International Maritime Register - MAR
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Madeira Flag - an easy solution
1. A high quality registration, with quality and safety, which appears in the Paris MOU White List of Port State Control.
2. The Register isn’t classified as a « flag of convenience» by the ITF.
3. The vessels use the Portuguese register and can access the European Union cabotage.
4. Technical Issues and Surveys: Madeira recognizes the main internacional Classification Societies.
1. The crew members of yachts and vessels registered under «commercial activity» at the International Shipping Register of Madeira (MAR) are exempt of Personal Tax Payments and Social Security contributions. However, an alternative security scheme or voluntary insurance must be guaranteed.
2. There are no citizenship requirements imposed on the crew of commercial activity, but the crew members must be duly qualified and have their Maritime Licenses updated and in their possession.
VAT: Vessels registered and classified as « commercial activity » will benefit from VAT exemption on the purchase of the yacht or vessel.
No VAT will be applicable on repair and maintenance operations, as well for the supply of fuel and oil, according to the article 14 of the Portuguese VAT Code.
- The vessel can be registered by a company that has its headquarters in a different country.
- Highly competitive registration and services fees,
- Access to one of the most competitive tax systems in Europe if the vessel's owner is a company operating in the International Business Center of Madeira.
MYSRM supports you in all shipping activities, but also offers its experience in management, which allows a proper management of assets and the management of the company as well, with all the advantages that the free trade zone of Madeira offers.
Companies established in Madeira free zone are exempt from tax on property transfers, donations and inheritance tax on property, taxes on capital gains as a result of real estate sales and other assets or fixed values.
The current system of tax benefits of the International Business Centre of Madeira (IBC) allows the installation of new companies by the end of 2020, which will benefit from the application of a reduced rate of 5% of taxes on profits (IRC) until 31 December 2027. The reduced rate is applicable on profits from operations carried out exclusively with other entities not resident in Portuguese territory or also licensed entities in the IBC. However, there are no restrictions on the development of operations with other entities resident in Portugal who are not licensed in the IBC, and such operations taxed at in effect tax rate in Madeira, currently 21%.
The current VAT is 22%, in transactions outside Portugal it is not applied. To receive these benefits, companies must comply with the following requirements:
- The creation from one to two jobs at Madeira;
- A minimum investment of € 75,000.00;
- Working out of all official duties;
- Accounting expert and lawyer, mandatory in Madeira;
We propose a mandatory employee, the minimum is 2 hours per week. The obligation of the investment of € 75,000.00 may be presented in real estate acquisitions , knowing that your investment can be done anywhere in the world, in the form of stock, each case can be studied according to your needs. All originals documents must be in the office (invoices, contracts, etc.).
«Establishment of a company in Madeira Free Trade Zone»
The constitution of the company includes the approval of the name, and its social object, the preparation of all the documents and payment to the International Business Centre of Madeira (IBC), a compulsory license for the free trade zone, opening a bank account, creating the Articles of Incorporation of the Company, registration with certain institutions (Social Security), DGCI (Portuguese Tax Administration), official statements and hire an accountant.
- The certificate of approval of the company name
- Identity card for temporary business
- Copy of identification documents
- Official Account Report of the capital shares
- License and Authorization of the Regional Secretary of Planning and Finance
- Declaration of beginning of the activity
- Social Security Registration
- Commercial registration and Registration at RNPC
Compulsory legal headquarters
Our offices located in Madeira provide full transparency with the government.
We will study together the best way to create a package to suit your needs.
2h/week, mandatory Bank charges - to be defined depending on use Annual license - €1800.00 (IBC)
We have, also, the cost regarding the management from our offices, which are variable according to usage, and will initially be invoiced by the hour. We will proceed, of course, with review after the first six months, to provide a contract that suits your needs. We remain at your disposal for more details.