Panama Ship Registration and Liberia Ship Registration.
Panama ship registration and Liberia ship registration are the process by which a ship is documented and given the nationality of one of these countries in which the ship has been documented. These states are also known as flag states. The nationality allows a ship to travel internationally as it is proof of ownership of the vessel.
International law requires that every ship be registered in a country, called its flag state. Through ship registration, a ship is subject to the law of its flag state and it is said to sail under the flag of the country of registration.
A ship’s flag state exercises regulatory control over the vessel and is required to inspect it regularly, certify the ship’s equipment and crew, and issue various documents in the field of safety, pollution and security. The organization which actually registers the ship is known as its registry.
Ships which travel internationally or cross international borders are required to be registered. Some jurisdictions also require vessels that travel only in its local waters to register on its national register. The country of registration is a ship’s flag state and determines its nationality as well as which country’s laws govern its operation and the behavior of its crew.
Each registry has its own rules as to the types of vessels that it will accept for registration. Usually, it is necessary to file the purchase or building contract of the ship, indicating its value. With the registration a vessel is provided with an IMO number. IMO stands for International Maritime Organisation that is based in London. A ship will maintain the same IMO number for life, even if it is canceled from one register and re-registered in another jurisdiction. This number is therefore key to follow the life of a ship. Registries charge a registration fee and annual fees.
Currently, the Republic of Liberia and the Republic of Panama are two of the countries that maintain more registered ships. Both countries are tax havens and maintain a very favorable legislation in maritime matters.
ISOG lawyers and attorneys at law are experts in vessel and ship registration in several jurisdictions. Ship registration plays also a key role in asset protection planning.
If you wish to register your ship or vessel and thus protect your asset, contact ISOG lawyers and attorneys at law.