Cheapest and easiest registry?

[TSailors]

Hi there. I'm about to buy an 9-meter sailboat from Norway, it will be used just for pleasure cruising around the world. The boat naturally has a Norwegian flag. I would like to register it to my UK LTD company. Which registry do you think would be the least expensive way for me?
Many thanks, -t

 

[jdc]

You can't expect us to connive with chicanery. The Small Ship's Register costs £35 for 5 years; that's £7 a year, or 13p a week, or less than 2p a day. Can your 'company' not raise this massive sum?

And why a company? I have companies, but I pay for my hobbies myself because the boat is used just for 'pleasure cruising around the world', so can not be considered a company asset and so I would consider it fraudulent to do differently. Besides, the accountant's annual fees would vastly exceed £7 for treating the dubious asset as a legitimate business expanse.

 

[Fr J Hackett]

If you are buying a 9M boat the registration cost is going to be the least of your worries.

 

[Stingo]

I wonder if the OP wants to put the boat in his company's name for VAT reasons?

 

[KompetentKrew]

Surely has to be Part 1 register if OP anticipates "cruising the world:" and becoming no longer UK resident?

 

[B27]

You can't expect us to connive with chicanery. The Small Ship's Register costs £35 for 5 years; that's £7 a year, or 13p a week, or less than 2p a day. Can your 'company' not raise this massive sum?

And why a company? I have companies, but I pay for my hobbies myself because the boat is used just for 'pleasure cruising around the world', so can not be considered a company asset and so I would consider it fraudulent to do differently. Besides, the accountant's annual fees would vastly exceed £7 for treating the dubious asset as a legitimate business expanse.

You don't need an accountant to run a simple UK LTD company.
AIUI, you can register a boat on part 1 using a LTD Co, without being UK resident, but to use cheapo part 3, you have to live here? And be an actual human not a LTD?

AIUI, the UK taxman is sensitive to companies owning yachts and making a loss on them while directors get use of them. However there can be valid reasons for holding a yacht in a LTD Co, like wanting to have shares in it.

There are probably other cheaper flags you can fly.

 

[Fr J Hackett]

I wonder if the OP wants to put the boat in his company's name for VAT reasons?

A doubt there are any 9 M secondhand boats that are eligible for VAT rebates

 

[Stingo]

A doubt there are any 9 M secondhand boats that are eligible for VAT rebates

On arrival in the UK, through a VAT registered company, he can claim the VAT back.
Edit: also see #6

 

[Fr J Hackett]

On arrival in the UK, through a VAT registered company, he can claim the VAT back.
Edit: also see #6

If the VAT has been paid in Europe? Or simply avoid paying UK VAT and import taxes by not visiting the UK. His other posts speak of moving this imaginary boat that he has yet to find to the Med, we don't even know that he is a UK citizen.

 

[MattK1969]

Cheapest flag is Poland. But insurance will probably be cheaper if you are a British citizen and you register the boat in the UK. In the end the difference between the two is pretty negligible. Just take care, as boats registered in some Scandi nations attract a wealth tax.

 

[Fr J Hackett]

Cheapest flag is Poland. But insurance will probably be cheaper if you are a British citizen and you register the boat in the UK. In the end the difference between the two is pretty negligible. Just take care, as boats registered in some Scandi nations attract a wealth tax.

To insure in the UK don't you have to be resident in the UK?

 

[dunedin]

Hi there. I'm about to buy an 9-meter sailboat from Norway, it will be used just for pleasure cruising around the world. The boat naturally has a Norwegian flag. I would like to register it to my UK LTD company. Which registry do you think would be the least expensive way for me?
Many thanks, -t

Perhaps it would help if you explain why you want to take the extremely unusual step of owning a small sailing vessel via a Ltd company.
Costs of an SSR registration are likely to be tiny compared to other costs of boat owning. But an unusual ownership structure may attract extra bureaucratic attention.

 

[MattK1969]

To insure in the UK don't you have to be resident in the UK?

Good point, not sure. I assumed they were...

 

[Tranona]

Hi there. I'm about to buy an 9-meter sailboat from Norway, it will be used just for pleasure cruising around the world. The boat naturally has a Norwegian flag. I would like to register it to my UK LTD company. Which registry do you think would be the least expensive way for me?
Many thanks, -t

Not enough information about either you or the boat to give a clear answer about all the possibilities. However would suggest you register on the UK Part 1 as this is an open register of title. It is not "cheap" in the sense that you will need a survey on the boat to measure it and confirm that it exists. There is no advantage in registering it in the name of a company, in fact this may well create problems when visiting other countries.

The purpose of registration is to demonstrate the flag state of the boat in accordance with international maritime law. The Red Ensign group of registers, which include the Channel islands and various other UK dependencies or former dependencies are the most widely accepted "flag states". In addition they are registers of title. I think you will find there is an approved measuring surveyor in Norway who can probably do your condition survey on your purchase at the same time. Suggest you contact the registry in Cardiff.

 

[Refueler]

Cheapest flag is Poland. But insurance will probably be cheaper if you are a British citizen and you register the boat in the UK. In the end the difference between the two is pretty negligible. Just take care, as boats registered in some Scandi nations attract a wealth tax.

Actually Poland is not cheapest ... Sweden is significantly cheaper .... 50euros for 2 years ... no inspections ... no need for residency - you join Swedish Cruising Assoc ... and they issue the Certificate. Owner can be stated as a Company with a Person named as the Representative ... as mine : My Name on behalf of xxxxxx
Many boats in Baltics use Swedish Register .. you rarely see Polish unless its a Polish boat owner !

 

[lusitano]

Understood Polish is around 400€ one off payment without any inspections /residency etc ?

 

[vyv_cox]

To insure in the UK don't you have to be resident in the UK?

Not exactly. I live in France, own a UK flagged boat that is in Greece. I have been insured with HKJ for many years when living in UK. They have a branch in Eire for cases like mine. My premium is still paid in pounds sterling

 

[ithet]

My accountant said the quickest way to get HMRC on your back is put a boat or horse on the books.

 

[Refueler]

Understood Polish is around 400€ one off payment without any inspections /residency etc ?

When I looked at it for my latest boat - it was strongly advised to use an Agent ... even though it looked simple enough.

Then I was advised to look at Swedish and it was a done deal - no competition !!

 

[Refueler]

Not exactly. I live in France, own a UK flagged boat that is in Greece. I have been insured with HKJ for many years when living in UK. They have a branch in Eire for cases like mine. My premium is still paid in pounds sterling

Its the other way round that can prove hard. I wanted Insurance in EU for Latvian boat with me as English owner with full permanent Latvian residency. EU based Insurance refused based on my being a Brit .. Even Manheimer who had previously insured my boat said no.

Here's one of the replies I received :

Hallo Herr Geiger,
derzeit dürfen wir für UK-Staatsangehörige leider weiterhin noch keine Deckungen anbieten. Auch wenn es hier über seine Ltd. (in Lettland?) liefe, wären wir vom westeuropäischen Interesse doch zu weit entfernt.

Daher möchten wir hier von einer Angebotslegung Abstand nehmen und bitten um Verständnis.

Beste Grüße,
Stephan Stubbe

Translated :

Hello Mr. Geiger, unfortunately we are still not allowed to offer cover for UK nationals at the moment. Even if it were to run through his Ltd. (in Latvia?), we would be too far away from the Western European interest. Therefore, we would like to refrain from making an offer here and ask for your understanding. Best regards, Stephan Stubbe

I did finally find an Insurer who would issue cover ... via Estonian broker.