Water transport

ISIC 50 corresponds to the Qualifying Activity of 'Operating and managing ships'. Forensic scrutiny focuses on the exclusion of 'Excluded Activities' such as providing services to natural persons (unless specifically exempted) and ensuring the vessel is used in international traffic. The auditor will verify the 'Place of Effective Management' and the physical presence of technical ship management staff within the Free Zone.

Audit Red Flag

Income derived from vessels not meeting the legal definition of a 'Ship' (e.g., small leisure craft or local ferries) or revenue from domestic-only transport routes being commingled with international shipping revenue.

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