Steffen Pedersen appointed to the Tuvalu Bar
We are delighted to announce that on 22 November 2016 Steffen Pedersen, a partner in our Singapore office was admitted to practice Tuvalu law. This new appointment will allow Thomas Cooper Singapore office to assist clients with all issues related to Tuvalu.
The appointment is timely and important for Thomas Cooper as Tuvalu’s prominence in the maritime world is rising. In 2015 Tuvalu appeared as a White List flag state under the Tokyo MOU, marking the significant progress made. This puts Tuvalu alongside other main flag states, and has led to increased interest in registering vessels in the South Pacific nation.
Tuvalu’s prominence in the maritime world is rising. In 2015 Tuvalu appeared as a White List flag state under the Tokyo MOU, marking the significant progress made. This puts Tuvalu alongside other main flag states, and has led to increased demand for registering vessels in the South Pacific nation.
A brief outline of the benefits of using the Tuvalu flag include:
- No tax on profits, capital gains, dividends;
- No restrictions on nationality of ownership or crew;
- No need to register a local owning company;
- Bareboat registration in/out;
- Discounts on fees for: (i) fleets of more than 2 vessels registered for more than 12 months; (ii) younger vessels; (iii) vessels with excellent Port State Control records; and, (iv) vessels above 20,000 GT (the larger the vessel the bigger the discount);
- Significant savings on COEs e.g. only officers need COEs. This can lead to an estimated initial savings of USD7,000+ over other flags;
- Efficiency e.g. ship registration and production of the COEs (within 1-2 working days from receipt of all documents and payments). All matters are handled out of Singapore meaning time is not spent referring decisions to Funafuti;
- No VAT/GST imposed on fees;
- Vessels under 25 years and of all types are eligible for registration;
- Short term “Delivery Voyage” registration possible.
Steffen Pedersen is available to assist with any questions or requests related to Tuvalu registration or Tuvalu law generally. This is the third jurisdiction Steffen is qualified in following Hong Kong and England & Wales.