The Charter Yacht Reservation Process

1. Talk with your assigned IYC Charter Consultant to confirm Charter details

Upon submission of the Reservation form and completion of the online process, you will receive a confirmation. You will then shortly be introduced to your assigned IYC Charter Consultant who will promptly contact you to discuss the particulars of your charter.

Your Charter Consultant will want to know more about:

• Which locations you would like to visit on your charter
• The configuration of your charter group
• If there are any special requests related to your charter in terms of activities or if you will need any special equipment on board

Based on your input, your Charter Consultant will also confirm the total Charter Fee and inform you of any additional fees that may be required, as per your preferences.

This will also be an opportunity for you to ask any questions and confirm any details related to your selected charter yacht.

3. Complete the KYC (Know Your Client) Process

Know Your Client (KYC) set of standards is the due diligence process required by the regulatory authorities and financial institutions to verify the Charterer's identity. This process must be completed prior to entering any agreement with the company. IYC will request specific documentation to perform all necessary checks and will complete the process in an efficient manner.

The documentation requested depends on whether the contract is with an individual or legal entity (company).

• Documentation needed for Individuals: Proof of identity (certified true copy of the original passport or national ID card) and a proof of address (certified true copy of an original utility bill or original bank statement – both dating up to six months).
• Documentation needed for Legal Entities: Where the client/engaging party will be a legal entity the company would require: 
  • Legal existence and good standing – an incumbency certificate duly signed by one of the officers of the corporation
  • Information regarding the Ultimate Beneficial Owner:
    • Group structure of the corporation signed by one of its officers, showing the beneficial owners (i.e. individuals) and any documents to evidence ownership.
    • Information concerning the legal entity's beneficial owners, including a proof of identity (certified true copy of the original passport or national ID card) and a proof of address (certified true copy of an original utility bill or original bank statement – both dating up to six months).

5. The Charter Deposit

Upon signing the Charter Agreement, a deposit of 50% of the total charter fee is required to confirm the booking.

• First Deposit: The 5% Reservation amount will be charged to the credit card provided, and the remaining 45% will be due for payment. You have the option of paying the full deposit amount by credit card, but you may also pay the remaining deposit fee via wire transfer. You may also request to pay the full fist deposit via wire transfer. 
• Second Deposit: The remaining 50% of the charter fee, plus the (APA) Advance Provisioning Allowance and any delivery/redelivery fees, VAT taxes as well as other agreed charges are due one month (four weeks) before the charter begins.

Advanced Provisioning Allowance (APA) is the amount to cover any running expenses while on board (e.g. transport, fuel, food, berthing dues, harbor charges, agency fees, equipment requested etc.). The final APA percentage is determined by the vessel and is usually estimated between 25% - 40% of the Charter Fee. APA is handled by the Captain, who is required to keep an itemized report of all expenses incurred and will present to the client before disembarkation. Any remaining funds will be returned to the charterer either in cash or by bank transfer at the end of the charter.