– Business – Sarnia Yachts presents yacht management offering

By combining corporate services, crew and management, Sarnia Yachts introduces a unique operating model…

It may be a by-product of how the superyacht industry has naturally evolved, but the idea that corporate service delivery, crewing and yacht management belong to fundamentally different sectors of the industry is now outdated.

Having established itself as a renowned corporate service provider and crew management company, Yachts in Sarnia has now added yacht management to its arsenal in a move that sees all three services brought together under one umbrella, as well as managed on a single platform, negating many of the inefficiencies associated with these most vital services.

“Over the past 50 years, Sarnia Yachts has built its reputation on superyacht ownership structures, corporate service delivery and tax management,” begins Tim Joyce, Sarnia Yachts Group CEO. “Our team of experts can guide clients through all the necessary steps, from design to construction, delivery, export and ongoing asset management. Our involvement allows us to paint a picture of what the owner expects from the yacht operationally, taking into account his tax obligations, how he intends to use the vessel, VAT implications and, therefore, of the structure of the company. would be most suitable. »

In recent years, led by companies such as Sarnia Yachts, the superyacht market has moved away from rigid ownership and management models that have limited the ability of structures to truly work in the best interests of the beneficiary. ultimate strength (UBO). And yet, sometimes UBOs, especially those new to the industry, fall prey to bad advice from “experts.” It is widely accepted that one of the key factors in ensuring a smooth ownership experience is creating an efficient and professional team of owners who work together and are focused on efficient service delivery, not just profit through at inflated costs.

Sarnia Yachts Group CEO Tim Joyce

“We have found that it is better to limit the number of third-party involvements and operate with a smaller team that can handle the responsibilities of a given arrangement and deliver a complete picture without service creep, waste and competition. Ownership should be a headache-free experience,” continues Joyce. “As a direct result of the inefficiencies we witnessed in the market, in 2010 we officially launched our crewed operation. We had handled crew requests for many years before as part of our corporate service agreement but added a standalone business to take it to the next level and now we have launched our yacht management business .

By adding the yacht management business to the well-established corporate and crew divisions, Sarnia Yachts has created a synergy between three key inextricably linked, yet often inefficient, sectors of the superyacht market. By using a single platform to manage all three main areas, Sarnia Yachts has managed to eliminate a number of headaches associated with these services when they are managed separately or inefficiently. At the heart of the development of this extra string to Sarnia Yachts’ bow is the fact that it was driven by customer demand, not a blind desire for additional market share.

“Typically, these three services would require three different channels of communication and therefore create three opportunities for communication breakdowns,” says Joyce. “What we’re offering is a single platform to manage all three, with a host of additional accounting and billing benefits to simplify the overall ownership experience. It is a point of contact attached to several services.

Unlike some traditional management companies, however, the Sarnia Yachts model is not an “all or nothing structure”. In a sense it is modular, from the moment the initial ownership vehicle is created, Sarnia Yachts allows owners to choose the services they feel they need, which is particularly in keeping with the spirit of contemporary yachting where owners have access much broader in knowledge. and information and therefore feel less dependent on third parties to manage all matters related to yacht ownership. That being said, the Sarnia Yachts model provides the full range of services should the need arise.

“We are approaching management in a new direction. On the one hand, management is a requirement for our business activity from the perspective of responsibility. As administrators of a property vehicle, it is our responsibility to act on behalf of the owner in a responsible manner, whether it is the administration of the company, the crew or the management,” continues Joyce. “It is by no means mandatory for the client to use us for crewing or yacht management services, that is not our aim, we simply offer owners the full package of bespoke services to create a model that suits them. Our yacht management services satisfy our responsibilities as directors of a company and also provide self-sufficient services for the client. With our integrated platform, tasks can be performed once but visible across multiple outputs, saving the owner time and money. »

For example, when considering the financial administration that is required of yacht managers, such as budgeting, payment of expenses, etc., it can become very costly on the business side when both sectors are separated. Work is often duplicated at significant cost to the UBO to ensure that both companies do their due diligence.

“With our corporate hat, we have to prepare detailed financial statements for each of the yacht-owning companies we administer. Where this company is a VAT registered trading company, for example in Malta, we must submit VAT returns and undergo an annual financial audit to produce audited financial statements. This requires extensive and detailed bookkeeping and bookkeeping. When we receive financial reports from yacht managers, we most often have to manually duplicate their accounting work within the company that owns the yacht. Customers often comment on how expensive it can be, and it is expensive,” comments Joyce. “However, when we undertake financial reporting and payments as a yacht manager, transactions are entered only once into our platform, which automatically undertakes the business accounting element, removing this duplication.” Essentially , the accounting of the enterprise is carried out by the manager.”

Hans Bouman, Head of Yacht Management at Sarnia Yachts

The idea that superyacht customers are unaware of fees is, to say the least, outdated, even insulting to the people the entire industry relies on. Superyacht owners are indeed no strangers to spending large sums of money, however, they are acutely aware of the value they receive from a particular product or service. As the superyacht industry continues to evolve and professionalize, the interrelated notions of value and efficiency will become increasingly important and the companies that meet these requirements will be the ones that will succeed.

“I like our new model because it’s a completely new approach. Since the business is closely related to the structuring of the business, rather than being tied to the back and forth of the brokerage or charter elements of a business, we are clear to focus on the service itself. What I have experienced in the industry is that there is an understatement in terms of the importance of the owning entity that stands between the yacht and the beneficial owner. By bringing management and ownership structures together, hierarchy and lines of communication are clarified and processes become much more efficient,” says Hans Bouman, Head of Yacht Management at Sarnia Yachts.

As the superyacht market continues to mature and owners generate a much better understanding of its complexities and how they relate to their own requirements, the rigid ownership models of years past simply do not offer the flexibility of service, unimpeded by incidental interests, as contemporaneous property requires. By merging yacht management services with crew and corporate services, Sarnia Yachts has created a flexible model that is perfect for today’s owners.

For more information on Sarnia Yachts, Click hereor to discover its new construction offer, Click here.

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Sarnia Yachts Introduces Yacht Management Offering

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