flag of convenience

flag of convenience
flag of convenience ˌflag of conˈvenience noun flags of convenience PLURALFORM [countable] TRANSPORT
the national flag of certain countries which are willing to register a ship owned by someone who is a citizen of another country. Owners sometimes register their ships in one of these countries in order to avoid paying heavy taxes in their own country and because they can apply lower safety standards and rates of pay:

• Fishing trawlers sailing under a flag of convenience can ignore their home countries' conservation agreements.

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flag of convenience UK US noun [C] (plural flags of convenience)
► COMMERCE, TRANSPORT the flag of a country that will register a ship (= list it as a ship of that country) that is owned by someone from another country: »

Even some landlocked countries offer flags of convenience in order to gain income.

 »

An increasing part of the world's merchant fleet is operating under a flag of convenience, chiefly for financial reasons involving lower taxes and less stringent regulations.


Financial and business terms. 2012.

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Look at other dictionaries:

  • flag of convenience — n. the flag of the foreign country in which a fishing vessel, tanker, etc. is registered, usually so as to avoid taxes, regulations, etc. in the home country of the vessel s owner …   English World dictionary

  • Flag of convenience — This article is about merchant shipping. For the general business strategy, see Flag of convenience (business). The MOL Pride, owned and operated by the Japanese company Mitsui O.S.K. Lines, flying the flag of Liberia.[1] The term …   Wikipedia

  • flag of convenience — registry of a merchant ship under a foreign flag in order to compete with ships of foreign nations must operate under a flag of convenience or go out of business Walter Hamshar * * * ˌflag of conˈvenience [flag of convenience] noun a flag of a… …   Useful english dictionary

  • flag of convenience —    If a ship, boat or yacht sails under a flag of convenience, it is registered in a foreign country in order to avoid regulations and taxes, and reduce operating costs …   English Idioms & idiomatic expressions

  • flag of convenience — In international maritime practice, the registering of a ship in a country other than the ship’s country of origin. A flag of convenience tends to be used to simplify administrative requirements, or to avoid or minimize taxation and regulatory… …   Auditor's dictionary

  • Flag Of Convenience (banda) — Saltar a navegación, búsqueda Flag Of Convenience Información personal Origen Manchester, Reino Unido …   Wikipedia Español

  • Flag of convenience (business) — For the term as used in dealing with ships and similar vessels, see Flag of convenience. In business and commerce, the term flag of convenience is the use of a place, jurisdiction, state or country as a nominal (in name only) home base for one s… …   Wikipedia

  • flag of convenience — The national flag of a small country, such as Panama, Liberia, Honduras, or Costa Rica, flown by a ship that is registered in one of these countries, although the ship is owned by a national of another country. The practice of registering ships… …   Big dictionary of business and management

  • flag of convenience — noun a) Registration of a ship in a country chosen for its low taxes, permissive regulations, and so on. b) The flag flown by a ship so registered (which flag then corresponds to the country of registration) …   Wiktionary

  • flag of convenience — Date: 1956 registry of a merchant ship under a foreign flag in order to profit from less restrictive regulations …   New Collegiate Dictionary

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