Shared Boating First Owner’s Programme
Shared Boating is expanding its fleet on an ongoing basis and is constantly in need of new luxury vessels to be made available for our boatshare programmes. These vessels are provided through our First Owners' Programme.
Make money out of purchasing and using your own luxury boat
Shared Boating offers you the opportunity to make money out of purchasing and using your own luxury boat. You can make the margin a dealer would normally make from importing and selling a boat. Better still you still get to use the boat while it is making you money.
Because we are importers of a range of luxury vessels we are able to offer First Owners the opportunity to purchase vessels at the importer’s landed cost. The vessel is then entered into a Shared Boating boatshare programme and the First Owner is paid back at retail price, thus making the normal dealer margin as a return on investment.
The First Owner:
Purchases a vessel unencumbered at import cost from Shared Boating’s importing partner. Current brands available are Marquis, Carver,Four Winns and Scout.
Funds the commissioning, provisioning, initial insurance and fit-out of the vessel (this is returned to the First Owner).
Enters into an agency agreement with Shared Boating to market the boat and a management agreement to maintain and manage the boat.
The First Owner initially owns 100% of the vessel and has 100% use of the vessel, although Shared Boating will also require access for marketing purposes.
Shared Boating then markets the shares in the boat. During the marketing period, the First Owner has access to the boat and is responsible for underwriting the costs of marina, servicing and maintenance. As each syndicate share is sold and transferred to a new syndicate member, a pro rata portion of the total retail price and initial fit out costs is repaid to the First Owner. The new fractional owners make a proportional contribution towards the maintenance expenses, so the First Owner’s contribution to these costs reduces as the equity packages are sold.
The bottom line
When the fractional equity packages have all been sold, the First Owner will have been repaid 100% of the retail price plus fit-out costs, thus making a margin and at the same time will have had substantial use of the vessel.
As the vessel approaches full syndication, the First Owner has the option to retain one or more shares for personal use or fully sell out and purchase a new vessel under the same arrangement. This latter option means the First Owners regularly have extensive use of a brand new vessel, particularly if they decide to develop multiple vessels one after the other. They also make money out of importing boats.
Individual circumstances will vary but it is quite likely that it can be argued that importing a boat under the Shared Boating First Owners' Programme is a bona-fide business, with expenses able to be claimed for taxation purposes.