Turkish Parliament established the Turkish International Ship Register (TISR) on December 16, 1999 and it became law on December 21, 1999 upon its publication in the Official Gazette. It is an extraordinary document which allows many benefits, incentives and advantages to those ship owners who recognise its potential.

Those benefits can be extended to Foreign owners with ISM's assistance. ISM has very thoroughly studied both the letter of the law and its implications and can provide certified translations, with a straightforward evaluation of its effect. The main points of the law, which apply to non Turkish citizens, are briefly outlined below.

• It applies to all cargo vessels over 12,000 ton dwt, passenger vessels and special purpose vessels over 499 grt.
• Any Foreigner resident in Turkey or Company formed in accordance with Turkish Foreign Investment law has access.
• It can apply to vessels leased from abroad.
• Management fees, transfer of ownership shareholding and sale and purchase of vessels are exempt from tax.
• Vessels under the TISR must employ a Turkish Master. If the owner is foreign the rest of the crew can be any nationality, if the owner is Turkish then 51% of the crew must be Turkish.
• The Master and crew should be under the Turkish State Social Security system unless they can be shown to participate in a third party State or private scheme, in which case they are exempt.
• Crews employed under the TISR are exempt from any income tax.
• Under the TISR S&P, mortgages, registry, loan and freight contracts are exempt from taxes and funds.
• The charges for calls at Turkish Ports and for the Transit of Turkish Straits are significantly reduced.
• The earnings of all vessels under the TISR are Free of Income and Corporate Taxes .
• Vessels Under the TISR benefit from all the Incentives allowed by Turkish law, including Freight premiums on State and semi-State Import Cargos, excluding only cabotage rights.