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.
This article is for informative purposes only and it is not to be taken as a legal advice. For more information please contact Mr. Andreas Christoforou ([email protected])