As the USCG Documentation Rules Change, the Vessel Registrar Center Adapts These Changes for Clients
MISSOULA, Mont., Sept. 18, 2023 /PRNewswire-PRWeb/ -- The Vessel Registrar Center is a site exclusively designed to help vessel owners with the Coast Guard boat documentation process. They are currently able to help vessel owners who are eligible for "Jones Act warrants." These make it possible for non-U.S. citizens to own more than just 25% of the stock of a company that owns a coastwise vessel.
In an April 10th Determination Letter, the United States Coast Guard found that non-U.S. citizens can also own Jones Act warrants so long as warrant owners have no voting rights, no right to exercise any preemptive rights, are ineligible to receive any dividends or other distributions by the vessel owning company, among other specifications.
Additionally, the non-U.S. citizen ownership of the company that owns the vessel cannot exceed 24.9% in the aggregate and their warrants can only be transferred subject to provisions that restrict transferees of such warrants to exercise them only if the result will not cause non-U.S. citizen ownership of the company to exceed 24.9%.
Vessels that measure more than five net tons and are owned by American citizens or companies are eligible for documentation, per Coast Guard documentation requirements.
Additionally, vessels that transport people and/or merchandise on the navigable waters of the United States or the Exclusive Economic Zone must have a "Coastwise" endorsement.
In addition to helping with documentation for vessels with a Coastwise endorsement, the Vessel Registrar Center also can help vessel owners to acquire Registry, Fishery, and Recreational endorsements, respectively.
Vessel owners can apply for an Abstract of Title through the site, conduct a vessel documentation search there, apply for their initial documentation, renew it, and reinstate it, among other services.
For more information about Coast Guard documentation vs. State registration, Certificate of Documentation renewal, or to make a press inquiry, contact the Vessel Registrar Center at [email protected]
Media Contact
Ezekiel Hernandez, Vessel Registrar Center, 1 213-332-9255, [email protected], https://usvesselregistrar.us/
SOURCE Vessel Registrar Center
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