INTERNATIONAL SHIP REGISTRY

Benefits to owners who register vessels elsewhere, but own them through an FSM corporation:

1. Free corporate formations
2. Convenient time zone and some professional service providers with Japanese language capabilities
3. Profits taxed at 21% corporate income tax rate

Article on FSM Admiralty Law

Benefits to owners registering vessels in the FSM:

1. No Annual Tonnage Tax
2. Low Crew Licensing Fees
3. Free Corporate Formations
4. 21% Corporate Income Tax regime
5. FSM Maritime Institute prepares sailors
6. Professional/experienced Shipping staff in the Government

International Conventions to which the FSM is already a member:

1. International Convention for the safety of Life at Sea (SOLAS) 1974, and the 1978 and 1988 protocols
2. International Load Line Convention (Load Line), 1966
3. International Convention on Tonnage Measurement (Tonnage) 1969
4. International Regulations for Prevention of Collisions at Sea (COLREG) 1972
5. International Convention for Standards of Training, Certification and Watchkeeping of Seafarers (STCW) 1978, as amended in 1995[1]
6. ILO Convention No. 92 Crews Accommodation
7. 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
8. Voluntary Guidelines for the Design, Construction and Equipment for Small Fishing Vessels
9. 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.

 

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TELEPHONE_	691 320 1830
EMAIL_	INFO@MRA.FM
OFFICE_	VB Center, Suite 2A, Pohn Umpomp Place, Nett, Pohnpei, FSM
MAILING_	P.O. BOX 902, KOLONIA, POHNPEI, FSM 96941