ARTICLE
22 June 2022

New Legislation Underway On The Establishment Of Shipping Companies In Cyprus

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
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...
Cyprus Transport

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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