Ship Owning Companies - FCI

Shipping Owning Companies
The Shipping companies are regulated by the Merchant Shipping Act (Registration of Ships, Sales and Mortgages Laws) 1963-1996.The other principal merchant shipping laws are the Merchant Shipping (Masters and Seamen) Laws 1963-2002 and the Merchant Shipping (Fees and Taxing Provisions) laws 1992-2003.

As from 24th March 2010, the Tonnage Tax System (TTS) was introduced with the Merchant Shipping (Fees & Taxing Provisions) Law 44(I) of 2010 with effect as from 1 January 2010 and covers the three main “maritime transport” activities, namely: ship owning, ship management (crew and technical management) and chartering.

Owners of Cyprus flag ships fall automatically under the new tonnage tax regime, whereas ship owners of foreign flag ships, charterers and ship managers may opt to be taxed under the tonnage tax system (TTS) under certain conditions.

Management & Legal Framework

All shipping issues are under the responsibility of the Ministry of Communications and Works. The Ministry exercises its authority through the Department of Merchant Shipping. The Department is engaged in ship registration, management and enforcement of the legislation on merchant shipping, ship inspection and application of international conventions, investigation of maritime accidents, resolving any labour disputes on Cypriot vessels and training and certification of sea safety.

Establishment of a Cyprus Shipping Company

Non-residents wishing to sign a Cypriot flag should initially establish a Cyprus Shipping Company. The Company will acquire the vessel in its name and be registered as a private limited liability company.
For the registration of the company, a Foundation and Articles of Association will be deposited in Greek language (and English if necessary) with the Registrar of Companies. Upon the establishment of the Company, the Commissioner will issue a certificate after the issue of which the company may commence trading and registering ship(s) in its name.

Our services

Registration of Ships in the Cyprus Register
Establishment of a shipping, -ship owing, chartering company
Establishment of a personnel ship management company
Complete annual compliance requirement services (accounting, VAT, payroll, corporate administration)

FCI-PlusPoint «One Stop Shop» for Business

For a company incorporation abroad, transfer of tax residency of a company and of physical person, Company Formation in Bulgaria, tax consultancy, legal and corporate cover of a foreign company, bank account opening in Cyprus and elsewhere, accounting / VAT services, payroll services, shipping companies, registration of companies in European countries, international investments, trusts.

For more information and / or preliminary free phone advice, please contact:

+30 6944 836393
+357 22 673 800

The “FCI-PlusPoint”, with the know-how of its staff and the experience of over 40 years of operation, is able to offer its customers tax, financial and legal planning / structuring.

Our high quality services fully meet the needs of every businessman for the overseas operations through Cyprus and or elsewhere.

For more information and free first telephone advice

for Greece: +30 210 4170 603 , for Cyprus: +357 22 673 800

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