So Monoeci is now under the Rosemont banner. Could you clarify the reasons for the change?
As you know, Monoeci Management has provided yacht ownership solutions for many years and specialises in the set-up and administration of owning companies, as well as offering technical support and advice on registration and finance.
Increasing demand from our clients for operational yacht management services has resulted in Rosemont Yacht Services being created to provide the depth and breadth of technical expertise, experience and high quality service required by yacht owners today.
What is Rosemont Yacht Services’ philosophy?
I am pleased you asked me that question. Over the years, we have experienced how other yacht management companies operate. Our philosophy is different, we adopt a less ‘Authoritarian’ and more ‘Supportive’ role. We understand today’s yacht crews are highly qualified with a very professional and career-minded approach to yacht operation.
There is no need for owners to engage ex-Captains and ex-Engineers, when we can provide a team of qualified experienced experts in all the elements that are rarely found on board, including Chartered Accountants, Naval Architects and experts in Safety and Security, Crew Employment and Administration, Yacht Registration, Offshore Company Structures, VAT and Taxation.
It should not be forgotten that within our managed fleet we have experienced Captains, Engineers and other on-board professionals who, between them can resolve the majority of complex operational problems.
What are the legal obligations of a Management Company?
For commercial vessels, particularly those over 500 gross tons (GT), we still have to satisfy the Flag Administrations that we comply with all relevant legislation and instil a culture of safety, security and environmental awareness. However, we recognise that if there is a failure in any one of these elements (such as an accident, a security breach or an oil spill) it is most likely to originate from an error on board and it is, therefore, our responsibility to ensure that at all times, the crew are suitably trained and qualified and not put in potentially dangerous situations.
What are your future plans?
Currently we support private registered yachts and commercial vessels under 500GT. However, we are working to finalise the documents, systems and mechanisms required for Flag Administration audits and the award of the Document of Compliance to operate as a Management Company responsible for commercially registered yachts over 500 GT.
In the meantime, we will continue to concentrate on being the shore-based support for accounts, invoice payment and budgeting, keeping the yachts and crew up-to-date on the latest legislation and operational regulation, while continuing to provide all aspects of technical support as and when required.
This article appears in English and French in the summer issue of the Monaco Seaside magazine