Over the past five decades, the Cyprus shipping cluster has experienced remarkable growth. Cyprus is at the forefront of global shipping with a fully functional and innovative department of merchant shipping, a new EU approved tonnage tax regime and a committed resident shipping industry.
The island is one of the largest ship management centers in the world and the Cyprus registry fleet ranks among the top 10 worldwide and among the top three in Europe. The global shipping industry faces a number of challenges, including the continued impact of the financial crisis, commodity prices, piracy attacks and environmental regulations. Nonetheless, shipping remains a critical industry to the global economy and Cyprus is expected to continue to play a prominent role as a leading maritime centre.
KPMG in Cyprus has a dedicated team of professionals drawing on a depth of shipping knowledge and experience, who are committed to providing customized solutions to the challenges faced by our clients. Our highly qualified practitioners undergo continuous industry specific training so as to remain at the forefront of developments within the shipping industry and, together with our global network of shipping specialists, apply this expertise to the professional services offered to the maritime sector, which include:
- Registration of shipping companies (ship owning, charterer or ship management) as well as other ancillary companies (holding/financing companies
- Maintenance and full compliance of Cyprus registered companies
- Audit and assurance related services
- ISAE 3402 service reports on ship managers for communicating information to ship owners on the former’s internal controls
- International tax planning, structuring and restructuring
- Tonnage tax compliance services
- Advisory services (corporate finance, valuations, mergers and acquisitions, restructurings)