The Faroe Islands have recently made changes to their FAS system in an attempt to make the system more attractive to both Faroese and foreign vessels.

FAS came into existence in 1992 and have proven to be an excellent alternative to other registers. FAS offers a number of financial advantages and, due to its simple organisation, it is administratively uncomplicated and practical.

The Faroese flag, Merkið, is internationally recognised. The most significant IMO/ILO conventions are in force in the Faroe Islands.

Accepted vessels
All vessels, except fishing vessels and pleasure crafts, of min. 100 gross tonnages, can be registered. Cable drums, floating containers and similar structures cannot be registered.

Technical requirements
Technical requirements for vessels in FAS and those in the traditional /ordinary Faroese Register are subject to technical control / survey by the Faroese Maritime Authorities.

Ownership/dividend
Vessels in FAS must be owned by a company registered in the Faroe Islands. The requirement to the share capital is minimum DKK125.000 for private liability companies and minimum DKK500.000 for public limited companies. One shareholder, foreign or Faroese may own all shares.

Registration procedures to FAS
Only the formal owner of the vessel is entitled to register in FAS with exception of the bareboat register in FAS.

Taxation and fees
Shipping companies owning ships that are FAS-registered face the same tax liabilities as other companies in the Faroe Islands.

Personal taxation (from January 1st 2009) is 35% of the gross wages. Ship owning companies are repaid 100 % of these wages. Non-Faroese crew members pay no social security fees in the Faroe Islands.

The Bareboat register
A foreign vessel can be registered in the bareboat register of FAS if it is bareboat chartered to a company in the Faroe Islands. The bareboat register of FAS is merely a register in the tax system in order to have the refund. According to the tax law, a bareboat chartered ship is considered as a ship registered in FAS, with respect to the “wage refund system”.

A ship bareboat chartered to a Faroese company need not fly a Faroese flag, but the flagstate has to accept, that the management of the ship is in another country.

For further information on the FAS system please contact:

FAS - Faroe Islands National & International Ship Register

Sigmundargøta 13

P.O. Box 264

FO-110 Tórshavn

Faroe Islands  

Tel: +298 356010 
Fax: +298 356015 
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or read more on www.fas.fo