Yacht Finance & Administration

We utilise our in-house accountants to manage the financial reporting requirements, including payments and yacht management accounts. We pride ourselves on being able to provide detailed financial reporting to clients in a format which meets their needs.

OUR SERVICES INCLUDE:

• Preparing and advising on the annual operating budget
• Budget management
• Preparing and submitting to the owner monthly fund requests based on known and expected expenditure and highlighting differences against the annual operating budget vs actual report
• Receiving funds and making disbursements for goods and services in accordance with the annual operating budget
• Supplier payments and invoice processing
• Arranging cash and debit card facilities
• Checking credit card or debit card statements and reconciling to the yacht’s records
• Maintaining accounts in respect of the petty cash account on the yacht and the yacht’s credit cards
• Preparing monthly management accounts and expenditure analysis for the owner’s review to include: balance sheet, transaction category, cash and card reports together with copies of all invoices and receipts
• Preparing an annual financial overview
• Dealing with queries arising from suppliers’ transfers, including the vetting and negotiation of all supplier invoices to ensure they are correctly formatted, promptly settled and VAT is appropriately accounted for.

Döhle Yachts provide such consultancy as may be required to ensure that appropriate brokers, underwriters, products and premiums are in place at all times. This is a fully comprehensive service, tailor made to the individual and specific requirements of the yacht and owner. Yacht-specific knowledge, professional administration and efficient claims handling by experienced staff is the minimum standard offered.

We have excellent contacts with, and regularly assess, insurance markets, insurers and brokers specialising in the unique aspects of large yacht risk, both private and commercial.

OUR SERVICES INCLUDE:

• Assisting in the arrangement of insurances as requested
• Handling of claims relating to yacht and crew
• Assisting with regulatory changes affecting the yachts operations
• Day-to-day administration, taking account of best industry practice and advising on any regulatory changes

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

OUR SERVICES INCLUDE:

• Ensuring that the yacht is registered in an appropriate flag state
• Liaising with flag state and classification society as required
• 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 the Isle of Man – where the EU importation documents will be issued
• Once the process is complete, accounting for and reclaiming VAT

Superyacht registration and the choice of registry are of prime importance to any new owner, or an 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.

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
• Providing Representative Person services
• Administrative support for clients and/or representatives

CHOOSING A REGISTRY

The choice of flag state is one of the most important decisions an owner and/or their representatives have to make. Every state will effectively exercise its jurisdiction and control in administrative, technical and social matters over ships flying its flag.

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 team can guide the owner 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 provide an immediate and effective response to unforeseen circumstances.

Read More:

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

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.

Read More:

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

Read the latest Port State Performance Tables

Our experienced team will act as point of contact for the charter manager to assist with providing guidance and support. Proactively keeping up to date with the change in complex charter regulations and fiscal changes. We will work closely with the fiscal agents to ensure free circulation of the yacht in European Union (EU) waters with timely advice to promote correct exit and entry of the EU.

We ensure the owning entity is VAT registered in each operational jurisdiction and the required charter licences in place, in a timely manner. We will work closely with the onboard team to provide support with APA accounting from set up of expenditure categories to assistance with finalising guest expenditure reports.