Understanding the Shipping Industry in Cyprus
The shipping industry in Cyprus is well known all over the world. It is ranked number three in Europe and number ten in the world.
A Brief Overview of the Shipping Sector
- There are approximately a thousand shipping companies registered in the country providing 21 million of gross tonnage each year.
- Out of those 1000 companies, 130 companies are involved in international activities allowing them to take control of a fleet of 2,300 ships containing 46 million gross tonnage.
- The shipping industry is that productive it contributes 5% of the total Gross Domestic Product (GDP) for Cyprus in the year 2011 alone.
- The public sector also benefits from it because it is able to employ about 4000 people, not including the 40,000 seafarers that take board on the Cypriot flag ships.
Key Players Operating in Cyprus
The following are some of the key players operating in Cyprus:
- Ocean Challenge
- Berhard Schulte
- Schoeller Holdings Ltd
- Dartmonth Shipping Ltd
- Columbia Shipmanagement Ltd
- Hanseatic Shipping Company Ltd
Shipping Rules and Laws Adhered by the Cypriot Government in Compliance with the European Union
- Merchant Shipping Laws for Masters and Seamen dated1963 to 2002
- Merchant Shipping Laws referring to Fees and Taxing Provision dated 1992-2007
- Merchant Shipping Laws for the Registration of Ships, Sales and Mortgages dated 1963-2005
Moreover, the Cyprus Department of Merchant Shipping serves as the competent authority given jurisdiction over them. It also has its own Trade Association, the Cyprus Shipping Chamber, which aims to strengthen and promote the interest of the Cyprus shipping industry.
List of Advantages and Benefits Provided to Shipping Companies Registered in Cyprus
- The geographical location of Cyprus makes it ideal for any shipping industry. It has easy access to Europe, Middle East, and Africa.
- It has sound international relations with other countries as seen with more than 45 Double Tax Treaties it has successfully entered into.
- It has low ship registration fees.
- It allows Open Registry providing opportunity to non-Cypriot citizens to go ahead and register their ships under the Cypriot flag.
- Mortgage deeds and stamp duty on documents are not required in the region.
- Capital gains, estate duty, and income tax payment does not apply to Cyprus-registered ships.
- It has an advanced maritime infrastructure located in Larnaca and Limassol, which serves as multipurpose port for the country.
- It recognizes Competence Certificates offered by other countries.
- It accepts the anonymity of its beneficial owners as long as proper registrations of nominee trustee shareholders are fulfilled.
These advantages and more are enjoyed by shipping companies registered in Cyprus. If you wish to gain these benefits for your own shipping company, coordinate with a reliable Cypriot lawyer to learn of the requirements that has to be submitted. It is not that too complicated, however, Cypriot law requires that signature of licensed and certified Cypriot lawyer to supervise the fulfillment of these requirements to avoid unwanted conflicts and disputes in the future.
Oxford Tax Solutions has been awarded the Cyprus Export Award for Services several times over. This makes them the perfect choice for services related to Cyprus Company Registration, Cyprus International Tax Planning, and Trustee Services. For more information visit: http://www.oxfordcy.com/