Shipping

Cyprus has built a reputation as a key maritime centre providing a very advantageous business environment for ship -owning and third- party management companies to carry out their operations. The Cyprus ship registry ranks tenth among international fleets – with approximately 2000 ocean going vessels of a gross tonnage exceeding 21 million. The registry is continuously upgrading its services in order to offer a high standard of support to international shipping and a reputation of a “Flag of Progress”.

There are over 60 ship management companies operating in its territory, many of which are third party. Several of these companies rank among the largest of their kind in the world.

With very attractive legislative and operational shipping infrastructure Cyprus is set to continue to attract first-rate shipping companies, both from countries within and outside the EU.

BDO provides cost- efficient and high quality services to shipping clients:

• Audit and Book-keeping services to ship-owning and ship-management companies
• Tax solutions to shipping companies and assistance on the enrolment in the Cyprus Tonnage Tax system
• Registration of ships and yachts under the Cyprus flag
• Registration of shipping companies at the Cyprus Registry and arranging for provision of fiduciary services
• Assistance on the implementing the Yacht VAT leasing scheme

BDO’s financial restructuring experts assist shipping clients in preparing their restructuring plan and to negotiate the best possible solution with their bankers.

BDO’s corporate finance team provides assistance in identifying , understanding assessing alternative forms raising finance.