Contents

- TRADITION AND EXPERIENCE 3

- SHIP REGISTRATION 5

- YACHT REGISTRARION 7

- PROCEDURES FOR REGISTRATION 6

- BARE BOAT CHARTER REGISTRATION 8

- INCORPORATION OF OFFSHORE COMPANIES 10

- OUR SERVICES 4

- SPECIAL ASSIGNMENT REGISTRATION 11

9www.biermannpautt.com - DELETION OF SHIP REGISTRATION

2www.biermanpautt.com

Bierman Pautt

range of related services and specialized in the maritime indus-try, such as ship registration and incorporation of companies

Sierra Leone, Bolivia and Cambodia, to name a few.

At Bierman Pautt supported by experience and wisdom are our main

quality, rel iabil ity, con�dentiality and

addition, we are strongly commited to continuous improvement and inmovation designed for complete customer satisfaction.

A Prestigious Team of ExpertsOur professional team provides legal services with the goal of satisfaction of the client´s needs and interest as a priority,

and ethical standards, where each case is handled with strict

Furthermore, Bierman Pautt is located strategically near the Panama Maritime Authority headquarters, which permits is to deal with every client´s request in a expeditious manner.

3

Tradition and Experience

f

Choosing Bierman Pautt, as your legal representative will assure you that

just a short time you can obtain optimal results.

List of ServicesWe have the capability to assist ship owners with registration, incorporation of companies, ship mortgages and other requirements. For your guidance the

- Provisional & Permanent Registration of Ships

- Change of Ownership (Re-registration)- Particulars Change (name, tonnage, dimensions, type & RAA)- Special Registration (valid for three (3) months, for single voyage, special delivery, scrap including Patent & Radio License).

- Registration of Yachts- BBC-In Registration- BBC-Out- Registration of Ships Mortgages- Discharge of Mortgages

- Search Report (vessel or company) - Application for re-issuance of Patent and / or Radio Station License (due to Loss)- Reserving Ship´s Name

- Application for MSMC- Applications for ISSC Full Term- Application for CSR- Applications for ISM Endorsements- Applications for CSO Endorsement- Application for Discount from Panama Maritime Administration (PMA)- Incorporation of Companies- Dissolution of Companies

- Commercial or Maritime License

Our Services

BIERMAN PAUTT can provide complete, provisional and permanent registra-tion inationality of owner or crew members of the vessels. Our services will allow you to obtain all these bene�ts at very low rates.

Since 1925, the Republic of Panama has the responsibility of administering the

through its open registry. Panama is currently implementing new programs with the purpose of making the Registry one of the most active in the international

for ship owners, becoming one of the world´s most prominent jurisdictions for

country are tax exempt in Panama.

Additionally, the Registry does not require that vessels be owned by residents of Panama. However, if the vessel is owned by a Panamanian entity there is limited liability in cases of mishaps or accidents to the ship.

1. The owner may be any natural or juridical person of any nationality, and may register a vessel under the Panama Flag, through a Panamanian Law

2. The Republic of Panama is signatory of all major international maritime conventions.3. Income related to the sale of a vessel is not taxable by Panama, as well as the revenues arising from international maritime commerce. 4. Direct contact with Panamanian consulates abroad and with the local

5. There is no minimum tonnage requirement for the registration of a vessel.6. Costs are reasonable for registering a vessel.

5

Ship Registration

Procedures for Registration

The procedure for registration of a vessel under the Panamanian Flag is very simple

submitting the relevant documentation with the appropriate fees, which is based on the gross, net tonnage (ITC-69) and the type of vessel.

The provisional registration, valid for six months, can be obtained within two (2) business days. It may be extended for an additional three (3)month period upon payment of a penalty fee of US$500.00 to the Panama Maritime Administration.

duration of �ve (5) years, renewable. The time required is approximately 5 to 7

Required Documentation:

(if tanker copy of IOPP & its suplement)

3. Power of Attorney

tugs the following applies:

• Owner Affidavit

The Permanent Registration can be processed as soon as we receive the original documents required, duly legalized by a Panamanian Consulate or apostilled with a

business days.

Required Documentation:1. Bill of Sale & Acceptance of Sale

4. Power of Attorney

Note: The above documents from 1-4 must be legalized by a Panamanian Consulateor apostilled to ful�ts with the legal requirements; technical certi�cates do not need legalization.

**

**

*

Yacht Registration

7

Panama is the most widely chosen jurisdiction for yacht and ship registration in the world. The Panamanian Ship Registration Law o�er very �exible terms and a�ordable cost for yacht registered in the Republic of Panama. Any yacht or pleasure vessel, or vessel quali�ed as such by IMO, may be registered for a two (2) year renewable period. One of the advantages for registering pleasure yachts is that there is a �at registration fee, regardless of the size or tonnage of the yacht. When the yacht is property of a Panamanian company or an individual, the fee is $1,000.00. if it owned by a foreign company or individual, the registration fee will be US$1,500.00. These fees must be paid every two years, at which time the navigational documents must also be renewed.

For provisional registration of yachts, you must provide the following:• An affidavit – stating that same it is for pleasure only and not for commercial use.

• Copy of Bill Sales as evidence of ownership.

Mortgage RegistrationAn important consideration in the growth of the �eet has been the con�dence generated in the international �nancial community by the security of mortgages over Panamanian registered vessels. As per Panamanian Law, the registration of Ship Mortgage requires that same to be executed subsequent to emission date of the Provisional Navigation License.The preliminary registration is valid for six (6) months, during which time the permanent registration must be executed through your law �rm in Panama.

The Ships of foreign registry may apply for Bare Boat Charter Registration fora period not exceeding two (2) years, renewable without giving up her registry of origin, provided that the mother government allows the charter registration.

To qualify for the bare boat Charter Registration under the �ag concernedcharter party shall submited the following documents:

- Letter of Consent (or permission) of current �ag- Copy of Certi�cate of registry under current �ag- Owners consent to charter registration- Copy of charter contract with date of contact- A free form encumbrance certi�cate duly legalized by Panamanian Consulate- If the vessel holds a mortgage an authorization letter from the bank is required to be duly legalized by Panamanian Consulate- The department of Ship Register of the Directorate General of Merchant Marine will issue a patent to the vessel under BB charter valid for two (2) years, the ship has the same tax obligation imposed by the Panamanian Legislation, which must be settled at the time of registration to the Panama Merchant Marine.

The Radio Station License (RSL) is issued provisionally and afterwardsowners must apply for the permanent radio station license by completing an application form and providing copy of inmarsat activation details. Whencompleted and submitted, Panama will issue the full term RSL for the sameperiod of the full term patent (2 years).

Bare Boat Charter Registration ( BBC )

8www.biermanpautt.com

The vessel must be in good standing with the PMA, no change will proceed if she owes taxes, has an open case of a casuality, open case of detentions, and/or any other remark. Therefore a research is mandatory. There are three kinds of deletions, and di�erent requirements for each case.

Deletion of a vessel with a provisional navigation patent

A research is required to �nd the provisional registry had been registered in the Public Registry O�ce, and if a mortgage had been registered. If the vessel does have a registered mortgage, it must be cancelled prior the deletion.

Deletion of a vessel with a Full Term navigation patent

If a vessel has Full Term navigation patent, the applicable mandatory documents and its translations have to be included in the o�cial �le of the vessel. If Bierman Pautt was not previously the law �rm, the Power of Attorney duly legalized, must be submitted. If the vessel had been registered through the new registry system (PKI), it is necessary to request the change of legal representative prior the deletion (This apply for the deletion and other processes).

Deletion of a vessel under BBC

It is necessary to make a research of the vessel´s status. Verify that she does not have any remark that forbids her deletion from the �ag. The client must provide us the following documents, duly apostilled or certi�ed by a Panamanian consul Power of Attorney-AFFIDAVIT where the parties estab-lish their willing to �nalize the contract and the reason (it could be for returning to the main �ag, for sale, or she going to be scraped). If the party that is requesting the charter of deletion is not the owner of the vessel, the owner must issue a declaration stating that the chatterer is authorized to delete the charter of the �ag.

Deletion of Ship Registration

9

Incorporation of Offshore CompaniesOur expertise in o�shore incorporation spans the globe with special emphasis on jurisdictions that o�er asset protection and tax advantages including Panama, Belize, and The British Virgin Islands among others.

The Bene�ts of O�shore IncorporationThere are many bene�ts from the establishment of an o�shore presence.Preliminary, signi�cant legal tax advantages are a motivating goal. Con�den-tiality, security and competitive market place advantage are among other encouraging factors.

- The nonpayment of taxes in Panama of any kind by utilities or dividends that are obtained form activities developed outside the Republic of Panama.

- Low cost of Constitution

- Low Maintenance Cost

- The capital share can be expressed in any currency.

- Complete anonymity of names of the shareholders of the company.

Shelf companies are pre-registered o�shore companies suitable for certain clients who can bene�t from this service and can be made available to the client through us. These are incorporated companies, fully documented in accordance with the laws of their country of origin.

Steps for incorporation of companies:

Step 1: Choose a suitable jurisdiction to incorporate your company.

Step 2: Complete our application form, providing the company name, directors and shareholders.

Step 3: Provide the required due diligence.

Step 4: Incorporate your company.

Step 5: We provide with the original corporate documents including Articles of Incorporation, Book of Shares and Certi�cate of Incorporation, duly apostilled.

Special Assignment Registration

This registration is where the Panama Maritime Authority will provide, as per owners request, the following details for vessel under construction:

A- Patent O�cial NumberB- Radio Call LettersC- MMSI Number

Applicants will need to pay the registry fee; it is understood that this “SPECIAL ASSIGMENT” registration will allow the interested party to initiate the process for obtaining the respective certi�cates from their Recognized Organization. It is also understood that this registration cannot be utilized to sail until all neces-sary documents have been properly submitted to the competent authority.

When the complete documentation is submitted, the respective registration documents (“Provisional patent” & Radio License) will be issued and the interested party shall pay the Annual Single Rate, Annual Tax, Inspection Tax, and any Other applicable taxes and fees.

Special Assigment Registration

http://www.biermanpautt.com

“Tradition, Wisdom, and Experience at Your Service.”

CONTACT US: