⚓ Exclusive Representative · Turkey & Greece

Faroe Islands International Ship Registry — FAS

Akkan Maritime has been the exclusive representative of the Faroe Islands International Ship Registry (FAS) for Turkey and Greece since 2017. We guide shipowners through every step — from technical compliance and processing agent selection to banking partnerships across 13 European institutions.

About FAS

Why register under the Faroese flag?

FAS is a fast-growing international ship registry maintained by the Faroese Maritime Authority (FMA). It offers competitive annual fees, IACS-only classification standards, and acceptance by major Northern European corporate banks holding securities in FAS-flagged vessels.

01 · Technical Requirements

Classification & Vessel Eligibility

Class: FAS only accepts classification societies that are members of IACS (International Association of Classification Societies).

Age: Vessels 20 years of age or older face stricter registration requirements than younger vessels.

Cannot be registered under FAS:

Fishing vessels
Pleasure crafts
Cable barges
Floating containers

02 · Ownership Structure

Nationality & Capital

The shipowner must be a Faroese resident or legal entity. However — and this is the key advantage — there are no restrictions on share capital: a FAS-registered Faroese company can be 100% owned by non-residents.

          For Turkish and Greek owners: a Faroese SPV (special purpose vehicle) is established with full foreign capital, and Akkan Maritime guides the agent appointment process.
        

Costs & Annual Fees

Transparent fee structure

FAS operates with predictable, declared fees — no hidden charges. The annual cost structure is straightforward and based on tonnage.

Annual Registration Fee

DKK 15,000 + tonnage-based fee

Every vessel registered in FAS pays a base annual fee of DKK 15,000 plus an additional fee calculated on vessel tonnage.

Survey Costs

By Class (RMRS, DNV, BV, RINA…)

Classification societies are responsible for survey costs. These are billed directly between the class society and the shipowner — independent of FAS registration fees.

Mandatory Costs in the Faroe Islands

Industrial injury insurance: required by Faroese law, calculated per crew member
Media tax: required by Faroese law, calculated per employee
Annual accountant approval: required for the Faroese company's annual accounts
Process agent fees: annual or monthly, based on services rendered

What Akkan Maritime Handles for You

Faroese SPV setup coordination
Process agent introduction & negotiation
Class society compliance pre-assessment
Banking partner introduction (13 institutions)
Document preparation & translation support
Long-term FAS regulatory monitoring

Faroese Processing Agents

Required local representatives

A Faroese processing agent is required to register a Faroese company with the Faroese Company Registration Authority and provide a mandatory local company address. Exception: if a board member or manager of the Faroese company is a Faroese national, an external agent is not required.

ASG Sp/f

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