One-Stop-Shop for Shipping Companies in Cyprus
The House of Representatives has unanimously passed the Law on the Limited Liability Shipping Company (the “LLSC Law”), which provides for the establishment of a one-stop-shop framework for shipping companies. The LLSC Law creates a new type of corporate entity, namely, a Limited Liability Shipping Company (the “LLSC”), with the ownership and operation of Cypriot vessels as its purpose. In addition, the LLSC Law includes regulations relating to the incorporation, as well as to liquidation of an LLSC.
It should be noted that the ultimate aim of the LLSC Law is the creation of a one-stop-shop of shipping companies and their shareholders, so that the Deputy Ministry of Shipping handles all matters currently falling within the scope of the Registrar of Companies with respect to shipping companies, in addition to aspects relating to maritime law.
The introduction of the LLSC Law is a propitious development, as it aims for a simpler and faster registration process, thus enhancing the competitiveness of the shipping industry in Cyprus.
Our firm has extensive experience with all aspects of maritime law, including, between others shipping finance, as well as with providing all-round support for maritime-related issues.
