Faroe Islands
About the Flag
The Faroe Islands are located between the Norwegian Sea and the North Atlantic Ocean, about halfway between Iceland and Norway. The islands have been connected politically to Denmark since the 14th century. A high degree of self-government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defense, and foreign affairs. The Faroe Islands are not part of the European Union. (x)
The Faroe Islands is an Associate Member of the International Maritime Organisation (IMO). All the relevant IMO / ILO conventions are in force in the Faroe Islands, the new edition of the IMO’s STCW convention is under implementation (November 2011) and the Maritime Labour Convention (MLC) will also apply, when ratified by the required 30 states.
The Faroese flag, known as “Merkið”, is internationally recognised.
As a seafaring nation with long standing maritime traditions, the Faroe Islands have both a national and an international ship register. The islands offer shipping companies a very competitive tax regime, including vessels not registered in the Faroe Islands Ship Registries, but owned or bareboat chartered by Faroese companies.
Vessels registered in the Faroese national or international register must be owned by a Faroese company/person. However, there are no restrictions regarding the nationality of the ownership of a Faroese company.
The national ship register in the Faroe Islands consist of around 550 vessels of which 365 are fishing vessels.
Vessels registered in the national register fly the Faroese flag and are subjects to Faroese jurisdiction.
Foreign vessels are permitted to be bareboat registered in the national ship register.
The Faroe Islands International Ship Register (FAS) was launched in 1992 and has proven to be an excellent alternative to other ships registers. FAS offers a number of financial advantages including a flexible, efficient, and uncomplicated administration. The Faroe Islands International Ship Register is on Paris MoU’s white list.
Only merchant vessels can be registered in FAS.
Vessels registered in the Faroese International Ship Register fly the Faroese flag and are subject to Faroese jurisdiction. Foreign vessels are also permitted to be bareboat registered in the Faroese International Ship Register. Furthermore, the FAS act allows dual registration.
Merchant vessels including related activities, owned or bareboat chartered by Faroese companies, wether registered in the Faroese International Ship Register or not, can take advantage of the Faroese tonnage taxation as well as the “Wage Refund System” where the taxes paid by the seamen will be repaid 100% to the shipping company.
The Faroese Maritime Authority (FMA) is responsible for the administration of FAS registered vessels.
This entry was prepared with the kind assistance Faroe Maritime Services | Sundsvegur 11, 100 Torshavn, Faroe Islands | Tel: +298 610000 | Fax: +298 610001 |
http://www.fms.fo | fms@fms.fo |
FMS offers flagstate and ship management consultancy and extends their services to any readers considering FAS.
