Flag of Convenience (FOC) 1
Flag of Convenience (FOC) 1 : The registration of a ship in a State whose tax on the profits of trading ships is low or whose requirements concerning manning or maintenance are not stringent. Sometimes referred to as flag of necessity; denotes registration of vessels in foreign nations that offer favourable tax structures and regulations; also the flag under the law of one nation; it is not always required to establish the home location in that country. Remark: Some FOCs are tiny countries with a few thousands inhabitants like St. Vincent & Grenadines, Cayman Islands, Nauru, Marshall Islands, others are landlocked like Luxembourg. They are nearly always delegating their obligations to ROs: classes, agencies ..
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