Relocation of shipping companies to Cyprus

By: Chambersfield Economides Kranos

A lot of shipping companies and other corporations have moved their offices in our island, since the unfortunate events in Ukraine. The main reasons for doing that are varying from the geographic location of the island, its maritime tax system – maritime policies, to its low corporate tax and its EU diplomatic protection. 

Those are some of the many factors that corporations take into consideration when making such decision.

Cyprus is ideal for global corporations; the government understands its key role in the region and helps bring innovation and laws to help flourish the business community of Cyprus.

Cyprus is an attractive destination for leading ship-owners to register their vessels and has the 3rd largest merchant fleet in Europe and amongst the top 5 worldwide ship management centres. As a member of the IMO council since 1987, with a flag classified in the whitelist of Paris & Tokyo MOUs and excluded the list of target flag states of the US coast guard, Cyprus is the ideal place to register a vessel.

Although small in size, Cyprus offers a variety of business opportunities to foreigners and locals. Due to its economic stability starting a business on the island is beneficial for international venture and tax planning. A modern free market service-based economy offering investors and domestic enterprises confidence and prosperity.

Chambersfield Economides Kranos has been providing exclusive solutions tailor-made to each of their clients, helping them overcome any legal, corporate, fiduciary and business difficulties they might be facing both nationally and internationally. Services of authorised representation, registrations of vessels, company formations,banking and finance assistance and fiduciary services fully compliant with the legislative framework of the jurisdiction in which the legal entity operates.

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