Turkey Ship Registration
By registering a ship under the Turkey flag it provides access to the Mediterranean and Black Sea markets, and compliance with European maritime standards.
Registering a ship under the Turkey flag offers significant advantages, making it an attractive option for maritime activities. Key benefits include (a) Turkey’s status on the White List of the Paris MoU, reflecting high safety and compliance standards, (b) strategic location at the crossroads of Europe and Asia, providing access to major shipping routes, (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 Turkey-registered vessel. Furthermore, Turkey offers efficient administrative services and a robust legal framework, enhancing the reliability and efficiency of maritime operations Tokyo MOU.
Facts & Info about: Turkey Ship Registration
- Ownership:Ships must be owned by Turkish individuals or companies. Foreign entities can also own ships through a Turkish company.
- Company Formation: The owning company must be registered in Turkey, typically as a Joint Stock Company (A.Ş.) or a Limited Liability Company (LTD).
- Directorship: Must comply with local corporate governance requirements, including having Turkish residents as directors.
- Resident Agent: Not explicitly required.
- Office Address: The company must have a registered office in Turkey.
- Annual Maintenance: Annual tonnage tax and maintenance fees must be paid.
- Inspections: Regular safety and compliance inspections as mandated by the Directorate General of Coastal Safety.
- Financial Statements: Submission of annual financial statements and other regulatory documents as required by the Turkish Commercial Code.
- 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 Turkey-registered vessel.
- Capital Gains: No capital gains tax on the sale or transfer of a Turkey-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 the Turkish Commercial Code.
- Turkish Commercial Code: Governs the registration, sales, and mortgages of ships in Turkey.
- Tonnage Tax Law: Regulates the taxation system based on tonnage rather than profits.
- Flag State Control: Turkey ensures compliance with international maritime regulations.
- Reputation: Turkey is on the White List of the Paris MoU and on the Grey List of the Tokyo MoU.
- Support Services: Turkey offers comprehensive maritime services including management, legal, and logistical support.
- Strategic Location: Key location for Mediterranean and Black Sea routes.