UK Freeports Risk Harboring International Crime
A significant element of the U.K. governmentâs levelling up plan to create thousands of jobs, regenerate more deprived areas and attract overseas investors is the introduction of freeports. These special low-tax trading zones allow all kinds of businesses to trade.Under the U.K. model, freeports can encompass two different kinds of sites. On customs sites, authorized businesses will be able to import certain goods with simplified customs documentation and without paying tariffs. Domestic goods can also be held in a customs site and used in any manufacturing process.
Salvage & Wreck Removal Conference Presents an Upbeat Mood
The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the Indiaâs 7516 KM of coastline and in the surrounding area. The scenario depicts numerous options according to the presentations which brought out issues and insights that made prospects look bright in the coming months and with the monsoon round the corner, players could finally make it big. The introductory session underlined the fact that India became a signatory to International Convention of Wreck Removal Convention in 2010 and the convention has been in force from 14th April 2014.
Venture Insurance Programs Acquires Tidal Solutions
Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte, NC-based managing general underwriter serving the North American specialty commercial marine market. Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs. The products, which include Hull & Machinery, Protection & Indemnity, General Liability and Maritime Employerâs Liability coverage, will be marketed nationwide by Venture under the brand TIDAL MARINE through Ventureâs agent and broker network.
UK Offers Substantial R&D Tax Breaks: Consultants
Accounting and consulting network Moore Stephens inform that as part of the UK governmentâs continuing aim to attract new companies to the UK to create growth and jobs, significant changes have been made to the tax rules over the last few years to encourage research and development (R&D) activities and valuable corporation tax reliefs are available to companies undertaking such activities. It is often the case that companies incorrectly view the R&D tax reliefs as only being available to âtraditionalâ R&D industries, such as pharmaceuticals and medicine. However, R&D relief is not restricted to particular industries. It is available to all companies provided the activities undertaken are qualifying R&D activities.
15 Minutes with OMSAâs Jim Adams
A tumultuous three years for the U.S. Gulf of Mexico, starting with the disastrous Macondo Oil Spill in April of 2010, has come full circle, arriving at a buoyant period for Gulf Cost boat builders, oil & gas developers and the maritime professionals who make it all happen. At the center of all of it is the Offshore Marine Service Association (OMSA) and its President and CEO, Jim Adams. OMSA bills itself as the leading national association of, and spokesman for, the offshore marine transportation service industry. As a central tenet of its existence, OMSA vigorously defends the cabotage laws of the United States and encourages and promotes high standards of safety training and environmental protection.
Wilhelmsen Acquires Unitor
Wilh. Wilhelmsen ASA (WW) reached agreement to acquire 90.4 per cent of the shares in Norway's Unitor group. This acquisition accords with WW's strategy of developing its Wilhelmsen Maritime Services (WMS) subsidiary into a leading global player in the maritime services sector. The deal has been concluded with Unitor's principal shareholders - Umoe Industri AS, the Norwegian National Insurance Scheme Fund and Odin Forvaltning. Their holdings corresponds to 90.4 percent of the outstanding shares in the company, and the agreed price is $11.36 (NOK 73.50) per share. This deal allows WW to secure the rest of the Unitor shares. The total purchase price for all the stock will be just over $2.2 billion (NOK 1.4 billion).
Shetland to Cut Ferry Costs
Shetland Islands Council may set up an arms length company to run its inter island ferries in a bid to stave off potential competition on the route, while saving the authority $1 million over three years. Councilors will decide whether to implement proposals put forward by a working group which has spent the past year examining ways of improving the SIC's expensive ferry service. Proposals include setting up a private firm to run the ferries, employing crews through an offshore company and reducing staff at the ferry operations center, at Sella Ness. Consultants Strategic Transport Solutions (STS) have advised that the council could save money by creating an independent company which would not have to maintain wages at local authority levels through the single status agreement.
Tax Moves Hurt UK Seafarers
Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. waters will have to pay employers' National Insurance Contributions. them. warns Parr.