What are the advantages of registering under a flag of convenience?

Advantages vary from one FOC register to another but often include the following: 

(1) Foreign corporations can register a ship without being established in the territory. (2) Where a company is required to be formed in the State, there are low formation costs. (3) The beneficial ownership of the ship may remain anonymous. (4) Low taxation and other fiscal incentives. (5) No special crew nationality or employment requirements. (6) Relaxed ship age limit.

(7) No minimum ship tonnage requirement. (8) Dual registry is allowed in some cases (vessel registered under one country, but simultaneous registry permitted on bareboat charter registry of another country). (9) All IACS (and sometimes other) classification societies permitted to conduct surveys. (10) Speedy and simple registration procedures.


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What do shipowners prefer to call flags of convenience?

Which ship registers are currently considered by the ITF to be flags of convenience?