Originally Posted by Zonker
Anyone considered to use an UK Ltd to register a boat ? I would assume that registration fees
are much lower then some of the "flag of convenience" countries.
Question though is where is the company maintenance
It don't get much cheaper than a UK company to run (a little bit of annual paperwork though - have a look at Companies House. will also need to do an annual tax return, but depending on exactly what you set up might even be able to claim dormant status so even that drops away - at least annually). The main cost will be for a UK registered office address, either paid for or borrowed from a freind / contact.
Annual boat registration costs much the same as any of the other Red Ensign "flags of conveniance" (BVI / Jersey etc) and IMO competitive to others, main cost though being the one off tonnage survey
for initial registration.
Been mentioned here before that UK (EU?) doesn't like "hobby" or non commercial
companies - but nonetheless IME (personally & proffessionally) absolutely no problem in using a UK company as simply a (non-trading) holding company - even for assets it doesn't actually own! (i.e. for Title only) - and that includes examples of UK property, fully declared to HMRC (UK tax man) and even where the UK property is used commercially (i.e. generates rental income) by someone else (they do of course have to do own tax returns!). Boats in a UK company do not however spring to mind - but that likely simply because over here we would simply flog 'em a Jersey company
- mostly for commercial reasons - "ours"
and theirs (Jersey company next to zero work to look after when they do SFA, so costs the punter less overall) - plus usually of course an "offshore" reason for a punter doing business over here. Unless the asset is stuck onshore (like a property in the UK) then usually best not to go near onshore, for simplicity of the story if nothing else.
The good news with UK boat reg is that it is not automatic guaranteed 100% title (as it appears to be in the USA and other places?) - the evidence of that being that it says so (as a warning!) on the actual boat reg docs......so can split off ownership (title) from registration.
But at the end of the day to do things properly will involve putting hand in pocket