One-stop-shop framework for Cyprus shipping companies

The Cyprus House of Representatives has approved the creation of a one-stop-shop framework for Cypriot shipping companies. The ‘Law on the Limited Liability Shipping Company (LLSC) Law of 2022’, creates a new type of corporate entity called a ‘Limited Liability Shipping Company’. The LLSC will be established as a limited liability company with the sole purpose of owning and operating Cyprus flagged ships. Under the new law, the establishment and operation of an LLSC will be more simplified and quicker and a new registry of LLSCs will be created and regulated by the Deputy Ministry of Shipping. Existing Cypriot shipping companies can apply to be registered as LLSCs if they meet the specific requirements. The introduction of the LLSCs is a welcome development intended to give another competitive edge to the Cyprus flag.

Our Shipping & Maritime Law team advise on a range of matters, from representation of clients in maritime disputes, including vessel arrests, cargo carriage disputes, construction and re-building disputes, commercial / contractual claims (including charter parties), collisions, salvage and insurance claims, to involvement in procedural matters before the Cyprus maritime authorities.