With 36 votes in favour and none against, Thursday last the Chamber of Deputies of Cyprus approved the law for create a new specific corporate form that for companies of navigation. This is the new corporate model called "shipping company with responsibility limited", type of companies whose sole purpose should be the ownership and management of flag ships Cypriot and that will be entered in a specific register.

The aim of the new standard is to improve competitiveness of the Cypriot flag and simplifying bureaucratic procedures of shipping companies that own ships Cypriot. The definition and approval of the new law had been programmed as the fourteenth of the 35 actions of the strategic planning "SEA Change 2030" adopted in October 2021 by the Cypriot government.

The new law provides that the shipping companies holders of Cypriot vessels may request their transfer to the new register.