Fractional private jet membership refers to the concept of customers purchasing time on a jet aircraft rather than owning an entire jet. Members purchase a specified amount of flight time on the private plane rather than buying an aircraft outright. There are no limits to the number of hours that can be used, and a membership plan can be tailor-made to the owner’s needs and circumstances. The members can secure the private planes with minimum notice prior to the flight. Many companies allow the owners to have full access to a fleet of private planes with various amenities, luxuries and specifications. A monthly maintenance fee is usually required, in addition to an hourly occupancy operating charge and fuel costs.
The concept of fractional jet ownership began in 1986 in Europe. Private air charters have many advantages over flying commercially. CEOs, celebrities, and other individuals have enjoyed the benefits of flying privately for many years. Some of these privileges include: access to a private fleet, maintenance, insurance, gourmet catering, comfortable and stylish cabins, and on-demand flying privileges. No longer does the CEO have to wait in lines or endure the crowds at a major airport. The CEO can fly to the destination of their choice on a business jet exactly when he or she chooses to go.
By entering into a fractional membership, a company may purchase time on the aircraft to be used by any member of staff, increasing the efficiency of that company and its ability to attend meetings globally with the minimum of fuss or hassle.
The costs vary. After the initial membership joining fee, members only need to pay for the time that they use, meaning that there are no costs for maintenance, storage, or personnel. A scheme like this makes it financially viable for those companies who do not require constant use of a private jet as they do not pay for the upkeep of the aircraft or its crew.
As well as only paying for the time that you use, you are also given access to a fleet of aircraft, rather than just one aircraft. One week you could hire a small aircraft for a short flight with a few passengers, and the next week you could hire a large Gulfstream aircraft for a transatlantic flight. This added flexibility means that fractional jet memberships are becoming more popular with many companies.
In addition to these flexible terms, there are very few restrictions on where the fractional jet aviation company will fly. The fractional jet membership companies have agreements in place with commercial and private airfields across the globe, making travel by a private jet charter as quick and convenient as possible.