Corporate - Döhle Yachts

It has always been our objective to be a trusted partner supporting owners and their representatives, Captains, superyacht management companies and brokers, lawyers and family offices, thus alleviating them of time consuming administration, allowing them to manage the owner’s asset to the best and most profitable effect.

We provide a range of corporate, financial, administrative, registration, importation and associated services tailored specifically for the superyacht industry.

Corporate Services

Döhle Corporate and Trust Services Limited (DCTS) is a leading independent corporate and fiduciary service provider specialising in managing corporate and trust structures on behalf of multinational corporations and high net worth individuals and their professional advisors. DCTS has been providing services to its clients, partners and internal group related companies for over twenty years. The services provided depend on the requirements of our clients and these can be tailored to incorporate some or all of the below:

  • General establishment/incorporation and support services
  • Provision of complete family office services
  • Provision of corporate officers including director(s), registered agent, registered office and nominee member services
  • Statutory record keeping and filing services
  • Assisting with asset protection, tax/financial planning and succession planning
  • Maintaining required records, including statutory records and the company minute books
  • Preparing notices and agendas, attending and taking minutes of meetings of shareholders, directors and committees
  • Liaising with those authorised to speak for the company and its shareholders and with the company’s principals, bankers, managers, accountants and auditors
  • Administering the general day-to-day corporate affairs of the company, including dealing with correspondence, faxes, telephone calls and emails
  • If required, providing boardroom and support facilities for company and directors’ meetings held in one of our locations
  • Making applications to, and filing of statutory documents with, local regulatory authorities on behalf of the company
  • Ensuring compliance with anti-money-laundering legislation and relevant jurisdictional reporting such as FATCA and CRS
  • “Real Time” management, financial and statutory accounting and tax reporting

In addition to our Isle of Man headquarters, we also have an office in Malta which provides a range of corporate, yachting and aviation services.

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DCTS Isle of Man

Döhle Corporate and Trust Services Limited is licensed by the Isle of Man Financial Services Authority

Yacht Registration

Superyacht registration and the choice of Registry are of prime importance to any new owner, or owner who wishes to change the yacht’s flag.

When a vessel moves from country to country and port to port, it carries its Flag State nationality with it and therefore the protection offered by that nation. Choosing a registry with a poor reputation or which is targeted by Port States and Customs could have a detrimental effect on the smooth running of the vessel.

We have considerable experience in choosing and recommending the appropriate Flag for vessels.

 

The Role of the Flag State

The International Maritime Organisation generally implements the regulations, it does not take part in policing them. This is the task of the Flag States, Classification Societies and Port State Control.

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Download detailed information on The Role of the Flag State (7.4kb PDF)

Read the latest Port State Performance Tables

 

Choosing a Registry

The choice of Flag State is one of the most important decisions owners and/or their representatives must make.

Every State shall effectively exercise its jurisdiction and control in administrative, technical and social matters over ships flying its flag.

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Download detailed information on Choosing a Registry (15.2kb PDF)

 

Our Services

We have extensive experience in the registration of private and commercial superyachts.

Initially we will give advice on the most appropriate Flag State in which to register a vessel. Once the decision has been made we will then liaise closely with the Flag State and independent surveyors and, if required, alongside the project manager, Captain and owner.

Our technical and compliance team can guide owners and their representatives through the registration process and provide ongoing administrative support and specialist advice. We will respond and adapt quickly to new and critical deadlines as well as an immediate and effective response to unforeseen circumstances.

Our services include:

  • Selecting and liaising with the most appropriate Registry
  • Providing the required documentation
  • Collating the relevant certification including: builders certificate and/or bill of sale (where applicable), all registration documents, including application to register, declaration of ownership etc.
  • Liaising with buyers, sellers, builders, lawyers, financiers, and independent surveyors (when required)
  • Organising surveys
  • Representative Person
  • Administrative support for clients and/or representatives

Yacht Importation

Yacht Importation to EU waters can be either full importation or temporary importation.

Full Importation

To qualify for Full Importation into the EU a yacht should be, for example:

  • Not owned in an EU State and intended for use by third party charters in EU water
  • Built in an EU State and exported but is now returning to the EU
  • Built or purchased outside the EU

Temporary Importation

For non-EU Flagged yachts, or owners who are not EU residents, wishing to sail yachts in EU waters for private purposes, temporary importation allows the yacht to be brought into the EU for a short term, without customs duties or VAT needing to be paid.

Our Services

Our superyacht importation service includes:

  • Ensuring that the yacht is registered in an appropriate Flag State
  • Liaising with Flag State and Classification Society as appropriate
  • Setting up a tax efficient structure to own the yacht, or use the existing yacht owning structure if appropriate
  • Registering the structure for VAT purposes
  • Importation of the yacht through an appropriate country – e.g. France, Malta or Isle of Man – where the EU importation documents will be issued
  • Once the process is complete, VAT is accounted for and reclaimed

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Read more about yachts and the EU, temporary importation and commercial yacht chartering here.

Administration, Accounting, Tax and VAT

We provide a comprehensive range of superyacht administration and management services designed specifically for the industry.

These services have been designed to help owners, agents and Captains manage the day-to-day running of their yachts as smoothly and efficiently as possible.

We will prepare proposals and cost estimates in respect of supplying full Administration Services as well as Technical, Corporate and any of our other services – or we can provide a bespoke package to detailed specifications.

Financial and Accounting Services

Our financial, accounting and secretarial support services for the management of superyachts include:

  • Maintaining sales and purchase ledgers
  • Maintaining company books and records
  • Budget management
  • Banking
  • Updating cash books and bank reconciliations
  • Maintaining accounts in respect of the petty cash account on the yacht and the yacht’s credit cards
  • Co-ordinating statutory audits (where necessary)
  • Administration in respect of changes in company officers
  • Apply for VAT registration and complete VAT returns (when necessary)
  • Obtain VAT planning advice (when necessary)

Manning Services

We ensure that all manning requirements are met. The Flag State of the vessel, its dimensions and engine power along with the areas in which she is sailing will affect these requirements.
Our services include:

  • Checking the qualifications of crew members to ensure that they are suitably qualified for the role
  • Applying for all MCA and Flag State crew certificates and endorsement
  • Acquiring safe manning and exemption certificates – dependant on Flag State

Licensing Services

We will apply for the following licences as required:

  • Emergency Position Indicating Radio Beacon (EPIRB) registration
  • Radio Licence
  • Maritime Mobile Service Identity (MMSI)
  • Oil Pollution – Non-Tank Vessel Response Plans (NTVRP) and Shipboard Marine Pollution Emergency Plans (SOPEP)

Expense Payments

Payment of expenses incurred by the yacht such as; food, fuel and fees.
Administration services include:

  • Forward to the yacht Captain and owner a comprehensive list of invoices for approval
  • Payment of these invoices when approved
  • Wire transfers of funds for the Captain as required
  • Payment of the yacht’s credit card balances
  • Dealing with queries arising from suppliers

Insurance Services

We can arrange the most suitable insurance to cover the yacht in respect of:

  • The crew (including medical cover if required)
  • Passengers
  • Oil pollution
  • Third party chartering (when necessary)

Representative Person

Döhle Private Clients Limited is an Isle of Man Ship Registry Representative Person, providing services for Isle of Man Flagged vessels.

It is a requirement of registry for a vessel of more than 24m to be either resident in the State of Registry, or if not resident, to appoint a Representative Person for the yacht.

The function of a Representative Person is to provide a formal and responsible point of contact in the Flag State for yachts. This responsibility can vary from Flag to Flag.

In general, a Representative Person must maintain a means of access to the owner and/or manager and carry out directives or instructions given by the Flag State in respect of the yacht.

The role carries great responsibility and is 24/7, with the objective of being able to respond quickly in the event of an incident, especially where safety of life and search and rescue services are involved.

Responsibilities can include:

  • Principal management functions
  • Statutory certification of the vessel
  • The operational safety of the vessel
  • Manning the vessel
  • Anti-pollution measures
  • The settlement of accounts in respect of survey, registration and related matters

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Download the requirements of an Isle of Man Representative Person (242kb PDF)

Aviation Services

The Isle of Man’s Aircraft Registry was launched in 2007 and since then the Island has become a preferred jurisdiction to register private/corporate aircraft, together with twin-turbine helicopters. Due to the dedicated services provided by the Isle of Man Aircraft Registry, the register has grown to become the largest corporate aircraft register within Europe with over 800 aircraft being registered in a little over 8 years.

Döhle Corporate and Trust Services Limited (DCTS) provide a wide range of services to clients which are looking to establish an ownership structure in order to hold their aircraft. DCTS has a wide network of professional advisors across a range of jurisdictions in order to ensure that we are able to offer clients the most suitable solution to meet both their ownership and registration requirements. Within DCTS we have a dedicated accounting team to manage all VAT, local tax reporting, invoicing and bookkeeping as part of the ongoing administration.

Where clients are looking to utilise their aircraft for predominately business purposes, DCTS can assist with setting up the necessary structure to allow the aircraft to be fully imported into the EU to allow full and free circulation. Working directly with the necessary advisors, we can ensure that the establishment of the structure, VAT registration and importation is completed as a seamless process.

Our Services:

  • General establishment/incorporation of an ownership entity across a range of domiciles
  • Establishment of the necessary Isle of Man structure
  • Provision of corporate officers including director(s), registered agent, registered office and member(s) including nominee services
  • Assistance with obtaining any legal services in respect of the purchase of the aircraft
  • Assistance with the registration of the Aircraft on the Isle of Man Aircraft Register
  • Cash flow analysis and preparation of budgets
  • VAT registration and ongoing reporting
  • Liaison with external advisors as required
  • Coordination of the delivery/importation of the aircraft via the Isle of Man
  • Use of a VAT deferment account, on importation of the aircraft (if required)
  • Maintenance of “Real Time” financial/management accounts and accounting records
  • Preparation and submission of income tax returns
  • Payroll services to crew companies

We appoint a relationship manager to our clients dependent on their experience and expertise so we ensure all our clients get the best possible service from the most appropriate member of the senior management team. All the above services can be delivered by the relationship management team based in the Isle of Man through a range of domiciles.

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Detailed information is available on the DCTS website

Services From Malta

DCTS (Malta) Limited was established in 2012 and officially opened its doors of its new office on 16th September 2013. Based in SmartCity, close to the Grand Harbour in Valletta, the office is staffed by experienced personnel well versed in the benefits of Malta as a financial jurisdiction and corporate and fiduciary services.

As a financial centre Malta has earned a reputation as a progressive and well-regulated jurisdiction and, following accession to the EU in 2004, adoption of the common Euro currency and joint monetary policies, has significantly increased its attractiveness for trade. Even though Malta is “onshore” as a member of the EU, it provides many “offshore” benefits and our services enable clients to take advantage of these benefits.

Through the years, Malta’s legislators have consistently focused on providing an attractive and efficient tax system in line with EU legislation, drawing the attention of international investors and leading it to become a highly developed international financial centre. Despite the recent recession which has affected the entire globe, Malta kept a sound banking system and has developed strategies, which not only have effectively guaranteed the survival of its economy, but have also contributed to the solidification of its reputation as a major European legal, financial and corporate services provider.

In addition, Malta also offers an efficient and attractive tax regime – acknowledged to be one of the most beneficial and attractive in the EU.

The Malta office works closely with the Isle of Man business and the group headquarters in Hamburg providing the following services:

  • Company Formation and Administration
  • Yachting and Shipping Services
  • Aviation Services
  • Accounting Services

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Detailed information is available from the DCTS website

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