Advantages of Malta flag
Vessel registration under the Malta flag and the operation of Maltese ships is regulated by the Merchant Shipping Act of 1973, a law based mainly on United Kingdom legislation but subsequently revised and amended in 1986, 1988, 1990 and 2000. The main legislation is supplemented by a comprehensive set of rules and regulations. The following are some of the main advantages of registering your vessel under the Malta flag:
- low company formation, ship registration and tonnage tax costs; progressive reduction in registration and tonnage tax costs for younger ships;
- complete tax exemption to owners, charterers and financiers of Maltese ships over 1,000 net tons; these incentives may also be extended to smaller ships;
- no restriction on the nationality of the master, officers and crew;
- no restrictions on the sale or transfer of shares of a company owning Maltese ships;
- no restrictions on the sale and mortgaging of Maltese ships;
- no trading restrictions;
- preferential treatment to Maltese ships in certain ports;
- offshore companies operating ships can enjoy all the exemptions and benefits provided for by the offshore legislation;
- ships may be registered in the name of legally constituted corporate bodies or entities irrespective of nationality, or by European Union citizens;
- twenty four hour, seven days a week service in respect of urgent matters;
- Malta is an international maritime centre providing the whole range of maritime services.