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Financial Administration

Effortless Financial Navigation

Embark on a seamless yacht ownership journey with Fairport Global, offering unparalleled financial management and support.

Our Yacht Accounts service includes a dedicated Yacht Accounts Manager, covers bank account setup, timely invoice payments, fund requests, and providing captains with bank cards. This ensures access to funds while monitoring expenditures to align with the budget.

Trust Fairport Global for precise and attentive handling of all your yacht’s financial matters.

Contact Fairport Today

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Cutting-edge Accounting Software

We use a selection of cutting-edge accounting software platforms to ensure the chosen software matches your preferred level of oversight with the option of a specified approvals process.

Ongoing training and support are provided to captains to enable them to utilise the platform effortlessly.

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Categorisation Excellence

We believe in meticulous categorisation to ensure a transparent financial overview. Our comprehensive list per department enables clear reporting of cost allocation, aligning each expenditure with the predefined budget categories for streamlined financial management.

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Budget Harmony

We recognise the importance of adhering to financial budgeting. That’s why we ensure that all predicted expenditures are diligently monitored and outlined in the budget. This commitment to budget harmony guarantees that captains have a clear understanding of their financial landscape, facilitating optimal financial control.

Vessel Account Setup

Bank accounts are set up for each individual vessel.

Periodic Funds Request

Requests will be aligned with the budget and issued in a timely manner.

Bookkeeping

Keeping your financial records shipshape and transparent.

Issuing Debit Cards to Captains and Crew

These include both APA and Operational pre-paid debit cards to assist with expense management.

Accountant diligently filling out tax forms

Invoice Payments

We strongly believe in settling invoices promptly, cultivating and maintaining good relationships with suppliers. This not only establishes trust but also positions the yacht as a reliable and valued client.

Bird's-eye view of Bonifacio's marina and cape at Corsica's southern tip in France - An ancient citadel perched atop a cliff promontory, commanding views over the Mediterranean Sea.

Priority Status at Ports

Timely payments pave the way for a seamless partnership with ports and marinas. Our vessels are often given priority status, facilitating smoother logistics and ensuring our clients’ needs are met efficiently.

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Monthly Accounts Reporting

We provide an accurate and transparent view of your monthly expenditures. We take pride in delivering reports that go beyond mere numbers, offering a comprehensive financial view of the yacht’s financial health. Our reports encompass:

Breakdown of actual VS budget expenditures
Variation reporting
Year-to-date reports
Monthly financial expenditure

Need additional insights? We are ready to customise reports based on your preference.

Table set for alfresco breakfast during yacht charter

Charter VAT and APA

We understand the importance of the business side of your operations and will ensure that VAT and APA (Advanced Provisioning Allowance) for charters will be transferred to an allocated bank card/account for charter related expenses. As each charter concludes our team will transfer the VAT to the Fiscal Representative for settlement. APA will be allocated to the APA card for charter related expenses.

FAQs

Does Fairport Global offer financial planning services to help yacht owners anticipate their yacht expenditures?

Our financial planning includes generating an annual financial budget to help yacht owners anticipate and manage their expenditures effectively. Your appointed Yacht Accounts Manager will collaborate closely with Captain, Owners & Yacht Manager to ensure all costs are included providing a transparent and comprehensive financial budget, also taking into consideration spending patterns, maintenance requirements, and other factors.

What accounting software or systems are best suited for managing yacht finances?

Fairport Global offers a range of financial management solutions customising the selected software to align seamlessly with your vessel’s operations. Our dedicated approach revolves around precision, transparency, cost control and accurate reporting. We are at the forefront of industry trends, constantly seeking cutting-edge solutions for accounts reporting. Our commitment extends to facilitating accessible funding for Captains ensuring a comprehensive and reliable financial system for maritime operations.

I'm interested in offering my yacht for charter but unsure of where to begin.

Our team can guide you through the legal, operational and fiscal complexities and handle the setup of VAT and charter licenses in your chosen jurisdictions.

What are the VAT benefits for commercial yachts?

Operating a commercial yacht can offer several potential VAT benefits, primarily VAT exemptions. Fairport Global can guide you on the common benefits associated with commercial registration that include recovering VAT, complying with the regulations for local jurisdictions like FCE, ICE, FRC. In liaison with fiscal representatives and maritime experts we are up to date with all the latest VAT rules and regulations to ensure the vessel is always VAT compliant.

My yacht is commercially registered, can I still use the yacht myself?

Yes! The UBO “Ultimate Beneficial owner” may use the yacht themselves, however, there are certain conditions that need to be considered. Throughout most EU countries the UBO may charter their own yacht as the operation is treated as per any 3rd party client, but there are exceptions. Certain discounts can be approved. Fairport Global will advise on the best available options though our extensive knowledge of European regulations and by seeking advice from local specialised fiscal agents elsewhere.

Independent, Unbiased, Ethical. We Are Fairport

Fairport Global is here to help you navigate all the safety, technical, and administrative aspects of luxury yachting.

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