08Oct

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

8 October 2022 GERALDINE SPITERI 359

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

Acumum Attends Women’s International Shipping & Trading Association (WISTA)

7 November 2015 Acumum Legal & Advisory 78

Acumum Attends

Women’s International Shipping & Trading Association (WISTA) in Cyprus

The Women’s International Shipping & Trading Association (WISTA) is holding its 40th International AGM and Conference in Limassol, Cyprus, between the 8 & 10 October 2014.

WISTA International’s first such AGM and Conference took place in 1981 in Hamburg.

WISTA Malta is the Malta branch (WISTA Malta) of WISTA International, both being non-profit organisations. WISTA Malta was established in September 2014 by a number of female professionals in shipping. The aims of WISTA Malta include the promotion of active participation within WISTA International and to support the involvement of females in the maritime industry.

WISTA Malta members will be attending the WISTA conference to network and exchange ideas and information with other members of the worldwide organisation.

Dr. Geraldine Spiteri, one of the founding members of WISTA Malta, has been appointed as the first treasurer of WISTA Malta. Geraldine Spiteri will also be attending on behalf of Acumum – Legal & Advisory and will be spreading the word about the incentives which the Maltese flag holds for the shipping industry, which include:

favourable tonnage tax
reputable jurisdiction, enjoying favour with international ports
compliance with all major international conventions
an open register
straightforward company registration and vessel registration procedures
the possibility to register bareboat charters and vessels under construction
a mortgage registration system
for those opting to register yachts in Malta a favourable VAT rate

Malta has a very long-standing maritime tradition. Furthermore, the strategic location of Malta, its deep natural harbours and the wide range of services available make Malta an excellent choice to register vessels.

Dr Geraldine Spiteri may be contacted on +356 2778 1700 Ext 102, Cell +356 9985 8000 or at [email protected] should you like to meet her at the conference or discuss Malta yacht or maritime solutions.

07Nov

Meet Acumum – Legal & Advisory At Monaco Yacht Show!

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Meet Acumum – Legal & Advisory in Monaco!

Acumum is attending the Monaco Yacht Show (MYS) in September.

The MYS is the most important yacht show of the year, bringing together hundreds of service providers, yacht owners (both current and prospective), agents, yacht builders and other stakeholders in the industry – it is set up as a networking event for owners and other stakeholders alike. It is held in the beautiful Port Hercule, the home of the largest Superyachts in Monaco – perhaps in the Mediterranean; the boats on display range in size from around 65 feet to over 250 feet – spanning a wide range of High-Net-Worth and Ultra-High-Net-Worth owners. Many yachts berthed in this beautiful port fly the Maltese flag

The current Maltese Government has, upon its election, given a commitment to ensure that Malta becomes a center of service excellence and a Maritime hub – a commitment that shows all the signs of being fruitful, with hundreds of owners opting to register their vessels in Malta.

In addition, with Fitch’s Sept 14 affirmation that Malta has retained its ‘A’ country ratin, Malta’s regulatory stability, as well as the wide spectrum and availability of services have all been conducive to this trend. The fairly simple registration procedure balanced by a serious maritime administration have been a primary driver of this trend; as has the financial stability and regulatory environment been important. Indeed, while being open to owners of any nationality, the Malta Maritime Register is a well respected flag in all major ports around the world and is compliant with all major international conventions.

These four factors have been – and continue to be – an essential feature of Malta becoming an increasingly large Superyacht flag in Europe and around the world. The advantages of registering in Malta are wide and varied – and the tax incentives for non-domiciled owners together with the attractive VAT scheme are among the important factors to be considered. More information about Malta’s attractive yacht registration rules can be accessed here.

Malta’s VAT Scheme Malta’s favourable VAT scheme allows a yacht to be registered under a finance leasing scheme, which can result in the reduction of VAT to as little as 5.4% of the yacht’s value, dependent on her size. Such scheme entails the setting-up of a financial lease of a period of between 1 and 3 years. Taking advantage of this scheme requires adequate structuring and following of the necessary procedures and requirements, but is highly achievable with proper advice. Benefits of the low-VAT leasing scheme for the yachting industry.

To take advantage of the VAT scheme requires the incorporation of a Malta company; this procedure is straightforward and uncomplicated. With the correct advice and having all the required documentation available, incorporation can be achieved within 2-3 days. Yachts are high-value assets that require competence and professionalism in management. Acumum aims to provide the owner with a range of services such as: structuring and incorporation, management, provision of advice (legal, tax and otherwise) and assistance in liaising with maritime, customs and tax authorities. Acumum is a young international law firm and advisory firm located in the tax efficient EU jurisdiction of Malta. Composed of senior lawyers authorised to practice in different jurisdictions, both in Europe and the world, having a wide network of contacts and collaborators enabling a far-reaching service.

The choices available are wide and far-reaching, providing clients with a number of options depending on their own residence as well as the intended region for use of the yacht. Services are varied and suited to provide clients with a single point of contact concerning their yacht: legal advice, accountancy, management and other related services. Such a variety of services is provided irrespective of the yacht’s flag or where she is berthed.

Email us to find out how Acumum can assist with your yacht and shipping needs: [email protected]

07Nov

Malta Shipping Register – An Option Worth Choosing

7 November 2015 Acumum Legal & Advisory 77

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.