Financing, insurance and starting a business

[Uricanejack]

Originally Posted by Montanan

Good luck

USVI 6 pack school link:

http://captainschoolusvi.com/courses/oupv-6-pack.html


Certifications Required for Captains-


Operating 6 passenger boats in the USVI

-USCG OUPV Near Coastal License

-CPR & First Aid

-Random Drug Testing Program

-FCC Marine Radio Operator Permit

-TWIC Card (TSA.gov)


Operating 1-12 Passenger Boats in the BVI

-Add: Master Upgrade to 50 or 100 Gross Ton Master Near Coastal

-add: STCW Basic Training

-add: STCW Advanced Fire Fighting

-add: STCW Medical Care Provider

-add: STCW Proficency in Survival Craft (Limited)

-add: STCW II/3 Endorsement on License


Operating Vessels with more than 12 passengers in BVI

Same as above and

-add: STCW Crowd Managment

-add: STCW Crisis Management

-add: Vessel Security Officer

Just a question I don’t know the answer.
Can the STCW embuggarance be avoided by operating an inspected domestic vessel based in the USVI. Greater than 6 pax.

[Montanan]

Originally Posted by Uricanejack

Just a question I don’t know the answer.
Can the STCW embuggarance be avoided by operating an inspected domestic vessel based in the USVI. Greater than 6 pax.

BVI rules apply to vessels operating in the BVIs

USVI rules apply to vessels operating in the USVI.

Jurisdiction has nothing to do with where the vessel "was" based, but rather where the vessel is and what the vessel is doing where it is located.

[Breeze Dreamer]

Sounds like you have it figured out...I'd go there for a few weeks and go and chat to the locals...I'm sure your marine background will open some doors and you can get some insider info.

You have had your own business before, but I'd still warn you to be weary dealing with banks for this kind of business. They aren't your friend and don't normally care if you go under... but like to sell dreams and as you are well capitalised, they will want to get their hands on your cash. So make sure you have modelled all the caveats into the cash flow model, know your DSCR and have a DSRA.

Also, as your retiring, if you haven't done so I build in exit strategies into your cashflow model so you can change direction based on market conditions or health etc. You might be better off getting highly leveraged and protecting your capital if there is a feasible structure to achieve that.

My mate did this of the coast of Africa running diving. They found it too much work for the reward and gave up. Selling a boat when your forced to is not optimal so I'd get down there and try and be the buyer of that kind of boat.

Best of luck sounds exciting!