How SeaPay® Payroll Works
1. Creation of Shell Companies:
SeaPay® would establish shell companies, which are essentially legal entities created for the purpose of managing the payroll and employment of crew members. These companies act as the official employer of the crew.
2. Hiring Crew Through Shell Companies:
The crew members are formally hired by the shell companies, not directly by the vessel owners. This creates a layer of separation between the crew and the vessel owners.
3. Managing Payroll and Benefits:
The payroll service handles all aspects of crew compensation, including salaries, benefits, and any necessary deductions. This might include managing taxes, insurance, and retirement plans.
4. Legal and Financial Protection for Vessel Owners:
By using shell companies as the employer, the vessel owners are shielded from direct legal and financial liabilities. This could include issues like employment disputes, tax liabilities, or insurance claims.
5. Compliance with Regulations:
The service ensures compliance with maritime labor laws and other regulations, which can be complex and vary by jurisdiction.
6. Simplified Administration for Owners:
Vessel owners benefit from a streamlined process, as they don’t have to deal with the intricacies of employing crew members directly. This allows them to focus on other aspects of their operations.