1. THE MARITIME COMPANY FOR PLEASURE YACHTS
(in Greek: Ναυτιλιακή Εταιρεία Πλοίων Αναψυχής)
(hereinafter referred to as NEPA)
NEPA: What is it?
The Maritime Company for Pleasure Yachts (MCPY or “NEPA”) is a Greek commercial company which has as exclusive object the acquisition, exploitation and management of Greek flag commercial pleasure yachts.
Businesses operating a yachting activity in Greece very often select this type of company, although other types of companies may be used as well.
What are the main requirements for the establishment of a NEPA?
- The minimum number of shareholders required in order to establish a NEPA is 2.
The shareholders must be Greek or EU citizens or legal entities. By exception, non- Greek or non- EU natural or legal persons may acquire rights to NEPA shares representing in total less than 50% of the share capital. Also by exception, it is possible to acquire rights to NEPA shares by reason of death, parental transfer or enforcement and pledge over NEPA shares.
The liability of the shareholders is limited to the value of their shares.
- The minimum share capital required is 10 000 euros. It is aid by the founders in full at the time of incorporation. The minimum nominal value of each share is 1 euro.
- The NEPA is managed by a board of directors. The minimum number of directors is 3, either natural persons of legal entities. The directors may either be or not shareholders of the company.
The “legal representative”, i.e. the person who shall represent the company must be insured in Greece (and also the directors holding at least 3% of the share capital), and thus pay social insurance and pension fund contributions. The “legal representative”, i.e. the person who shall represent the company must be an EU- citizen and a Greek tax resident.
- The duration of the NEPA is set by law to a maximum of 30 years.
- The NEPA is registered at the Ministry of Maritime Affairs and Insular Policy as well as at the Maritime Chamber.
2.CHARTERING COMMERCIAL PLEASURE YACHTS IN GREECE
Commercial pleasure yachts are defined in Greek law as pleasure yachts with a capacity for transportation up to 49 passengers, and disposing of sufficient and adequate living spaces for the passengers, and for the exploitation of which a full charter agreement in entered into.
Main requirements for commercial yachting in Greece:
The execution of a charter, starting and ending in Greece, is allowed :
- To Greek or EU/ EEA flagged vessels, or
- Non- EU/ EEA flagged vessels which are over 35 meters and provided that they are mainly manufactured out of metal or plastic.
According to the provisions of the law, all commercial pleasure yachts which operate in the field of whole charter as well as commercial tourist day- ships must be registered at the Greek electronic ship registry (Register of Touristic Boats and Small Vessels). The registration procedure is completed with the submission of all requisite supporting documents at the Ministry of Maritime Affairs and Insular Policy.
In order to operate a commercial pleasure yacht in Greece, and notwithstanding its flag, it is required:
- To register with the Greek tax authorities for that activity. For non- Greek companies, this requires the establishment of a Greek branch.
- Register the vessel’s details in the aforementioned register.
Minimum charter days:
Commercial pleasure yachts must complete each 3-year period, starting from the date of their registration in the Registry, a minimum number of charter days, as follows:
-105 days, when they are chartered without a captain and crew
-75 days when they are chartered with a captain and crew
-25 days when they are characterized as traditional, whether they are chartered with or without a captain and a crew.
The requisite number of minimum charter days is reduced depending on the vessels age.
How we may assist you:
- Registration of NEPA company
- Registration of other forms of Greek companies for the operation of a charter activity
- Registration of vessels under Greek flag
- Registration of vessels in the Register of Touristic Boats and Small Vessels
- Legal advice and administrative assistance in the operation of your yachting business, including registering with the tax authorities.
- Provision of registered address.
Moreover, through our network of cooperating professionals, we may assist you with all the accounting and filing obligations, tax advice, survey of the yacht and compliance with the Greek regulations.
Should you require additional information or clarifications, please contact us.
*The above is for informational use only and under no circumstances does it constitute legal advice.