REGISTER A SHIPPING COMPANY IN CYPRUS
In the article “Registration of Ships in Cyprus” Michael Chambers presented the essential information about eligibility criteria and ship registration procedures. Cypriot and European citizens may proceed with the necessary procedures and register their vessel on the Registrar of Ships. However, non-European citizens who wish to register a ship under the Cyprus flag they are obliged to incorporate a Cyprus Shipping Company. The incorporated Cyprus shipping company will acquire the ship in its name.
Michael Chambers provides some basic information concerning the formation and maintenance of a Cyprus shipping company. The experienced legal team of Michael Chambers & Co. LLC is willing to provide you a…show more content… The Registrar of Companies should approve the name. The approval usually takes two days but in urgent cases the procedure may be accelerated.
The registered address has to be in Cyprus. In many cases it is situated at the offices of the lawyers who have incorporated the company in Cyprus. The registered address may be the address of Michael Chambers & Co. LLC premises. Note that the secretary keeps the registers and minute-books.
The share capital of the shipping company can be nominal or the actual amount to be deposited by the promoters for the implementation of the venture. It can be submitted in full or by calls, in cash or the shares can be allocated per value. All classes of shares and with different voting and dividend rights are acceptable. Note that all shares should be nominative and bearer shares are not acceptable.
Shareholders and Security of Beneficial Shareholders
The incorporation and maintenance of a Cyprus private company require one shareholder, regardless of nationality. Based on the provisions of the Cyprus law all shareholders of the shipping company can be foreigners residing abroad. The transfer of shares from one foreigner to another is