On 07.10.2022 the Cyprus Parliament has adopted the Law on the Limited Liability Shipping Company (SLLC) of 2022, which establishes the official competent authority, the Register of LLSC’s with the purpose of promoting stop-shop framework for ship-owning companies.
The Law creates a new category of a corporate entity named as “Shipping Limited Liability Company” or the “SLLC” for those, who intend to own and operate ships under the Cyprus flag.
The main objective of the new law is to create a one-stop-shop services for ship-owning companies and their shareholders within the Register of LLSC’s in addition to the aspects of maritime law and company law in Cyprus, which are governed by Cyprus Registrar of Companies.
One of the main differences compared to ordinary companies and relevant legal matters is that the secretary for SLLC should be a qualified lawyer in order to comply efficiently with the recently enacted piece of legislation.
