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The Marine Administration was established in 1984 and offers 24 hour cover for both yacht and ship owners. Local legislation has also been amended to adopt the Megayacht code and enable commercial yachts exceeding 24 metres to be registered on the Island. Benefits of registering a vessel on the Isle of Man include
- A zero rate of tax for shipping related activities
- No annual tonnage dues
- A low registration fee
- Attractive VAT arrangements
- Security of mortgages registered on the Island
- A Demise Charter Register, both in and out
- British Flag and support of British Consular services
- Flexibility in the requirements for registered owners including limited partnerships
- Lloyds Register of Shipping
- Germanischer Lloyd
- Bureau Veritas
- Det Norske Veritas
- American Bureau of Shipping
- Registro Italiano Navale
- Nippon Kaiji Kyokai
- Incorporation of a company on the Isle of Man. There are no nationality restrictions on the ownership of shipping companies.
- Registering the vessel. The majority interest in the vessel must be owned by one of the following,
- A company incorporated in the Isle of Man and having its principal place of business within the Island
- A company incorporated in the U.K. Channel Islands, any British Dependant Territory, or in a Member State of the E.U. or E.E.A. and having its principal place of business in one of those territories
- Limited Partnerships established and registered in the Isle of Man