Cyprus: Shipping In Cyprus - Your Trusted Advisors

Last Updated: 17 September 2015
Article by Deloitte Cyprus

Most Read Contributor in Cyprus, December 2018

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.

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