Boat registration in the Cayman Islands
is performed with the Shipping Registry (CISR), according to the type of vessel. The Registry is a division of the Maritime Authority of the Cayman Islands and it offers a range of services to those who register merchant ships or yachts and other vessels.
The Cayman Islands have a longstanding seafaring history and together with several other locations, they are part of the red Ensign Group of Category One British registries. This grants the ability to register vessels of all classes, from small ones to large ones. The only exception is for fishing vessels, a category restricted to the ones that are locally owned.
When investors decide to open a Cayman Islands exempted company
they may also be interested in registering a boat owned by the company. Our team answers some of the most common questions about this process and can provide boat owners with further assistance, as needed.
What are the advantages of registering a boat in the Cayman Islands?
Registering a boat in the Cayman Islands
allows the owner to benefit from sailing under a recognized flag, and operating in a favorable environment. The jurisdiction is a favorable location for setting up a Cayman Islands company
and for operating commercial or passenger's vessels. The maritime legislation safeguards the rights of the operation of passenger yachts and that of merchant's vessels.
What is the boat registration process?
Boat owners in the Cayman Islands can start by reserving a boat name. This can be an important step for those who wish to propose a specific name and it includes submitting a special form, with the name proposal and reservation as well as paying the name reservation fee.
When registering a boat, it is important to fill in the appropriate forms including the details of the owner or the representative making the registration as well as provide the following documents:
• boat certificate: this is the builder’s certificate for the boat for a new vessel or the bill of sale for one that has been purchased.
• the Certificate of Good Standing: this is provided by the company owning the boat; for a Cayman Islands exempted company, or another resident company, the certificate of incorporation will suffice.
• the Certificate of Survey: this, along with the International Tonnage Certificate will need to be carried out on the boat, depending on size and type, the use and number of passengers.
• Others: included here are the Deletion Certificate for boats previously registered elsewhere, the registration fee and the tonnage fee.
Other services offered by the Cayman Islands Shipping Registry include the change of vessel type, the registration of a mortgage, the deletion of a vessel, the transfer of ownership or the registration of a ship under construction.
How can our Cayman Islands company formation agents assist boat owners?
Our team provides regular services for setting up a Cayman Islands company, however, we can provide dedicated services to those entrepreneurs who are interested in registering a vessel owned by the Cayman Islands exempted company. The operating environment for boat owners is as favorable as for opening a company, in a tax-neutral jurisdiction where the principles of the English Common Law govern and locally registered vessels benefit from British Consular Services and Royal Naval Assistance.
Under the conditions for registration set forth by the Maritime Authority
, it is important to appoint an authorized person at the very beginning of the process when the owner of the boat is not present for the process. One of our agents can assist you during this step.
The following statistics were issued by the Cayman Port Authority concerning passenger and cargo transportation:
- the number of cruise ship passengers in January 2019 was 217,111 while for the same month in 2018 it was 218,430.
- the total vessel calls (vessels that dock during the course of a voyage) for January 2019 was 95, with an average of 76 for the month of January in the 2010-2019 period.
- as far as the container value expressed in tons according to the port of origin, in January 2019 there were 12,137 tons on vessels from Port Everglades and 10,051 tons on vessels originating from Jamaica; shipments from Port Everglades also recorded a high value (in tons) for June 2019, at 12,468.