T: +357 22 456 363 | E: [email protected]

FBS
Regulated by Cyprus Securities and Exchange Commission

Cyprus Company Formation
and Corporate Services

Focus Business Services is one of the most reputable and well-established corporate service providers in Cyprus. Our mission is to provide an impeccable and seamless services to our ever-increasing local and international client base at reasonable prices

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Cyprus Ship Registration

Cyprus Company Formation Packages

€250 – Cyprus Company Formation

We are Cyprus Company Formation specialist consultants. We provide ALL the Cyprus company formation and company registration and management services in order to obtain Cyprus Company Tax Advantages. We have an experienced team of Company Formation professionals who are part of the FBS Kotsomitis Global Network. Your Trusted Partner in Cyprus for ALL your Cyprus Company Formation.

What are the advantages of a ship registered under a Cyprus Flag?

There is a plethora of significant reasons why someone should register a ship under the Cyprus Flag.

The economic benefits are the following:

  • No tax on profits from the operation or management of a Cyprus registered vessel or on dividends received from a vessel owning company.
  • No income tax on the wages of officers and crew.
  • Low registration costs.
  • Favourable tonnage tax scheme based on ship net tonnage.
  • No stamp duty on ship mortgage deeds or other security documents.
  • Double tax treaties with 54 countries.
  • No exchange control and freedom of movement of foreign currency
  • Full protection for financiers and mortgagees.
  • Low set up and operating costs for companies.

Other advantages:

  • EU flag
  • Classification of Cyprus flag in the White List of the Paris and Tokyo MOUs and exclusion from the “List of Targeted Flag States” of the US Coast Guard resulting in fewer inspections of the ships and less delays at the ports of both MOUs and of the US.
  • Maritime offices in New York, London, Rotterdam, Piraeus, Brussels and Hamburg offering services to Cyprus ships.
  • A network of local inspectors of Cyprus ships, covering important ports worldwide in order to ensure efficient and effective control of Cypriot vessels and to avoid detentions by port state control.
  • Signatory to all international maritime conventions on safety and pollution prevention.
  • Bilateral agreements with 26 countries, through which Cypriot ships receive either national or favoured nation treatment in the ports of other countries. Those agreements with labour supplying countries provide for specific terms of employment which are beneficial to both the shipowners and the seafarers.
  • Efficient and qualitative provision of services by the Department of Merchant Shipping.

BLOGS | RELATED LINKS

Cyprus Company Formation Fees

Cyprus Forex Company

Cyprus Citizenship

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CONTACT DETAILS

2nd floor
BIONIC Building
3, Diomedous Street, Strovolos
P. O. Box 22784, CY-1524 Nicosia
Cyprus

T: + (357) 22 456 363
F: + (357) 22 668 180
E: [email protected]

Cyprus Company Incorporation

What are the ownership requirements in order to be able to register a ship in Cyprus?

There are two ways to qualify to register a ship:

A) The shareholder must own more than half of the shares (50%) of the ship and must be Cypriot citizens or citizens of Member States of the EU or of the European Economic Area.

The EU or EEA citizens who are not permanent residents of the Republic may appoint an authorised representative in the Republic of Cyprus,

OR

B) The total (100%) of the shares of the ship must be owned by corporations, which operate in accordance with the laws of the Republic and have their registered office in the Republic of Cyprus, or they operate in accordance with the laws of any other EU or EEA Member State and have their registered office, central administration or principal place of business within the European Economic Area or by corporations registered outside the EU or the EEA but controlled by Cypriot citizens or citizens of a Member State.

In both the latter cases they must have either appointed an authorised representative in Cyprus or the management of the ship must be entrusted in full to a Cypriot or Community ship management company in Cyprus.

What are the types of Cyprus Ship Registration?

  • Provisional registration of a ship may be effected either in Limassol, by the Registrar of Cyprus Ships or at any Diplomatic Mission or Consular post of the Republic of Cyprus abroad who will act on instructions issued by the Registrar of Cyprus Ships. The provisional registration may remain in force for six months. Thereafter, it may be renewed once, for a further three months.
  • Permanent registration. The permanent registration of a provisionally registered vessel must be effected within 6 months (or 9 months if the 3 month extension has been obtained) from the date on which she was provisionally registered.
  • Parallel (Bareboat) Registration: The Cyprus legislation provides for the two forms or bareboat registration internationally accepted e.g. the “Parallel-in” registration and the “Parallel-out” registration of vessels, provided certain prerequisites are fulfilled.
    • The Parallel-in registration offers the possibility to a foreign flag vessel on bareboat charter to a Cyprus Shipping company to be registered in parallel under the Cyprus flag for a period, usually of 2 years.
    • The Parallel-out registration offers the possibility to owners of Cyprus ships to bareboat charter them to a foreign person or company and to effect a “Parallel” registration in a foreign register for the duration of the charter party.

What are the requirements relevant to the process as to the crew members?

Crew members may be of any nationality provided they are holders of certificates of competency issued by one of the countries, whose certificate of competency Cyprus has recognised. Officers have to apply for endorsement of their certificates of competency in accordance with the STCW 1978 Convention as amended. Cyprus recognises the certificates of competency of 65 countries.

What are the requirements as to the type and age of the ship?

Vessels of any size and type may be registered in the Cyprus Register of Ships or the Special Book of Parallel Registration as long as they comply with the provisions contained in the merchant shipping legislation and the circulars of the Department of Merchant Shipping (DMS) and satisfy certain conditions according to their age and type.

Related Conditions
Type of shipMaximum age limitEntry inspection requiredAdditional inspection required
Cargo ships and Cargo High Speed CraftYes ≤ 25 yearsYes if ≥ 15 yearsNo
Passenger ships and Passenger High Speed Craft engaged on international or short international voyagesNoYes if ≥ 30 yearsYes
if 2 years ≤ Age ≤ 10 years
Biennial
if Age > 10 year
Annual
Passenger ships and Passenger High Speed Craft engaged on domestic voyages within the territory of a State, other than CyprusNoYes if ≥ 25 yearsYes
if 2 years ≤ Age ≤ 10 years
Biennial
if Age > 10 years
Annual
Passenger ships and Passenger High Speed Craft engaged on domestic voyages within the territory of CyprusNoYes if ≥ 20 yearsNo
In order to operate they are required to be inspected and certified annually
Related Conditions
Type of shipMaximum age limitEntry inspection requiredAdditional inspection required
Fishing vesselYes ≤ 25 yearsYes if ≥ 20 yearsNo
Floating Production Storage Offloading; Floating Storage Offloading Vessels and Mobile Offshore Drilling UnitsYes ≤ 25 yearsYes if ≥ 15 yearsNo
Ships of types other than those listed aboveYes ≤ 35 yearsYes if ≥ 20 yearsYes
if 2 years ≤ Age ≤ 10 years
Biennial
if Age > 10 years
Annual
Passenger ships and Passenger High Speed Craft engaged on domestic voyages within the territory of CyprusNoYes if ≥ 20 yearsYes if the ship is carrying industrial or special purpose personnel and Annual
if 2 years ≤ Age ≤ 10 years
Biennial
if Age > 10 years
Annual

“Cargo ship” means a ship which has been constructed or adapted for the purpose of carrying cargo in any form.
“Passenger ship” means a ship which has been constructed or adapted for the purpose of carrying fare-paying passengers.

Contact one of our officers to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on [email protected]

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    • 2nd Floor
      BIONIC Building
      3, Diomedous Street, Strovolos
      P. O. Box 22784, CY-1524 Nicosia
      CYPRUS

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    Very Important Note – Website Content

    The content of this website is currently being updated to effect changes to align our content with the OECD CRS & Mandatory Disclosure Requirements, EU Tax Disclosure Directive and other anti-tax avoidance directives and General Data Protection Regulation (GDPR). The content of some pages is out-of-date. Our firm is, at the moment, fully aligned and committed to staying compliant with the above in all client cases. We welcome clients investing in countries that within a reasonable time frame intend to take up residence, create substance in their company and not engage in aggressive tax avoidance activities or having tax benefit or CRS avoidance as the main purpose of their investment. Thank you very much for your cooperation and please contact us on [email protected] for advice on your specific circumstances.