Shipping Law

 

The strategic location together with the excellent public and private services and telecommunication infrastructure has made Cyprus a fully fledged maritime centre.

 

CYPRUS REGISTERED VESSELS

A vessel my only be registered in the Register of cyprus Ships if :

--> by Cypriot citizens; or

--> by Citizens of other Member States who in the instance of not being permanent residents of the Republic will have appointed an authorised representative in the Republic of Cyprus, or

--> in accordance with the laws of the Republic of Cyprus and have their registered offecein the Republic, or

-->in accordance with the laws of any other Member State and have their registered office , central administration or principal place of business within the european Economic Area and which will have either appointed an authorised representative in Cyprus or the management of the ship is entrusted in full to a Cypriot or a Community shipmanagement company having its place of business in Cyprus, or

--> outside Cyprus or outside any other Member State but controlled by Cypriot citizens or citizens of Member States and have either appointed an authorised representative in Cyprus or the management of the sdhip is entrusted in full to a Cypriot or a Community shipmanagement company having its place of businessin Cyprus. the Corporation is deemed to be controlled by Cypriots or citizens of any other Member States when more than fifty percent of its shares are owned by Cypriots or citizens of any other Member State.

 

In view of the above requirements, all non-Europeans owners who wish to register their ships under the Cyprus flag may incorporate a company in cyprus, which will either acquire the ship in its name, or bareboatm charter the ship.

 

Practice and custom have created a special type of Cyprus shipowing company(hereinafter referred to as 'the company'), which is limited by shares and has a nominal capital, usually 1.000 Euros, divided into 1.000 shares of 1 Euro each.

Only advocates registered as practicing advocates in Cyprus are entitled to draft the necessary documents, for the incorporation of cypriot companies as well as to carry out all registry transactions.