We specialise in the registration of vessels in the Cayman Islands.
Our clients are guided proficiently through the registration and documentation process together with any related financing and leasing transactions, if required. We have an excellent reputation in the shipping industry for providing a fast, efficient and professional service at competitive rates.
Flagging into Cayman involves a series of different activities depending on the type of vessel registration required.
Our shipping team can assist with each step of the process including checking the availability of a vessel name at three different ports of registry, establishing that the vessel qualifies for registration and providing guidance for all documentation requirements.
There are five different registration options:
- Full registration,
- Interim registration available during the course of transfer of ownership
- Provisional registration available as a temporary exception to full registration
- Under construction
- Bareboat registration including both Charter Out and Charter In
Upon completion of registration, the vessel official number and carving and marking note will be issued, and the international call sign, if required, will be assigned by the Registrar
We work closely with the Cayman Registry to ensure that the registration process is seamless to our clients and, subject to receipt of all forms and fees, we normally complete the process within 3 working days. If there is an urgent need for an accelerated registration, we can work with the Registry to complete the process on an expedited basis within 24 hours of the following working day.
The Cayman Islands Shipping Registry can accommodate a variety of vessel ownership structures, ranging from individual ownership through to a choice of corporate ownership options.
We advise clients on the most appropriate and cost effective ownership structure for their requirements.
For many clients, the preferred structure for vessel ownership is a Cayman Exempted Company with limited liability. Typical shipping industry practice is to have each vessel owned by a separate entity.
Through our affiliated corporate services provider, Harbour Management Services Ltd., we can quickly and efficiently incorporate a Cayman Exempted Company. Once the company is formed, Harbour Management Services offers a comprehensive array of services to fulfill the ongoing administrative requirements necessary under Cayman Islands Law. Please visit Harbour Management Services for more information on the corporate services we offer.
It is not always necessary to incorporate a Cayman company to register your vessel. We can also assist clients that choose to own a vessel either in their individual name or in the name of an existing company formed outside of the Cayman Islands, through our Representative Person services.
If the owner of the vessel, whether an individual, joint owners or an entity is not resident or incorporated in the Cayman Islands, then a Representative Person resident on the Islands must be appointed to act on the owner’s behalf.
The services provided by a Local Representative include forwarding notices and documents received from the Registry to the vessel owner, renewing the annual radio license and facilitating the payment of the annual tonnage fee.
Our excellent working relationship with the Maritime Authority of the Cayman Islands allows us to act as a trusted local agent on behalf of our clients.
International mortgagees are familiar with Cayman maritime legislation and the excellent mortgage protection provided by a Cayman Islands mortgage.
The FlagCayman team has the experience and contacts to assist clients with the preparation of mortgages and their registration, transfer, and discharge from the Cayman Registry. We are also able, through our extensive legal network, to efficiently and cost effectively provide clients with a Cayman Islands legal opinion for Mortgagees. Often when financing is involved, the bank will seek to have the charge registered over a vessel immediately and our streamlined process ensures a quick turn around and no delays.
Once the mortgage is registered, the Registrar will record the details of the mortgage on the Register and endorse the date and time of registration on the mortgage document itself.
A radio license is required from the Information and Communications Technology Authority in the Cayman Islands once vessel registration is completed, if the vessel has a radio transceiver.
We assist clients with the completion of the requisite application forms and the payment process to obtain the radio license quickly and seamlessly.
We assist with a full range of Cayman maritime documentation and other related services for both commercial and pleasure vessels.
We prepare all the necessary documentation for the initial registration of a vessel, including the provision of corporate documentation, corporate resolutions, powers of attorney and the completion of the requisite forms for the Cayman Islands Shipping Registry. We are also experienced in assisting with documentation for the registration, transfer and discharge of mortgages, change of vessel name, change of vessel type and deletions from the Registry.
Other services include renewals and amendments to certificates, registration of foreign companies, notarisation and legalisation of documents and additional house keeping matters such as the purchase of a Cayman Islands maritime flag.