There are a lot of people who want to apply for Malta yacht registration. However, due to the fact that they do not acquire sufficient knowledge they are not being able to proceed with the process. Well, the filing of commercial yachts in the area is highly similar to the pleasure yacht acquiring. However, there are certain rules that you have to keep your eyes at and some standards that need your attention.
Categories of commercial yachts registration in Malta
The Merchant Shipping Directorate (MSD) takes a vessel as commercially registered yacht if it is more than 15 meters in length and has a weight that does not exceed the limit of 3000 gross tones. It does not have any cargo included, and the deadline for passengers is 12. Moreover, the yacht should be operated by either the owner or the person listed in body corporate that owns the vessel for commercial use.
The authorities categorize the registration of commercial yachts in three classes. The classification is done according to the size and gross tonnage. Accordingly, it is given a business yacht code that is actually a label that your yacht complies with the safety standards. The classes are:
• Commercial vessels that are from 15 meters to 24 meters in length known as the yachts.
• Commercial vessels that are more than 24 meters in length but are no more than 500 gross tones known as the Superyachts.
• Commercial vessels that are over 24 meters in length and are within 500 to 3000 total tones also labeled as superyachts.
What do you need for Malta yacht registration?
There are certain things that you need in order to proceed with the process of registering a yacht under the Maltese flag. To qualify, you need to be a person with either a Maltese identity or nationality that falls in the category of European Union citizen. However, the Maltese jurisdiction also provides a chance to have the international ownership if you do not own any of the above citizenship. However, in order to do that, you need to appoint a trustworthy resident agent in Malta.
Apart from the above-listed things, you can also set up a shipping organization that will be treated as a Maltese company which you can set up for the sole purpose of yacht registration. Ultimately, the company will be in charge of the vessels and will possess the rights of operation. Also, if you are able to set up the business appropriately, keeping an eye on the laws and requirements, you might be able to benefit from specific taxation and other fiscal rules.
Registering the commercial yacht in Malta
When it comes to registering the commercial boats under Malta flag, you need to proceed with standards set by Malta Commercial Yacht Registration. The authorities require you to provisionally acquire the vessel for around six months for which only a limited number of documents are needed. These have to be filed with the Maltese Maritime Authority. Once you fulfill the requirements, you will be issued a certificate of operation.
To be labeled for commercial usage, your yacht undergoes initial survey that is done before registration. A surveyor approved by the government will arrive and check your vehicle to classify it and see if it is up to the mark for operation. The next survey will be done by the Maltese Maritime Authority for the verification and confirmation. In case that there is some issue with your vessel or it does not comply with the standards, the official will discuss alternative options and once the matter is solved, you will be issued the Certificate of Compliance to Trade by the authorities. It is applicable for five years after which you will have to get it renewed.
Once the registration is done, the survey has to be done on a yearly basis. If your vessel falls in first class, i.e., a yacht with less than 24 meters length (category 1), the crew may be permitted to carry out the survey. However, for the superyachts, i.e., vessels longer than 24 meters (falling in category 2 and 3), the review will be done by a government official.
So, this is how you have to proceed with the Malta yacht registration. Then, you will have the Malta Commercial Yacht Code, and you are good to sail.