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Manx Ship Registry May Open To Korean Registrants

by Jason Gorringe, Tax-News.com, London

26 November 2015


The Isle of Man Ship Registry is considering whether to allow Korean citizens, bodies corporate established there, or Korean limited partnerships to qualify as owners of Manx ships.

The Merchant Shipping (Qualfied Owners of Manx Ships) (Relevant Countries) Regulations 2015, which was subject to a consultation until October 5, 2015, would prescribe the Republic of Korea as a relevant country for the purposes of section 2(1) of the Merchant Shipping Registration Act 1991.

Section 2(1) of the Act prescribes persons qualified to be the owners of Manx ships. A ship may only register under the Act if it is owned by a person qualified to be the owner of a Manx ship.

TAGS: Isle of Man | marine

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