“An Inextricable or Discrete Relationship?”
As a predominantly tourist country, Greece, surrounded by crystal blue waters, bays and creeks, is a pole of attraction for many cruise ships and super-yachts. It has managed to attract international maritime interest, hence the adoption by the Greek legal system of a special type of Maritime Companies called <MCPY> (NEPA).
Companies that are e-registered in Registry of N.E.P.A. which are equated with the Capital Limited Companies and special legislation has been adopted only for NEPAs (Law 4926/2022 as in force).
Significant changes have been made with regard to their composition, where they can also be Single Shareholder Companies (Sole Shareholder, regardless of the nationality of the Shareholders/Founders).
MCPY(NEPA) are companies that own or keep leasing rights on exclusively Professional Yachts and under the Greek flag.
MCPY(NEPA) is active as an owner of pleasure yachts.
If you wish to hire (charter) boats from third parties for business purposes instead of buying them, then you can choose, together with an experienced Business Lawyer, to set up a Shipping Company other than the N.E.P.A., Limited Liability.
The acquisition of a yacht must be treated as an interrelated process for efficiency in business. Otherwise, you take the risk of not being able to fulfill the purpose of your business venture.
Prior to setting up a NEPA, it is recommended that you have already selected the vessel that will fulfil the purpose of your Company, so that you could be sure that it meets the requirements to be classified as a Commercial Boat.
It is not necessary for the Yachts to be classified as Commercial from the outset, but it is necessary to have investigated in reasonable time whether it can be granted this status. The Classification Society certifies whether the vessel can obtain Commercial status from the competent Ministry issuing the necessary Certificates.
If the vessel you are interested in carries a foreign flag, it will first need to be registered at a Greek Port Authority to obtain a Certificate of Nationality. Then it will receive a Professional Licence from the relevant Ministry at the final stage.
Recreational vessels sailing on the open sea with a hull number of more than 12 meters are exempt from VAT when acquired under certain conditions.
Cause of the acquisition of a Boat with a Professional License being a very important process, it requires a careful preparation of a multitude of documents, contracts (Bill of Sale, Memorandum of Agreement) & certificates. Your Business Lawyer takes high role at this process guiding you in correct way!!
Competently always under the assistance of law-in-business we can guide you in a timely and accurate manner for the coordination of the process of setting up your Shipping Company and Purchase of a Commercial Boat, enjoying all the privileges, as required by Greek law.