Equiom is delighted to announce the opening of a new office in Jersey from where they will be operating their new crew management and payroll services.
Many factors can dictate whether crew are subject to National Insurance contributions (NI), such as the flag state of the yacht, domicile of the crew members and jurisdiction of employment. This may result in the owning company being subject to Secondary Class 1 NI contributions.
The result being not only less net income for crew members but also higher costs for the owner, not just in secondary NI payments but also in administration costs and professional fees.
To overcome these potential problems, Equiom researched a number of tax efficient and well regulated jurisdictions and decided to open its crew management office in Jersey.
The service, branded Crewmann, uses a bespoke software system, commissioned by Equiom, utilising advanced and proven technology, which is designed to process payrolls in compliance with current legislation, and will also withstand the rigours of close auditing. Crewmann will ensure the regular and timely transfer of payments from the holding bank account to the crew member’s bank account and, if required, will automatically notify the individual when this payment has been made - by email or SMS. (Payments can be made in all currencies).
In addition to providing an efficient payment service, Crewmann has other features which will provide additional valuable services to the captain and crew ensuring the crews’ contractual obligations are monitored and kept up-to-date. For example, the system will monitor each crew members STCW and non-mandatory training, visa and medical certification, and the system will ensure that the individual is notified in good time when the certificates are due for renewal. Crewmann now brings additional benefits to our superyacht management services. Our market leading Isle of Man based Yachtsmann service provides tax efficient structures for operating superyachts. Combining the two services will produce further savings and efficiencies for owners, managers, agents and crew members.