Marine and Shipping
The global marine and shipping industry includes among other things, leisure activities, maritime transport, vessel maintenance, shipbuilding, and ship ownership. Offshore financial centers may be used to register a vessel or incorporate the business units that operate the functioning of the ship in the broadest sense. Consequently, services like recruitment, employment and payrolling, marketing, trademark and IP registration, finance and ship registration and ownership is often managed from offshore jurisdictions.
In group structures, financial holding companies may be incorporated offshore. Such group structures enable inter-company transactions, efficiency and further internal optimization. International corporate structuring requires close examination of the applicable rules in different countries. Therefore offshore company formation, trademark protection and the registration and ownership of vessels requires detailed knowledge of distinct company, maritime and tax laws. As such professionals in the maritime and shipping industry are advised to seek professional assistance before they enter the offshore arena.
The choice for the appropriate offshore jurisdiction depends on several factors. When done correct, business diversification mitigates and limits group risk. To begin with, most important is the local infrastructure within the jurisdiction. This infrastructure lays down the legal, financial and technological framework, and ensures a smooth operation in several jurisdictions and distinct legal systems.
Alongside the service provision from a top-down perspective, freelance captains, contract workers and other crew members may also incorporate an offshore company to invoice their employer. This group of workers had different needs and should pay close attention to the rules of their state of personal residence, and the countries they frequently visit before they decide to incorporate offshore.