British Virgin Islands Seeks to Increase Yacht Registrations
The Virgin Islands Shipping Registry is calling upon national yacht owners to register their yachts under the national flag.
BVI News Online reports:
Many companies registering super yachts overseas, authorities appeal to financial services
Local authorities have appealed for more players in the financial services industry to support the local super yacht sub-sector amid claims that many local companies have been registering their vessels overseas.
The Virgin Islands Shipping Registry (VISR), in a statement to the press, also stated that it intends to boost its registration efforts.
VISR Director John Samuel underscored the importance of having more financial services stakeholders embrace and engage in the local ship registration sub-sector.
“Our findings are that many super yachts are owned by BVI Companies but are not registered in the BVI. This indicates that there may be a crack in our network that business is slipping through,” he said.
“VISR will be working to re-engage the industry in an attempt to retain that sector of the business.”
To boost its efforts, VISR has issued its first Document of Compliance to Royale Oceanic. This will enable Royale Oceanic to manage International Safety Management (ISM) Compliant super-yachts flying the Virgin Islands flag.
While that is being done, Premier Dr. D. Orlando Smith, at a press briefing last Friday, stated that his administration has been living up to its commitment to the charter industry.
“We are committed to the charter industry as we are to all aspects of the tourism business. And, in fact, over the past several years – two years certainly, while we were struggling from decreased numbers from both overnight and cruise, the charter industry continues to perform well. We gave them the support that was necessary, and we expect that to continue to perform.”
Added Premier Smith: “The BVI has excellent sailing waters, and that is also very attractive. We continue to give licenses to persons who want to be involved in the charter industry so that the industry can continue to grow.”
