Cyprus is a very popular International shipping center and here are located some of the world’s leading companies in this field. The maritime sector is a branch that is a pillar of the Cyprus economy. The strategic location of the island, an excellent communication network and the efficient tax framework has a result Cyprus to create a robust and a successful maritime industry.
Our team specialize in this field can provide you an efficient legal advice and assistance. Due to our great experience in this field we can ensure you for the high quality of the services provided by our office. We have extensive experience in all legal aspects of shipping practice in Cyprus. Our litigation team has also extensive experience in representing ship owners, importers, and insurance companies in litigation disputes.
Our services includes cover the following areas:
Registration of Cyprus shipping company
The registration of the company is made under the Company Law of Cyprus and had the form of a private company with limited liability. The time for the registration of the company is around one week procedure.
Tax and other benefits to Shipping Activities
The new Tonnage Tax System (Law 44(I)/2010) is applicable as from the fiscal year 2010. According to this system, owners of Cyprus ships do not pay tax for income, instead the paid tonnage tax which is an annual tax.
Ship and crew management business in Cyprus or abroad can choose to be taxed either at rates equal to 25 percent of the rates used to calculate the tonnage tax that would be payable on the vessels under management or at the rate of 4, 25 %.
The tonnage tax is applicable to any charterer, owner or ship manager of a qualifying ship. The term qualifying ship is referred to any vessel that is registered in the ship register of a member which is recognized by Cyprus of the International Labour Organization and the International Maritime Organization
For further information please contact us at email@example.com