Due to its key geographical position and the existence of its transoceanic canal, Panama is indeed a maritime country and has always been a natural path of choice for worldwide commerce, and because of this fact, among others, it is a country that prides itself on having been acknowledged by the international community, as a logistic and maritime hub.
As part of the National Maritime Strategy, Panama has successfully introduced, in the last two decades, significant developments in diverse maritime fields; especially with regard to Ship Registration, a legal commodity that encompasses the country’s main aim and effort to uphold its leading role as Flag State in an increasing competitive shipping industry.
In the mid 1990’s all public institutions related to maritime and shipping topics were unified in a single entity named: PANAMA MARITIME AUTHORITY (PMA).
The Panamanian flag is a synonym of excellence, inasmuch as each vessel registration is analyzed and approved pursuant to a list of compliances such as: seaworthiness, maritime safety, oil pollution prevention and control, seafarers’ certification, as well as technical, social and fiscal regulations.
The main advantages attached to register a vessel under Panamanian flag are the following:
ü No restrictions with regard to citizenship or shipowner’s jurisdiction.
ü No minimum tonnage requirements.
ü Fast, friendly and simple enrollment process through Panama City headquarters or through the Merchant Marine Consulates worldwide.
ü 24/7 services in Panama City headquarters and 5 technical security offices in New York, Tokyo, Piraeus, Singapore and Seoul to assist all our users with no regard to hour differences.
ü Availability of Panamanian surveyors throughout the world to comply with annual safety inspections.
ü Availability of main worldwide Class Societies for the issuance of technical certificates.
ü Secure naval mortgage registration with 24/7 services managed by the Panamanian Public Registry duly accepted and endorsed by national and international banks.
ü Strict compliance with International Maritime Organization (IMO) conventions.
ü Lay-Up Special Registry system.
ü Advanced new constructions and Provisional Registration system.
ü Tax-exemption and no obligation to report income when earned offshore.
ü Important discounts and benefits in Enrollment fees and Annual taxes, especially for new constructions vessels, large fleets and vessels with no Port State Control detentions within 24 months.
ü Offshore Panamanian Companies system available.
It is important to remark that some of the main improvements of Panamanian Ship Registry are: the enactment of a Merchant Marine uniform and modern legislation, the digitalized on-line system to process navigational and seafarer’s permits; the continued education of PMA’s technical and administrative staff, as well as the PMA’s adoption of a quality system that has been, successfully, in force for years. A system that has afforded us to comply with IMO’s periodical audits and to obtain qualitative certifications of ISO 9001:2008.
AROSEMENA & DIAZ, a law firm with a vast experience in the provision of qualitative legal maritime services to its clients, includes Ship Registration and Ship Financing and Maritime Law in general, among its areas of expertise. In this matter, we are also a private contributor to the quality in the service rendered by Panama towards the development of the National Maritime Strategy.
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