It has been announced that one of the Isle of Man's leading trust companies, Equiom, has opened an office in Jersey from where it will be operating its new crew management and payroll services.
According to the company, many factors can dictate whether crew are subject to National Insurance contributions (NI), such as the flagstate of the yacht, domicile of the crew members and jurisdiction of employment.
This may result in the owning company being subject to Secondary Class 1 NI contributions. The result being not only less net income for crew members but also higher costs for the owner, not just in secondary NI payments but also in administration costs and professional fees.
The service, branded Crewmann, uses a bespoke software system, commissioned by Equiom, utilizing advanced and proven technology, which is designed to process payrolls in compliance with current legislation, and will also withstand the rigours of close auditing.
Crewmann aims to ensure the regular and timely transfer of payments from the holding bank account to the crew member's bank account and, if required, will automatically notify the individual when this payment has been made - by email or SMS.
In addition to this payment service, Equiom explained that Crewmann has other features which will provide additional valuable services to the captain and crew ensuring the crews' contractual obligations are monitored and kept up-to-date.
For example, the system will monitor each crew members STCW and non-mandatory training, visa and medical certification, and the system will ensure that the individual is notified in good time when the certificates are due for renewal.
Crewmann is expected to bring additional benefits to Equiom's superyacht management services. Their Isle of Man-based Yachtsmann service provides tax efficient structures for operating superyachts, and according to Equiom combining the two services will produce further savings and efficiencies for owners, managers, agents and crew members.
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