Vessels
FAS is open to merchant cessels of 100 GT or more.

The follwing may not be registered:
Fishing vessels
Pleasure crafts
Cable barges
Floating containers

Class
FAS only accepts classification societies that are members of IACS.

Age
The requirements for registration of vessels that are 20 years of age or more are higher than those for vessels under 20 uears of age.

Nationality
The shipowner must be a Faroese resident or legal entity. However, there are no restrictions on share captial which can be owned 100% by non-residents.

The Faroese Maritime Authority (FMA) is able to answer all questions regarding technical and manning issues.

There are qualified consultants resident in the Faroe Islands who will be able to assist with the FAS registration process. These consultants include auditors, lawyers, ship brokers, and technical experts. Please contact

It is required that you appoint a Faroese processing agent. The agent will help you get the Faroese company registered with the Faroese Company Registration Authority and provide the mandatory Faroese company address.
However, if a board member or the manager of the Faroese company is a Faroese national, it is not necessary to appoint a Faroese processing agent.

See a list of processing agents here:

www.shipping.fo

www.torshippingfo

Faroe Ship Agency

ASG Sp/f
Maritime Consultant & Surveyors
asg@asg.fo Tel. +298 782500

LEKS Advokatfirma

Faroe Maritime Services

This list may not be exhaustive.

Costs in connection with surveys
The class societies are in charge of surveys and costs in this connection.

Annual costs
Every vessel registered in FAS pays an annual fee of DKK 15.000 plus an additional fee based on tonnage. Calculate your costs here

All employers in the Faroes are required by law to provide an industrial injury insurance. The amount is based on number of crew members.

All employers in the Faroe Islands are required by law to pay a media tax, based on number of employees.

Each year, the Faroese company must have its annual accounts approved by an accountant.

The process agent charges an annual/monthly fee based on the services he performs for the company.

Costs in connection with surveys
The class societies are in charge of surveys and costs in this connection.

CORPORATE BANKS WITH SECURITIES IN FAS FLAGGED VESSELS

DVB Bank SE Nordic Branch  (Norway)

Landsbankin HF  (Iceland)

Arion Bank  (Iceland)

Jyske Bank A/S  (Denmark)

Kredtitanstalt für Wiederaufbau  (Germany)

Nordea Bank Danmark A/S  (Denmark)

Danske Bank  (Denmark)

Svenska Skeppshypotekskassan  (Sweden)

Tjørn Sparebank  (Sweden)

Eksportfinans ASA  (Norway)

Eksportkreditt Norge AS  (Norway)

Nordea Bank Norge ASA  (Norway)

Fynske Bank A/S  (Denmark)