In order to maintain the commercial status of a commercially registered yacht and the VAT exemptions that relate to the status of that yacht, the owning company must prove that the yacht is being utilised for trade purposes,particularly and in terms of the law, ‘for the carriage of passengers on the high seas for a reward’.
The financial administration of the commercial activity undertaken by a commercially registered yacht is an enterprise which involves the skill and monitoring of a team of individuals trained and experienced at delivering these services. At Bencini Demajo, we pride ourselves to be in a position to deliver a complete service through various professionals in the field, including lawyers, accountants, auditors, financial controllers, banking and technical experts.
Our financial administrative plan is one which ensures that the owner is not solely presented with an end of week/month budget of all the costs made by the commercial operation of the yacht but rather that the owner is informed beforehand on all the cash flow projections and the cost deductions through the setting up of a proper operational budget comprising all the facets of the commercial/charter activity.
The financial administration of a yacht is indeed a multi-faceted operation. We believe that having one significant service provider overlooking all the major operations of the yacht not only ensures peace of mind for the owner but contributes in making the venture of owning and operating a yacht a truly successful one.