Licence application for shipping companies
All types of companies, Portuguese or foreign and their forms of corporate representation, such as branches, may apply to register ships in RIN-MAR to carry out maritime transport activities.
A licence application must be submitted to S.D.M., in duplicate, addressed to the Cabinet of the Regional Secretary of Finance and Public Administration of the Regional Government of Madeira. The licence may be requested by an existing company, in Portugal or abroad, or by a company to be incorporated.
In case a new shipping company is formed, no minimum share capital requirements will apply. The incorporation procedures are similar to those applicable to any other Portuguese company.
Foreign ship owners without any form of representation in Madeira can also register ships in RIN-MAR provided they appoint a Portuguese representative.
MCS is prepared to act as representative under power of attorney.
Madeira Shipping and Madeira branches of foreign shipping companies enjoy the full range of tax incentives granted to IBC-Madeira entities namely but not limited to a 5% corporate tax rate and exemption of withholding tax on outbound dividends.
For more information please contact us.