MYM SERVICES

CERTIFICATION

For a streamlined ownership experience, a yacht needs to be fully compliant at all times. MYM team ensures that all necessary certifications are in place and up-to-date, as well as assisting by performing audits and providing reports to ensure the yacht is meeting all Flag, Class and Maritime Labour Convention (MLC) requirements as well as the company’s International Safety Management (ISM) and International Security Codes (ISPS) protocols. This in turn simplifies the process related to Flag and Class inspections.

TECHNICAL

MYM has strong relationships with top yards and can negotiate advantageous rates for the Owner pertaining to refits and maintenance. As former Captains, Legal advisors and personnel involved in this industry, our team has the competence in the technical aspects of yacht operations. On hand 24/7, we offer emergency assistance and repairs wherever you are in the world. With in-house experience managing large and complex refits and many successful projects, providing full technical support throughout the process. Our experienced team also offers global management of the class and flag compliance, budget and fiscal aspects of the refit process.

OPERATIONAL SUPPORT

The MYM team brings decades of on board experience as Captains and crew on ships as well as motor and sailing yachts of all sizes. We understand operations from an on board perspective. Instead of micro-managing, we work alongside Captains and crew to optimise operations, ensuring every yacht operates seamlessly. We provide a Designated Person Ashore (DPA) as well as Deputies, who are available 24/7 for any kind of situation that arises.

CREWING

A yacht is as good as its crew. We take care of crew management from payroll to training and competency, ensuring Captain and crew work effectively together for the benefit of the Owner. With a growing and evolving pool of seamen and officers, we can locally source crew requirements and through our industry contacts ensure that the yacht is fully manned.

INSURANCE

MYM works closely with top insurance firms and brokers to negotiate the most advantageous coverage for every yacht. Taking into account planned itineraries and use of the yacht, we secure the best coverage for the most competitive rates for the yacht and Owner. And if a claim arises concerning the yacht or crew, we will be there to assist.

LEASING & CHARTERING

In 2019, the Maltese VAT Department issued a new set of guidelines on the VAT treatment of the long-term leasing of yachts by a Malta company. In terms of the guidelines, Maltese VAT on a lease taking place in Malta will be charged on the portion of the lease covering effective use and enjoyment of the yacht within EU waters. No VAT will be charged on the portion of the lease covering effective use and enjoyment of the yacht within non-EU or international waters.

The Maltese VAT incidence on the short-term chartering of yachts used for leisure purposes, commencing in Malta, may be limited to the portion of the use that the yacht is deemed to make within the territorial waters of EU.

FORCE MAJEURE SUPPORT

Working on the high seas has given the MYM team real-life experience of finding solutions to the many issues that can arise on board. In a crisis, Captains are assured of a direct line to a professional with an immediate understanding of all situations from technical to personnel, and effective emergency response coordination.

REGISTRATION

Malta’s Ship Register is today one of the largest and most reputable ship Registers in the world ranking 1st in Europe and 6th Worldwide in terms of registered tonnage. All types of vessels may be registered under the Malta Flag and take advantage of various benefits. Malta has developed a strong legal and regulatory base that enabled the Malta Flag to become a reputable International Ship Register, which is now one of the largest in the world.

MYM provides services to the yacht Owner wishing to register pleasure or commercial yacht under the Malta Flag. Our professionals assist the Owner with the registration of pleasure or commercial yacht as soon as the yacht’s keel is laid by drafting and submitting documentation required by Maltese Authorities. MYM is supported by its International Tax and VAT Team and is able to provide a tailor made service in order to ensure a smooth yacht registration process within tight deadlines.

FINANCIAL, LEGAL & administration

MYM’s dedicated yacht management accounts team handles all aspects of financial management, from budgets to invoices and debit cards, leaving the Captain free to concentrate on the on board experience. Openness and integrity are the keys to the MYM approach, and the Owner and his team receive the detailed and comprehensive financial reports each month.

MYM strives to offer the Owner legal expertise on all aspects of the maritime industry. MYM has access to a worldwide network of affiliated Law firms, in order to deal with matters of international aspects, efficiently and successfully. Our team seek at all times to provide innovative, practical solutions and expert advice to the Owner in the most efficient and advantageous manner.

Our yacht management team has established itself as a leading administration specialist to ensure prompt and cost-effective services in real time. This ensures a constant multi-disciplinary team capable of addressing operational and compliance issues competently and responsively to the Yacht Owning Company.

We are able to deliver an all-encompassing and truly multi-disciplinary administration services to the Yacht Owning Company ranging from document management, registered office of the company, interaction with local entities and Administrations and other responsive services for proper administration. MYM ensures that your Yacht Owning Company complies with the local Company rules and regulations where applicable.