08Oct

The Voice of the Shipping Industry – Malta Maritime Summit, 2023

8 October 2022 GERALDINE SPITERI 170

Early this month, Dr Geraldine Spiteri was invited to speak about seafarers and yachting at the biennial conference, the Malta Maritime Summit,2022. This is the forum where players in the maritime industry can bring matters of importance to the attention of the authorities and propose a way forward.

It is the third time that this biennial event was organised. Held in the first week of October 2022, it follows soon after the Monaco Yacht Show and brings together maritime experts from several countries.

Yachting Events — Pretty flags grace the vents of these beautiful yachts in Port Pierre Canto

Themed “The Voice of the Industry”, this event hosted prominent and influential maritime stakeholders who debated maritime concerns and challenges facing the various sectors including the post-COVID reality, technology, environment and finance.

These discussions included, in particular, the training needs of seafarers and of the yachting industry. There has been a worldwide call for seafarers in yachting, due to the increase in the interest in owning and operating yachts, whether privately or for charter. This may call for a rethink on the training of seafarers who intend to work onboard yachts.

The summit also touched upon discussions relevant to other areas of the maritime industry, such as the IT needs of the maritime industry, sustainability and digitalisation, security issues, technical issues relating to ships and much more. Political issues were discussed – such as the possibility of the maritime industry requiring a shift in thinking. Sustainability of the industry featured high on the list of discussions and environmental concerns were raised and discussed.

Dr Geraldine Spiteri Director and Advocate – Acumum Legal & Advisory

Acumum Legal & Advisory’s Marine & Aviation team was present and participated in the discussions surrounding areas of interest to its maritime clients. The team is headed up by Dr Geraldine Spiteri, whose main practice areas are maritime and yachting, aviation and transport and corporate law. Dr Spiteri has worked in the yachting industry for over ten years, brings with her a range of experience and contacts that enables Acumum to ensure an all-round service to yacht-owning clients.

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

07Nov

Malta Shipping Register – An Option Worth Choosing

7 November 2015 Acumum Legal & Advisory 27

Malta Shipping Register – An Option Worth Choosing

Updated Regulatory Fee Calculator
Low Cost Corporate Structures
Tax & VAT Efficient Jurisdiction
Protection for Financiers & Mortgagees

Update Regulatory Fee Calculator

Transport Malta has recently updated the regulatory fee calculator for registering a vessel in Malta.

The automatic calculator enables individuals to establish fees for the registration of a vessel under the Maltese flag – allowing for certainty in cost planning when deciding to register a vessel.

Malta has committed itself to the welfare of seafarers of any nationality who are working on Maltese flagged ships, by becoming a signatory to the Maritime Labour Convention, which came into force internationally on the 20^thAugust 2013. As such, there are no restrictions on the nationality of the master, officers or crew, making it easier to recruit for a Maltese ship.

Ships and yachts may be registered on behalf of legally constituted corporate bodies or entities irrespective of nationality – all that is required is the appointment of a Malta authorised representative agent. Acumum can act as the Malta Representative Agent at competitive fee rates.

Transport Malta’s updated maritime regulatory fee calculator can be found here.

Setting Up a Shipping or Yacht Company in Malta

Malta companies can be set up with minimal costs; €245 share capital, €240 registry fee. A competitive tax and VAT European jurisdiction, Malta has a number of very attractive fiscal incentives for the yachting industry – encouraging commercial operation of these high-value assets. For more information: Malta Companies.

Furthermore, the VAT scheme allows for importation of the yacht into the EU at advantageous VAT rates – as little as 5.4%, depending on the size of the yacht. For more information: Yacht VAT Scheme.

Other advantages are: no restrictions on the sale or transfer of shares of a company owning Maltese ships, or on the sale and mortgaging of Maltese ships; neither are there trading restrictions. Preferential treatment is also given to Maltese ships in certain ports. This freedom allows for efficient transactions and for peace of mind, making it an attractive registration option for both those wishing to obtain finance and financiers alike.

Malta Shipping Registry

As a shipping register, Malta has achieved significant and consistent growth since it was established and is now one of the largest registries in the world in terms of tonnage.

Malta has long established itself as a flag of confidence: it is viewed as a serious and efficient maritime administration, adhering to and enforcing all major international conventions. The Flag State Inspectorate ensures adherence to international standards, while the registry provides services around the clock, seven days a week, for urgent matters.

Further, Malta boasts sound multilateral and bilateral relations, earning its reputation as a widely respected flag around the world. The flag is also actively participant in international shipping fora, including the International Maritime Organisation and the Comite’ Maritime International.

For more information, please contact Geraldine Spiteri, Head of Maritime, [email protected] | +356 2778 1700 Ext 102.