Registration Procedure
The ownership of a ship is divided into one hundred (100) shares.
A vessel may be registered under the Cyrus flag if more than one half of the shares of the ship are owned by:
a) a Cypriot (physical person)
b) a corporation established and operating under and in accordance with the Laws of the Republic and having its registered office in the
Republic
c) a corporation incorporated outside the Republic of Cyprus in which the majority of shares are owned by Cypriots, if specifically authorised
by a decision of the Council of Ministers of the Republic of Cyprus.
Foreigners may therefore under Cyprus Shipping Laws register their vessels under the Cyprus flag provided a Cyprus Shipping Company is first
registered.
Such companies are as rule registered:
a) as private companies limited by shares
b) with an authorised (nominal) share capital of CYP100 (or more) divided into 100 shares of CYP1 each. Shareholders hold shares in the
company in proportion to their actual percentage in the ownership of the company.
c) after the approval of the Central Bank of Cyprus is obtained for non-Cypriot shareholders.
Once a Cyprus Shipping Company has been registered an application is made to the Register of Ships for permission to register the vessel
in the Cyprus Registry of Ships under the Cyprus flag.
The registration may either be
- provisional or
- permanent.
In either case the application must contain the following information:
- Present name
- Present flag
- Time and place ship was built
- Name of builders
- Port of registry
- Registration number
- Gross and net tonnage
- Type of vessel
- Horse power of engine
- Length, breadth, depth
- Name of classification society
- Location of the vessel at the time of application
- Proposed area of employment
- Names and addresses of the directors of the shipowning company
- Names and addresses of the sellers
- Copy of the certificate of incorporation of the shipowning company
- Telex confirmation by the Classification Society of the ship that she is seaworthy and that they are prepared to issue certificates
on behalf of the Cyprus government upon registration under the Cyprus flag
- Telex confirmation by any recognised Accounting Authority undertaking the clearance of the radio maritime accounts of the ship
- The names of any other vessels under Cyprus flag which are owned by the same shipowner
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