Adventages and Features
ADVENTAGES FOR PANAMANIAN VESSELS
- Any individual or corporation, no matter their nationality and place of origin, is eligible to register vessels under Panamanian flag.
- The registration process is fast, allowing a vessel to be registered in approximately 10 hours, as long as all requirements are met.
- A reliable naval mortgage system fully backed up by the national and international banking system.
- Operating 24 hours in the offices of Panama to assist Asia and Europe, despite the time difference.
- Strategic representation in sixty countries through the Shipping Consulates.
- Strict compliance of the international agreements over maritime security, IGS, STCW 78/95, among others.
- Tax exemption over profits deriving from the activity.
- Through Law 25 of June 3, 2002, an additional discount of up to twenty five percent (25%) over the Annual Tax and of up to fifty percent (50%) over the Consular Annual Fee could be granted, for a period of four years, provided that there are groups with at least four vessels of new construction that represent, at least, more than fifty thousand gross rated tons in registry (50,000 GRT), up to one hundred thousand gross rated tons (100,000 GRT); and for groups of four vessels of more than 100,000 GRT, an additional discount of up to 35% over the Annual Tax, and of 50% over the Consular Annual Fee, as long as the owner or owners commit to maintain the vessels under Panamanian registry for a period of four years.
- The owners and operators of vessels under Panamanian flag shall have access to the referred system in the Corporations law.
- There is no minimum tonnage requirement; however, vessels with more than 20 years old are required to undergo a special inspection by a certified Panamanian inspector to obtain a Registered Patent.
- Ship owners that wish to adopt the Panamanian flag shall not be re-inspected, as long as the vessel has a valid security and gross rated tonnage certificate, issued by an organization or recognized association. Nevertheless, at the time of recording, a recognized entity should issue new certificates under the name of the Panamanian management.
OTHER ADVANTAGES
- More than 80 years of experience.
- The owner and seafarers can be of any nationality.
- No minimum tonnage nor age requirements for vessels.
- No re-inspections for vessels changing register if they have valid ISM and ISPS certificates issued by an authorized RO.
- SEGUMAR Technical Office 24/7
- 60 Merchant Marine Consulates over the world.
- Special Charter Registry.
- Incentives of Merchant Marine Law No. 57 of 2008.
- ISO 9001:2000 Certified
- Audit by the International Maritime Organization
FEATURES:
Open Ship Registry
An Open Flag Ship Registry is the one where the nationality of the owner is different from the country of registration.
The term has been used since the 1950s, and comes from the flag that fly the ships in order to show their country of registration. The country of registration determines the laws under which the ship is required to operate and to be applied in relevant admiralty cases.
Open Ship Registries comply with all of the International Maritime Organization regulations and other international regulations.
Today, more than half of the world’s merchant ships (measured by tonnage) are registered under the so-called flags of convenience, more commonly referred to as "open registries".
Traditional reasons for choosing an open register include protection from income taxes, wage scales and regulations.
Supporters of flags of convenience argue that where a vessel is engaged in international trade it should be free to register in the jurisdiction which best suits its commercial model.
FOR MORE INFORMATION PLEASE CONTACT US at maritime@chenleeyasociados.com
Call us (507)-360-5533
