Our team has the experience to appreciate that in addition to the purchase price the operating and maintenance costs associated with a yacht can escalate unless its ownership is carefully structured and properly registered.
A professionally managed yacht will mean the owner can enjoy it, keep costs at reasonable and expected levels and ensure liability for any unforeseen issues do not extend to the owner's other assets.
Established in 1991 ILS World is headquartered in the Isle of Man, with its rich nautical history and strong maritime reputation the Isle of Man Ship Registry was awarded Best Shipping Registry 2019 by World Commerce Review.
ILS World creates and manages bespoke structures for maritime assets with careful consideration of the most suitable jurisdiction to operate, own and register a yacht. We provide tailor made solutions depending on whether the yacht is for corporate, commercial or pleasure use and where it is going to be physically based.
Owners can expect to spend about 10 per cent of the purchase price on operating and maintaining a yacht annually and consideration has to be also given to crewing, insurance, fuel, dockage, communications and inspections. Our versatile and professional team has a global network of contacts it works with to deliver on some of the more technical details of yacht maintenance programmes and specialist appliances, motors and engine servicing.
With different jurisdictions introducing new rules and regulations which can result in penalties and far reaching consequences for ownership structures our team keeps up to speed with developments and undertakes regular reviews.
Due to the complexity of managing such a specialist asset where necessary we partner and work in collaboration with external accredited experts and acknowledged industry professionals to ensure we are providing our clients with the best advice.
The ILS World structuring team is made up of highly-trained and experienced professionals assisting clients with:
• Establishment of tailored ownership structures which be VAT efficient where applicable
• Multi-jurisdictional company incorporation
• Multi-jurisdictional yacht registration
• VAT and Customs compliance
• Comprehensive administration of the ownership structure
• Management and financial reporting
• VAT and accounting services
• Provision of directors, registered offices and registered agreement/company secretary
• Operational support to yacht owning entities across multiple jurisdictions
• Import and export services
• Maintenance and upkeep
ILS World is a global provider of independent fiduciary services with a proven track record in successfully advising private clients including individuals, trustees and family offices.
We act in the long term interest of our clients and pay careful attention to the quality and personal service we deliver.
Our private client team works hard to create long-term relationships and provide the highest level of service. We do this by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team. Staff have diverse backgrounds, skills and interests and their professional experience together with their "can-do" attitude means they understand that wealth and business is inextricably linked.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well placed to provide a cohesive service. Our network includes offices in:
• British Virgin Islands
• Hong Kong
• Isle of Man
For further information please contact our firstname.lastname@example.org
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.