New process for ship firms in Cyprus
The plenary of the House of Representatives in Cyprus unanimously passed a law on Thursday that provides for the establishment of a one-stop-shop framework for shipping companies.
The Parliamentary Committee on Transport, Communications and Works, which examined the issue, says in its report that the purpose is to create a new type of corporate entity called a “shipping company of limited liability,” which will be established as a limited liability company with the sole purpose being the ownership and operation of Cypriot ships.
It is noted that the ultimate goal is to create a one-stop-shop framework for shipping companies and their shareholders at the Deputy Ministry of Shipping, so that, in addition to the aspects of maritime law, the deputy ministry can handle all the issues that currently fall under the Registrar of Companies.
The Chairman of the House Committee on Transport, Marinos Moushiouttas, welcomed the adoption of the law ahead of the Maritime Cyprus 2022 Conference that will take place from Sunday, October 9, till Wednesday, October 12, in the coastal town of Limassol.
