SHIPPING BUSINESS
ECONOMIC SUBSTANCE OUTSOURCING

An entity engages in "shipping business" where it conducts any of the following activities involving the operation of a ship anywhere in the world other than in the territorial waters of the jurisdiction where registered:

  • (a) the business of transporting by sea, passengers or animals, goods or mail for a charge;

  • (b) the renting or chartering of ships for the purpose described in paragraph (a);

  • (c) the sale of travel tickets and ancillary ticket related services connected with the operation of a ship;

  • (d) the use, maintenance or rental of containers, including trailers and other vehicles or equipment for the transport of containers, used for the transport of anything by sea; or

  • (e) the functioning as a private seafarer recruitment and placement service, 

but does not include a holding company business or the owning, operating or chartering of a pleasure yacht.

 
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