Ships' Registration
& Shipping Incentives

Ships’ Registration

• Barbados Maritime Ship Registry (BMSR) is a reputable, high-quality open ship registry headquartered in London
  


• BMSR is amongst the world’s best ship registries and has been designated a “white list” flag by the Paris Memorandum of Understanding on Port State Control and is part of the US Coast Guard’s QUALSHIP 21 Program designed to identify quality controlled vessels visiting US ports
  
  
• A wide range of internationally owned vessels flies the Barbados flag including tankers, bulk carriers, containerships and yachts
  


• The BMSR offers the following cost advantages: low initial registration fee, low annual fee and low cost annual Flag State inspections Shipping Incentives
  


• Dividends paid to residents are free of tax and when paid to non-residents are free of tax in excess of the rate paid in their country of residence
  


• Importation of ships free of duty with the Minister’s consent, including equipment used in the business is provided

Shipping Incentives

• The Minister of International Transport may by order declare a company an approved shipping company with the following concessions for 10 years:
  

      » Income tax concessions in respect of profits or gains

      » Dividends paid to residents are exempt from income tax
         and when paid to non-residents are free of tax in excess
         of the rate paid in their country of residence

      » With the Minister’s consent, importation of ships and
         articles used in the business free of customs duty