Maritime Trade Essay Example | Topics and Well Written Essays - 2000 words

Maritime Trade - Essay Example e the United Kingdom under either part 1 or 2 of the register, he can do so by making a provisional application to any British consular officer or to any British High Commissioner office .Such office will forward the application to the Registrar, and if he satisfies that the applicant is eligible for registration, then registration will be granted by the Registrar within a period of ninety days. All varieties of vessels like from oil rigs to pleasure yachts may be registered under Maltese laws provided, they are owned by individuals qualified to own a Maltese ship. Individuals who are qualified to own a Maltese ship are detailed below: In Malta, Minister of transport has been assigned with extra-ordinary authority to prescribe the degree of the class of ships of ownership of a ship eligible to be registered and may notify other regulations and conditions in associations with the necessary ownership for ships. To register a vessel under the Maltese flag by the foreign beneficial ownership, a shipping company must initially be incorporated under the Registry of companies of Malta. Again, a foreign shipping company can save a large sum of money as the minimum capital required by Maltese law is as low as with an authorised capital of  £ 1250 of which a minimum of  £ 250 must be paid-up. Further, the company registration expenses are very low amounting to just  £ 250 and every year, annual return has to be filed by paying a fee of  £ 125. There are several advantages for registering a shipping company in Malta as it has a quick process and also, it is inexpensive. For registering a shipping company at Malta, promoters need not personally present in Malta. They can register a shipping company by operating remotely by forwarding a power of attorney to their legal representative in Malta, which is generally a law firm. Further, the principal place of business of such shipping company need not necessarily be in Malta and there are no limitations whatsoever on the