There is a genuine relief after acquiring a vessel. However, you need to complete the registration process because this is a requirement by law. The vessel that has been bought or brought, it is your responsibility to complete the registration with the registry vessel. This is done for different purposes including security reasons. The registration process is a smooth procedure, and knowing about vessel registry will make the process quick and easy!
1. Knowing about Vessel Registry
Vessel registration is when the vessel owners apply to get a title for their boats. All the vessels with an engine of 10 horsepower (7.5 KW) or more must be registered with Transport Canada. This includes a vessel that is to be built in Canada or is already under construction. The pleasure craft owners may also do the registration although it’s not mandatory. The Canadian Register of Vessels or the Small Vessel Register is responsible for doing the registrations of this kind.
2. Who Can do the Registration
There are several criteria that are used to allow vessel owners to become registered owners. To register your vessel, you must be a Canadian citizen or have a permanent resident. It should be a corporation Incorporated under the laws of Canada.It also allows a corporation Incorporated under the laws of a foreign country. But, this is applicable in only special circumstances including an employee or a director in Canada of a branch office. It should be a branch office of a foreign corporation that is doing business in Canada.
3. Mandatory and Optional Registration
There are vessels that have no option but to get registered. Knowing about vessel registry is key to make sure you are the facts to stay away from any penalties!It is illegal to operate a vessel that is not registered. These boasts include those that are not a pleasure boat and wholly owned by qualified persons. In addition, the vessel is also not registered, listed or recorded in a foreign country. Every government vessel should be registered. Owners of pleasure crafts can choose to register them if they want to.
4. Documents Required
The Application for Registry form needs to be properly completed. A statement of qualification that proves that you are eligible to be a registered owner is another requirement. If there is more than one owner, you have to provide an appointment of the authorized representative. A builder’s certificate is needed for the vessels that were built in Canada. A foreign-built vessel must have the notarized Bill of Sale from the last foreign owner. All Bills of Sale should be provided if you are not the first Canadian owner.
Canada is a member of the North America Free Trade Agreement. Therefore, vessels that are built in Canada, United States of America, and Mexico have Harmonized Sales Tax. They are also exempted from paying any duty. It is important to note that there is no fee that is required to renew a certificate of registry at registry vessel. A new Certificate of Registry is issued 30 days before the expiration of your registration.