The House of Representatives of Cyprus, in October 2022, has approved a new shipping framework with the creation of a new one-stop-shop dedicated to shipping services which will be operated and regulated directly by the Deputy Ministry of Shipping.
The Law of Limited Liability Shipping Company ("LLSC") of 2022 creates a new type of entity as the title refers. The LLSC, in essence, is established as a common limited liability company with the sole activity being the operation and ownership of Cyprus Flagged Ships.
On another note, these LLSCs will be handled by a new registry regulated by the Deputy Ministry of Shipping and not the Registrar of Companies. Ideally, this separation of Registries will provide a better and even faster service dedicated to the shipping sphere. Since Cyprus is one of the largest maritime centres worldwide this new legislation will be widely favourable to shipping companies and owners.
Further criteria will be further announced soon in regards to existing companies and how to join the new Registry.
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.