Berk Marine B.V. has a longterm agreement with Dammers Shipmanagement N.V. for the registration of vessels in Curaçao.
Dammers Shipmanagement N.V. has been involved in management and administration of vessels since 1964. Currently they have, as managers and (financial) administrators, some 120 vessels/companies under their care.
Ships registered in Curaçao (Dutch West Indies) fly the prestigious "red, white and blue" of the Kingdom but are subject to the favourable jurisdiction of Curaçao. Any ship may qualify for registration in the Registry of Shipowners or in the bareboat Registry of Curaçao.
Registration of seagoing vessels, including offshore rigs, vessels under construction, barges and other non-self-propelled vessels and dredgers, is quite a simple procedure. A provisional or permanent Certificate of Registry and other required certificates are issued provided the vessel is fully in class with an approved International Classification Society (LR, BV, GL, DNV, ABS and NKK).
If all the required documents are available and presented correctly by the shipowner, the registration in the Register of shipowners or in the bareboat Registry can be completed within a few days.
BAREBOAT CHARTER REGISTRATION
A ship registered under the law of ANY foreign country may be registered, for the period of the bareboat charter, in the bareboat Registry of Curaçao.
A ship registered in Curaçao, bareboat-out chartered to a citizen/company of ANY foreign country, may -on application and approval of the authority of that foreign country- be registered under the law of that foreign country.
Very flexible nationality requirements apply for crew members. All crew members irrespective of their nationality are exempt from all Antillean social security contributions and income/wage tax.
A great advantage of the Curacao Tonnage tax, the very broad definition of the taxable profits, is even further expanded. In principle ‘every legitimate use of a vessel’ (outside the territorial waters of Curacao) is eligible for the Tonnage Tax. Thus specialized ships like Survey-, fishing-, cable-laying- and dredging vessels, tugboats, (oil-)rigs etc. all qualify for tonnage-based taxation. Furthermore vessels are admissible irrespective which flag they fly. The Company may pay out dividends to shareholders anywhere in the world free of any withholding tax. In most countries these dividends will, based on the participation exemption and/or Tax-treaties, be exempt from further taxation. Dividends may be re-invested outside of Curacao absolutely free of tax.
Who can apply for the new tonnage tax?
All companies which derive profits from the operation of sea going vessels in international waters can apply, provided the place of effective management of the enterprise is situated in Curacao.
Admissible are all vessels which the company:
• owns or co-owns (including ships chartered out on a bareboat charter basis);
• holds under a bareboat charter;
• manages on behalf of a third party; or
• operates in time or voyage charter.
Curaçao offers excellent notaries, lawyers, accountants, tax-advisors and shipmanagement companies providing very adequate services. Dammers Shipmanagement, your shipmanager in Curaçao, is well able to provide your Antillean subsidiary with effective management, thus making it an active company and secure enough substance to substantiate favourable taxation in Curacao.
The new tonnage tax method
The new tonnage tax method allows shipping companies to calculate their profits on the basis of a specified notional profit depending on the net tonnage of the ship. The annual notional taxable profit per vessel should be calculated on the basis of the following sliding scale.
Net tonnage of vessel Fixed taxable profit per net ton
0 – 10,000 ANG 2.00 (approx. USD 1.12)
10,000 - 25,000 ANG 1,35 (approx. USD 0.76)
25,000 or more ANG 0,60 (approx. USD 0.34)
If a company manages vessels on behalf of third parties, the fixed taxable profit per net ton should amount to 1/10th of the amounts mentioned above. The standard profit tax rate of 34.5% should be applied to the resulting notional taxable profit. The minimum tax liability amounts to USD 562 (USD 281 for management companies).
A vessel with a Net tonnage of 15,000 owned or chartered by a company will be taxed USD 5,175,- (= 34.5% of 10,000 x 1.12 + 5,000 x 0.76). The same vessel managed by a company for a third party will be taxed USD 517.50.
Dammers Shipmanagement is part of the Dammers Group of Companies, a modern co-operation of specialized shipping companies. The Group has a workforce of well trained and experienced staff of over 30 dedicated people. The companies are housed in the solid Dammers Building at the beautiful island of Curaçao. Curaçao is a sunny tropical Dutch Caribbean island safely situated well outside the hurricane area. The Dammers Group has a state of the art computer/communications network with broadband internet access to serve and satisfy the valued overseas customers and make them feel as if they are established right around the corner.
Berk Marine B.V. and Dammers Shipmanagement N.V. can assist you if and whenever you decide to register your vessel(s) in Curaçao. Based on Dammers Shipmanagement N.V. long standing experience in this field, or we can provide you with the proper information on all facets/aspects of the registration process, as required, within the shortest period of time.
TRY US AND YOU WILL BE SATISFIED WITH THE RESULTS !!