Cyprus:
New Legislation Underway On The Establishment Of Shipping Companies In Cyprus
22 June 2022
Elias Neocleous & Co LLC
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The Council of Ministers has approved the draft legislation
concerning the establishment of limited liability shipping
companies. Once the draft legislation is adopted by the Cyprus
Parliament and enters into force, it shall contribute to the
creation of a one stop shop at the Cyprus Deputy Ministry of
Shipping.
The incorporation of these shipping companies is intended to be
recorded in a register of companies that is different to the
existing registry maintained by the Registrar of Companies.
This new form of shipping company will be governed by modern
legislation and should be beneficial to shipowners.
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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