Oct 10, 2022
Cyprus adopts new Law on Shipping Limited Liability Company
On 6th of October 2022, Cyprus Shipping Deputy Ministry (SDM) announced that the House of Representatives has approved the new Law on the Shipping Limited Liability Company of 2022 (the SLLC Law).
SLLC Law, as a part of the long-term national strategy for Cyprus Shipping SEA Change 2030, provides regulatory and administrative framework for incorporation of a new type of corporate entity in Cyprus – Shipping Limited Liability Company (SLLC), with simplified and straight-forward procedures, aiming to improve the competitiveness of the Cyprus flag in international shipping.
The SLLC will be established as a limited liability company with the sole purpose of owning and operating ships under the Cyprus flag.
The ultimate objective is to create a one-stop-shop for ship-owning companies, rendering the SDM as the competent authority for the SLLCs registration and other related matters, which were previously handled by the Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus (RoC).
Companies owning ships under Cyprus flag which are registered with the RoC will be eligible to request a transfer (subject to conditions) to the new Registrar of SLLC supervised by the SDM.
For more information on the SLLC Law and Shipping Limited Liability Company, please contact us on [email protected]
