Limited Liability Shipping Company
The Parliament unanimously voted for the enactment of the Limited Liability Shipping Company Law 2022.
The formation of collective framework for shipping companies is a key development for the shipping sector in Cyprus since all matters regarding maritime law as well as matters currently handled by the Cyprus Registrar of Companies will be included. The purpose of this legislation is to make the Cypriot flag more competitive throughout the international shipping industry by simplifying the procedures and operational matters for Cypriot shipping companies. Therefore, the simplification of procedures such the issuance and receipt of shipping documents are key elements for enhancing the attractiveness of Cyprus as a shipping hub.
The new legal framework aims the creation of a new type of corporate entities, namely, Limited Liability Shipping Companies to cover with the regulation of all matters relating to this type of company including matters that range from the establishment of such companies to their liquidation. The key element of this legal framework is the separation of the Shipping companies which before the enactment of the new framework were subject to the Companies Law that still applies to all the other companies.
Another interesting provision of the Law is that the secretary of the Limited Liability Shipping Companies should be a lawyer.
Our firm will be able to assist and provide with further information and clarifications for the above recent developments. Feel free to contact our firm A. & E. C. Emilianides, C. Katsaros & Associates LLC via email at firstname.lastname@example.org or via telephone at 22676752.