Registering Your Ship Under the Panamanian Flag

Registering a ship under the Panamanian flag, also known as Panama Flagging, is a common practice for ship owners and operators due to Panama's favorable maritime laws and regulations. Here are the steps to get your ship flagged with Panama:

1. Eligibility and Ownership:

• Ensure that you meet the eligibility requirements for flagging a ship with Panama. Typically, the ship must be owned by a Panamanian citizen or a Panamanian company.

2. Select a Registered Agent:

• Choose LEGAL@work as your trusted Panamanian law firm and registered agent to represent you throughout the registration process. They will offer professional guidance and efficiently handle all required paperwork on your behalf.

3. Document Preparation:

Prepare the required documents, which may include:

• Bill of Sale or Deed of Transfer showing the transfer of ownership to the Panamanian entity.
• Certificate of Incorporation of the Panamanian company (if applicable).
• Copy of the ship's international tonnage certificate.
• Ship's particulars, including dimensions, tonnage, and engine details.
• Proof of seaworthiness and compliance with safety standards.
• Proof of insurance coverage.

4. Inspection and Survey:

• Arrange for a safety inspection and survey of the ship by a recognized classification society. The ship must meet international safety and environmental standards.

5. Pay Fees:

• The fees for registering a ship under the Panama flag can vary depending on several factors, including the type and size of the vessel, its intended use, and the services you require from a registered agent or law firm. Additionally, there are ongoing annual fees for vessel registration and maintenance. To get an accurate estimate of the fees specific to your situation, it's best to consult with a Panamanian law firm or registered agent, such as LEGAL@work, who can provide you with a detailed breakdown of all the costs involved in registering and maintaining your ship under the Panama flag.

6. Submit Documentation:

• Submit all required documents, including the survey report and payment receipts, to the Panama Maritime Authority through your registered agent.

7. Review and Approval:

• The Panama Maritime Authority will review your application and documents. If everything is in order, they will issue a Provisional Panamanian Ship Registration Certificate.

8. Final Inspection:

• After provisional registration, the ship may be required to undergo a final inspection by Panamanian authorities. This inspection ensures that the ship complies with safety and environmental regulations.

9. Issuance of Permanent Certificate:

• Once the final inspection is successful, the Panama Maritime Authority will issue the Permanent Panamanian Ship Registration Certificate.

10. Maintain Compliance:

• Ensure that your ship continues to meet Panamanian maritime regulations, including safety and environmental standards. You will need to renew the registration annually and comply with any changes in regulations.

11. Flag Administration Services:

• Consider using the services of a ship management company or representative in Panama to assist with ongoing compliance, crewing, and other administrative matters.

Keep in mind that Panama has specific requirements and regulations for flagging ships, and these requirements may evolve over time. It's essential to work closely with your registered agent and stay informed about any changes in Panamanian maritime laws and regulations. Additionally, consider consulting legal and maritime experts to navigate the registration process smoothly.