INTERNATIONAL SHIP REGISTRY
Benefits to owners who register vessels elsewhere, but own them through an FSM corporation:
- Free corporate formations
- Convenient time zone and some professional service providers with Japanese language capabilities
- Profits taxed at 21% corporate income tax rate
Article on FSM Admiralty Law
Benefits to owners registering vessels in the FSM:
- No Annual Tonnage Tax
- Low Crew Licensing Fees
- Free Corporate Formations
- 21% Corporate Income Tax regime
- FSM Maritime Institute prepares sailors
- Professional/experienced Shipping staff in the Government
International Conventions to which the FSM is already a member:
- International Convention for the safety of Life at Sea (SOLAS)
1974, and the 1978 and 1988 protocols
- International Load Line Convention (Load Line), 1966
- International Convention on Tonnage Measurement (Tonnage) 1969
- International Regulations for Prevention of Collisions at Sea
(COLREG) 1972
- International Convention for Standards of Training, Certification
and Watchkeeping of Seafarers (STCW) 1978, as amended in 1995[1]
- ILO Convention No. 92 Crews Accommodation
- Code of Safety for Fishermen and Fishing Vessels, Part B; Safety
and Health Requirements for the Construction and Equipment of Fishing
Vessels, International Maritime Organization, and the provisions
of MARPOL
- Voluntary Guidelines for the Design, Construction and Equipment
for Small Fishing Vessels
- International Convention for the Unification of Certain Rules
of Law relating to Bills of Lading, 1924, as amended by the 1968
Protocol; relating thereto, commonly known as the Hague-Visby Rules.