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REPUBLIC OF THE MARSHALL ISLANDS

The RMI Maritime Administrator (the “Administrator”) revised the RMI Yacht Code (the “Code”) to reflect changes in today’s yacht market, not only in terms of
the increasing size and complexity of yachts being designed and built, but also to cover recent industry developments such as technological advancements, new
international conventions coming into force, and PSC inspection of yachts. The Code provides a common sense and practical approach to evolving safety and technical issues while being supported by a strong worldwide yacht technical group.

There is no maximum restriction on the tonnage or size of commercial yachts, YETs, PAXYs, or private yachts and a maximum restriction on the tonnage or size of PYLCs is less than 500 gross tons (GT). The Code, in conjunction with the relevant international conventions to which the RMI is a party, sets the standards and ubstantial equivalencies for safety, security, pollution prevention, and seafarer accommodations appropriate to the size of the yacht, taking into consideration instances where it is not reasonable or practicable to comply fully with international conventions.
All yachts to which the Code applies must be annually visited by an Appointed Representative (AR)* or Classification Society,** as applicable, to verify compliance
with the Code. The RMI Yacht Compliance Requirements (MI-103A) provide additional guidance on national and international compliance requirements for commercial yachts, PYLCs, YETs, PAXYs, and private yachts.

Choice of Home Port Yacht owners may choose the home port of either Bikini or Jaluit. Two (2) yachts may share a common name as long as they are registered in different home ports.

Why fly the Marshall Islands flag

  • Private yachts may carry more than 12 guests on board provided additional flag State requirements are met.
  • Private yachts are eligible to obtain a United States (US) Cruising Permit.
  • Private yachts of 18 meters (m) or more in length overall (LOA) and less than 500 GT may be chartered out for up to 84 days as a PYLC, provided additional flag State and local requirements are met.
  • Eligible private yachts may obtain a Temporary Certificate of Registry for YET that allows chartering for up to 84 days in French and Monegasque waters.
  • Yachts may be registered while under construction.
  • Existing MCA LY2/LY3-certified yachts may transfer to the RMI flag.
  • 350 GT Master/500 GT Mate’s license available for qualified applicants.
  • Master (Yachts) Unlimited license available for qualified applicants.
  • With an assigned permanent representative at the IMO, the RMI participates in all major committee and subcommittee meetings.
  • The RMI is an active member of the International Labour Organization (ILO) and was one of the first flag States to ratify the Maritime Labour Convention, 2006 (MLC, 2006).
  • The RMI has been included on the US Coast Guard’s Qualship 21 roster for the 12th consecutive year and continues to be included on the White Lists of both the Paris and Tokyo Memorandums of Understanding (MoUs). In addition, the RMI meets the flag criteria for a low risk ship under the Paris and Tokyo MoU’s New
    Inspection Regimes.
  • The RMI’s groundbreaking legislation permits the registration of a yacht that is still subject to a recorded mortgage in its present country of registry. This legislation provides for the continuation of the preferred status of the mortgage without interruption; thus, the foreign mortgage lien accompanies the yacht into the RMI Registry.
  • Legal and financial professionals worldwide recognize the RMI legal system and mortgage recordation procedures.
  • Support and technical assistance are available worldwide from a staff of qualified and experienced industry professionals.
  • Business Entities
    Ownership of yachts registered with the RMI must be through an RMI business entity such as a corporation, general or limited partnership, or limited liability company.

Foreign Maritime Entity (FME)
An existing foreign entity may also be used to own the yacht by registering that entity as an FME in the RMI. Provisions of the RMI Associations Law allow foreign entities, otherwise empowered under their own jurisdictions to own a vessel, to apply, and register their yacht with the RMI. The RMI Associations Law requires
applicants to provide information on the nature of the powers of the entity, its legal representations, its address and principle place of business.

Ease of Use
The RMI is one of the world’s most modern corporate jurisdictions. Business entities formed under its law are versatile and afford a great degree of privacy. RMI business entities are statutorily exempt from taxes and have no annual filing requirements.

Same Day Formation
RMI business entities may be formed, and documents may be issued, within one (1) business day. Business entity formation requests must be made by a professional (e.g., an attorney, accountant, or corporate service company) to any worldwide IRI office.

Redomiciliation
Foreign entities can be redomiciled into the RMI which allows them to change their corporate jurisdiction and continue their existence as RMI entities.