The new Cyprus Shipping Limited Liability Company

New and welcomed legislation has been enacted to create a new type of corporate entity called a ‘Shipping Limited Liability Company’ (“SLLC”), which will be established as a limited liability company with the sole purpose of owning and operating Cyprus ships. The law will regulate all issues relating to SLLC’s from their formation to liquidation.

As such a Registry of SLLC has been created under the direct supervision of the Cyprus Shipping Deputy Ministry. The Permanent Secretary of the Shipping Deputy Ministry will act as Registrar of S.L.L.C. as opposed to the Registrar of Companies, where all other types of Cyprus companies are incorporated.

Furthermore, of significance to the industry is the move to a “one-stop shipping shop” provided by the Cyprus Shipping Deputy Ministry offering efficient service and simplified procedures.