Cyprus: Shipping In Cyprus - Your Trusted Advisors

Last Updated: 17 September 2015
Article by Deloitte Cyprus

Most Read Contributor in Cyprus, July 2017

Why Shipping in Cyprus?

Cyprus has without a doubt developed to be one of the most attractive shipping centres in the world with its ship registry today ranking tenth among international fleets. Its Tonnage Tax (TT) system which was significantly amended in 2010 and fully approved by the EU, makes it one of the most advanced and most competitive. Coupled with a sound legal framework, highly favorable corporate taxation and highly skilled and educated workforce Cyprus attracted some of the biggest third party shipmanagers in the world, making it the largest such center within EU. The Cyprus registry is continuously upgrading its services in order to offer a high standard of support to international shipping and a reputation of a "Flag of Progress".

In summary, the main advantages and benefits of Cyprus are:

  • Strategic geographical location
  • EU membership
  • Stable political system with sound legal framework
  • Highly skilled and educated workforce
  • Comparatively low cost base centre
  • Competitive ship registration costs
  • EU fully approved TT system available to ship owners, ship managers and charterers, that provides full exemption from corporate taxation of:

    • Profits from exploitation of a qualifying ship employed in a qualified activity
    • Profits from the disposal of a qualifying ship
    • Profits from rendering crewing and/or technical shipmanageement services to a qualifying ship
  • Full tax exemption of dividends paid out of profits falling within the TT regime

Our Services

Our firm offers shipping clients a broad range of audit, tax, consulting and financial advisory services.

Our client service teams provide powerful solutions for organisations operating anywhere in the world. This integrated approach combines insight and innovation from multiple disciplines with business knowledge and industry expertise to help our clients exceed their expectations.

Audit & Accounting
Quality and trust

We offer our shipping clients a broad range of audit and advisory services. Our client service teams, under the leadership of a Lead Client Service Partner, are multiple disciplined and are dedicated to serving the shipping industry. Our global shipping network helps our clients to meet their expectations anywhere in the world.
Financial Advisory
Creating Value

Our Financial Advisory Services (FAS) professionals provide strategic and financial advisory services to clients throughout every phase of the economic cycle. By managing our service offerings, we can extract synergies from our deep specialisms and our shipping industry programs to provide added value to our clients.
Tax
Insight and innovation

Deloitte has one of the largest teams of taxation experts in Cyprus, providing a full range of business and taxation services. Our tax experts keep our clients up to speed on the developments that may affect their business, help them interpret their significance and integrate tax considerations into their strategy.
Consulting
Helping organisations innovate, transform and lead

Our team of experts deliver comprehensive and tailored integrated consulting solutions, which range from helping our shipping clients align their people and business strategies to reorganising their service delivery models and improving their business systems and policies.
Risk
Security. Evolved.

We help our clients address the entire spectrum of emerging risks, including cyber, innovation, geopolitical and other trends. Deloitte's cyber risk practice is a world leader in security consulting with capabilities that cross the disciplines of risk management, IT consulting and organisational transformation.
 

Why Deloitte?

In partnering with Deloitte our shipping clients benefit from:

Integrated Solutions

Our unique difference is that we are the only professional services firm that has all the competencies, audit, tax, consulting, financial advisory integrated to understand our clients' issues and serve them best with their business needs.

Local and global knowledge and expertise

Deloitte is amongst the leaders in providing professional services to the Shipping Community in Cyprus and has an excellent reputation in shipping worldwide. Further we are one of the biggest contributors to the success of Cyprus in becoming a truly international business and shipping centre.

Strong sustainable business relationships

Through our positive contribution to the success of our clients we build long term relationships based on trust.

Objectivity and integrity

We ensure independence, integrity and objectivity on all client engagements to secure delivery of reliable and professional business advice.

Our shipping clients in Cyprus

Our leading position in Shipping is reflected by our clientele in this sector, which includes some of the largest Shipping and Shipmanagement companies in the world.

Some of our major shipping clients in Cyprus are listed below in alphabetical order:

Audit & Accounting

In today's changing global economy, businesses need trusted advisors. The importance of auditors as a vital link in the financial reporting chain has never been more important. Because our audit professionals take time to understand your business and needs, we can help you identify major risks and opportunities over and above performance of the traditional financial reporting function.

Deloitte in Cyprus offers shipping clients a broad range of audit and advisory services. Our client service teams, under the leadership of a Lead Client Service Partner, are multiple disciplined and are dedicated to serving the shipping industry.

Using our state-of-the- art tools enables Deloitte member firms audit professionals to deliver the assurance service quality and excellence that is implicit in the Deloitte brand and that the financial community and the public expect.

Our global shipping network helps us to meet your expectations anywhere in the world. Deloitte's proprietary audit tool ensures the consistent implementation of our audit approach globally and promote effectiveness and efficiency.

Our audit and accounting services include:

  • Audit of financial statements prepared in accordance with International or US standards. Our experience includes audits performed under ISAs for:

    • shipowners operating their vessels under time charter or voyage charter or within commercial shipping pools
    • shipmanagers providing technical, crewing and commercial services
    • liner service operations
    • charterers
    • commercial pools
  • ISAE 3402 attestations. Such attestations are used by shipmanagers as service organisations to provide assurance to their shipowner customers and their auditors.
  • Accounting and Outsourcing including Payroll and Provident Fund Services
  • International Financial Reporting Conversion Services
  • Global Offerings Services
  • Training for specialised IFRS topics

Tax

Deloitte has one of the largest teams of taxation experts in Cyprus, providing a full range of business and personal taxation services.

Our tax experts keep you up to speed on the developments that may affect your business, help you interpret their significance and integrate tax considerations into your strategy, if necessary.

Our tax services include advice on:

  • Tonnage Tax
  • Corporate Tax
  • Comprehensive Tax Solutions
  • EU Services
  • Indirect Tax
  • Personal Tax Services
  • International Tax
  • International Assignment Services
  • Tax Technology Solutions
  • Transfer Pricing

Financial Advisory Services

Our Financial Advisory Services (FAS) professionals provide strategic and financial advisory services to clients throughout every phase of the economic cycle. By managing our service offerings, we can extract synergies from our deep specialisms and our shipping industry programs to provide added value to our clients.

Our financial advisory services include:

  • Corporate Finance including acquisition & disposal advisory, fund raising and debt advisory, financial projections / feasibility studies, listing to stock exchanges
  • M&A Transaction services
  • Valuation services
  • Independent Business Reviews
  • Financial Modeling services
  • Reorganisation services
  • Forensic and Dispute services
  • Grants and Incentives, including funding from European programs and from national and structural funding schemes

Consulting

Being one of the world's largest Consulting Firms, with significant experience in the shipping industry both globally and locally, we provide unrivalled breadth and depth of services to help our highly reputable clients to maximise the value of their people and to support business improvement and change. We differentiate ourselves by delivering comprehensive and tailored integrated consulting solutions, which range from helping companies align their people and business strategies to reorganising their service delivery models and improving their business systems and policies.

We stand out as one of the leading professional services firms to the local shipping community, offering a wide range of business consulting services to meet our clients' needs, including:

  • Strategy Optimisation Design
  • Organisational Restructuring Studies
  • Performance Management
  • Rewards & Incentives
  • Investors in People Standard
  • Talent Management & Succession Planning
  • Employee Engagement & Cultural Transformation
  • Leadership & Management Development Journey
  • Executive Learning & Development Programs
  • Executive Recruitment Services
  • Outplacement Services
  • International Migration Solutions
  • HR Software Applications (OASYS HR)

Risk Services

Deloitte's Risk Intelligent approach helps clients: focus on areas of increased risk; address the entire spectrum of emerging risks, including disruption due to innovation, cyber, geopolitical, and other trends; and pursue intelligent risk-taking as a means to value creation.

Deloitte Cyprus cyber risk practice helps you reduce your exposure to cyber attacks and respond in a secure, vigilant and resilient manner. We are a world leader in security consulting with capabilities that cross the disciplines of risk management, IT consulting and organisational transformation.

Our services include:

  • Information Security

    • Ethical Hacking
    • Security Risk Assessment
    • Security Awareness
    • Social Engineering
  • Digital Forensic Services

    • Incident Response
    • Digital Forensics
    • Deloitte Discovery
    • Fraud Investigation
  • IT Governance

    • Application Integrity
    • Business Continuity Management (BCM)
    • Identity & Access Management
  • IT Audit & Compliance

    • Infrastructure & Operation Security
    • ISO 27001
    • ISAE 3402 / SAS70

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Events from this Firm
18 Sep 2017, Seminar, Nicosia, Cyprus

Transfer pricing features prominently in the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project. As part of Cyprus’ commitment to BEPS, formal transfer pricing requirements are being introduced by the tax authorities, beginning with the issuing of a Circular that was issued on 30 June 2017 in connection with intra-group financing arrangements.

1 Oct 2017, Seminar, Nicosia, Cyprus

This course has been designed to provide participants with a basic understanding on the Business Valuation principles and generally acceptable valuation methodologies which can be used by a company’s directors / management to estimate the value of their business / shares at any given point in time.

5 Oct 2017, Workshop, Nicosia, Cyprus

This course is the first in a series of workshops and has been designed to equip participants with key basics on business management topics. Part I of the these sessions intends to cover succession planning, and its importance, as well as Basics of Understanding Financial Statements, Taxation and VAT.

 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.