures compliance with international maritime regulations.
- Reputation: Georgia is working towards improving its status on international MoU lists.
- Support Services: Georgia offers comprehensive maritime services including management, legal, and logistical support.
- Strategic Location: Strategic access to the Black Sea. Georgia’s strategic location offers advantages for global shipping operations.