Faroe Islands International Ship Register
Below you will find a summary of information regarding the Faroese International Register of Shipping, FAS.
About FAS
FAS was established in 1992 and has proven to be an excellent alternative to other similar international registers. FAS offers a number of financial advantages and is organised, flexible, uncomplicated, and practical.
FAS aims to be a quality register, recognising that international safety at sea and protection of the environment should always play a central role in shipping.
The most significant international conventions and codes are in force in the Faroe Islands, including SOLAS, STCW Tonnage Convention, MARPOL, Load Lines, MLC and others.
Please contact our office for more information.
Vessels and age:
FAS accepts all vessels of at least 100 gross tonnage except fishing vessels and pleasure craft.
Ships, 20 years of age and older, cannot be registered in FAS. However, in some cases, exceptions may be made by the authorities.
Registration procedure:
Application requires detailed information about the owner, the company, and the ship and application forms provided by the FAS Office must be used.
You can download the forms on www.fas.fo or you are also welcome to contact our office and we will assist you
Ownership and formation of a company:
The owner of the vessel must be a company registered in the Faroe Islands.
There are two different types of limited liability companies in the Faroe Islands, the Sp/f and the P/F. These are regulated by two different Company Acts and the main difference between them is the size of the equity capital, being a minimum of DKK 50.000 for an Sp/f and DKK 500.000 for a P/F.
An Sp/f is not obliged to have a board.
Taxation and fees
Faroese companies, including shipping companies that have ships registered in FAS, enjoy an 18% taxation rate.
The personal tax rate on seamen’s wages is 35% of gross wages, and owners of ships registered in FAS are repaid 100% of the personal tax on these wages.
Non Faroese crew members pay no social security taxes in the Faroe Islands.
Registration fee:
– Vessels up to 1000 GT: DKK 50,000
– Vessels 1000 – 2999 GT: DKK 75,000
– Vessels 3000 – 9999 GT: DKK 100,000
– Vessels 10.000 GT and more: DKK 125,000
Certificate of Nationality:
– Vessels up to 1000 GT: DKK 3,000
– Vessels 1000 – 2999 GT: DKK 5,000
– Vessels 3000 – 9999 GT: DKK 10,000
– Vessels 10.000 GT and more: DKK 20,000
Tonnage Certificates on Faroese flagged ships are to be issued by the Faroese Maritime Authority, FMA. The fee for the Tonnage Certificate is DKK 2 per GT.
Surveys and Certification
All vessels registered in the Faroe Islands are subject to technical control by the Faroese Maritime Authority, FMA. Most surveys on vessels will be carried out by the following classification bodies and approved by the FMA:
– Det Norske Veritas, DNV
– Lloyd’s Register of Shipping
– Bureau Veritas, BV
– Nippon Kaiji Kyokai, NK
– American Bureau of Shipping, ABS
– Germanische Lloyds, GL
The Tonnage Tax System
The Faroese Tonnage Tax System was designed to be internationally competitive.
Tonnage does not need to be registered in the Faroe Islands, nor does a vessel need to fly the Faroese flag.
Only Faroese companies may use the Tonnage Tax System. However, there are no restrictions regarding the ownership of a Faroese company.
Tonnage Tax Costs
Net Tonnage: Amount:
0 – 1,000: DKK 6 per day per 100 NT
1,000 – 10,000: DKK 4 per day per 100 NT
10,000 – 25,000: DKK 3 per day per 100 NT
25,000 and more: DKK 1 per day per 100 NT
Bareboat Register
If chartered to a company on the Faroe Islands a foreign vessel can be registered in the Faroese Bareboat Register. The Bareboat Register offers the same advantages and sets the same terms and conditions as FAS.
Bareboat Registered vessels have access to the wage refund system.
