The Council of Ministers has approved the draft legislation concerning the establishment of limited liability shipping companies. Once the draft legislation is adopted by the Cyprus Parliament and enters into force, it shall contribute to the creation of a one stop shop at the Cyprus Deputy Ministry of Shipping.

The incorporation of these shipping companies is intended to be recorded in a register of companies that is different to the existing registry maintained by the Registrar of Companies.

This new form of shipping company will be governed by modern legislation and should be beneficial to shipowners.

Source: neo.law