Oceanskies is able to apply its key capabilities to the review of any existing yacht and ownership structure from a documentary perspective.
This service is of particular value to the board of directors of any corporate yacht ownership structure who shoulder the legal responsibility of safe and correct vessel operation.
In cases where the board of directors are provided by the owner themselves or by their professional advisers such as fiduciaries, wealth managers, trustees or family office it is possible that the board might not themselves be familiar with the ever growing burden of documentation required under law.
There have in recent years been a number of high profile incidents and accidents involving yachts which, in some cases, have tragically resulted in loss of life.
In cases of a serious incident the flag state responsible for the yacht and the authorities of the jurisdiction of the territorial waters in which the incident occurred will fully investigate the events leading up to and causing the same.
In extremis, where there is the loss of life a yacht owning company and its directors could face corporate manslaughter charges.
Even a simple breach of local regulations can lead to detention by Port State Control or local tax/customs authorities. The ramifications can quickly become very inconvenient, embarrasing and potentially expensive if an owner cruise or charter cannot go-ahead.
Oceanskies can consult with the board of directors of a yacht owning company to ascertain key risks and perform a review of the way that a yacht is documented.
The review is wide ranging and examines the yacht’s ownership, tax status, registration, documentation and compliance and is followed by a comprehensive report to the owning company’s board of directors.