Q: What services are the Bahamas Maritime Authority (BMA) currently rendering to clients in China?
A: We offer full registration services through our Hong Kong office. This includes Seafarer's endorsements, Seaman record books and mortgage registration.
Our local inspectors are on hand to help our ship-owners identify where improvements can be made to the ship's operation and to attend where difficulties are encountered with Port State Control. Our recognized organizations are present in all major ports, carrying out statutory survey and certification on our behalf. They are directly accountable to the BMA.
Through our Authorized BMA Inspectors, clients may have our physical presence at vessel delivery meetings (and documentary closing meetings) and also receive original registration documents. This will assist to ensure there are no undue delays to a vessel registration with us or physical departure following delivery.
Q: Why do you do offshore registration of vessels for Chinese clients? What kinds of vessels can be registered in your jurisdictions?
A: As an international open registry, we offer our services to clients worldwide. There has of course been a massive international focus on all aspects of shipping in China, and we have identified that expansion into this exciting market will be a natural progression for the BMA. We think that this will result in a mutually beneficial partnership for both the BMA and Chinese shipping interests.
There are no ownership requirements, limitations or conditions of nationality, residence or company incorporation for ships in general or for yachts of 12m or more oad Line length.
Q: How streamlined is the process for Chinese who want to register? How long does the registration process take from start to finish?
A: Registration of a ship with the Bahamas is simple to achieve for all owners, regardless of nationality.
There are mainly three (3) categories of an applicant: (1) New Ships (delivered directly from the shipyard); (2) Existing Ships (from a previous register); and (3) Ships Being Built (keel laid and ship in process of being completed). Once the required documents have been processed, the registration of a vessel may be completed within one (1) hour.
Q: Do you currently have a presence in the Greater China Area?
A: We have a presence through our Embassy in Beijing, our office in Hong Kong, and our appointed local BMA inspectors. As we have stated, our recognized organizations are all widely available to offer a full range of statutory services to our registered ships.
Q: What advantages does the Bahamas have over the other offshore registration jurisdictions?
A: If you take a look at the BMA crest, you will see the motto rogress, Honour, Service These are the attributes which characterize the BMA and have propelled it to its current world class status.
Our clients appreciate our prompt service regarding registration matters and also to address problems that they encounter with their ships. Our strong technical competence enables us to appreciate the operational problems that owners may encounter for any ship type. We offer a 24-hour emergency service, being available to respond when offices are closed or unavailable.
We have an active Ship-owner's Association and the Bahamas is very active at IMO. Consequently we are able to take a practical and logical stance when taking part in the regulatory arena.
As an open register, we accept all nationalities of ownership; our registration process is quick, easy and user-friendly, and we also allow dual/bareboat registrations with other flag states (if required).
Our fees are very competitive and the initial registration fee is currently waived.
Q: How many yachts are currently registered under the Bahamas flag?
A: Our records show that there are thirty-seven (37) yachts registered, between 12.5m and 6,500 GT.
Q: How long has the BMA been in operation?
A: Thirty-five (35) years ago, in December 1976, the Registry began as an open register. The BMA was subsequently formed in 1995 to manage the fast expanding fleet of ships and owners who wished to join in the success of the registry.
Q: Since opening your office in Hong Kong last year, what has your perception been of the China / Hong Kong market for yacht and ship registration?
A: The influx of owners from the Chinese mainland is very vibrant. We see there is still potential for growth in China / Hong Kong and having an office in Hong Kong will enable us to capture some of the growth in yacht and ship registration.
We have been very pleased with the friendly reception we have received from the wide range of shipping related companies and organisations here in Hong Kong.
Q: Are developing markets going to be a major focus of Bahamas Maritime Authority going forward?
A: The Bahamas is always at the forefront of shipping. Our long experience of novel design and arrangements for all ship types makes us a first stop for any owner who is contemplating a new project.
Q: What kinds of ships/yachts is BMA targeting in the Asian market?
A: We are experienced with all types of ship and yacht and all are welcome to register.
Q: Why would a yacht owner want toregister their yacht offshore?
A: We run a simplified, transparent system of registration. Our Yacht Code is based on an internationally accepted standard. Our survey, certification and inspection regime is implemented by dedicated people who understand yachts and the wider yachting industry. Major financiers recognize that we ensure that their assets are maintained. In addition, there are competitive fees and dual/bareboat registration is allowed.
Q: What is the most common challenge you face when registering a vessel for an Asian (Chinese) client?
A: There is a perception that the Bahamas uality branding means that we apply high standards, higher than others. Nothing is further from the truth. BMA applies IMO and ILO standards as written and have little or no other requirements. Our reputation for quality has been achieved by consistently and effectively promoting those regular standards with our ship-owners. We do not blindly regulate. Instead we work with owners to help them achieve what are actually international standards for compliance.
Regarding yachts, we receive questions saying ow flexible are we? ?We are practical and pragmatic. Yachts carry arguably the most valuable cargo of any ship trading worldwide: They carry the families and children of the most wealthy and powerful people on the planet. They are the leaders of nations and multinational industries. We apply sensible workable safety, construction and operating standards that befits such important and valuable people.
We have a multi-cultural client portfolio and we are able to advise clients on the registration procedures and ensure a smooth transaction with all nationalities.
Q: For a Chinese owner who wants to register his yacht/ship offshore, and wants to also protect his privacy and assets, what can the Bahamas offer him/her?
A: The Bahamas fully appreciates the confidentiality issues that concern owners. Stringent checks are made to ensure that information is imparted only to those entitled to it, and only the relevant information may be disclosed. The Bahamas has a secure financial services industry, stable democratic government and sound legal system.
An owner may incorporate an International Business Company (IBC). The company may be registered as owner of the vessel and only this information will be recorded on our records.
Q: Once a ship/yacht has been registered in the Bahamas, what are the potential challenges that the ship could face when entering Chinese/Hong Kong waters or attempting to port in China/Hong Kong?
A: There is currently a China/Bahamas Shipping Agreement in place or the development of friendly relations between the two countries and the strengthening and widening of maritime cooperation; and in accordance with the principles of equality and mutual benefit, freedom of navigation and non-discrimination There are no particular challenges different from any other ship or yacht that is registered with any other member state of the IMO/UN. In fact, with our position as a non-targeted flag for port state control, there are fewer challenges for all of our owners than many other flag states.
