"Today the office comprises four further staff members, we also have a presence in Limassol and fully expect further expansion over the next few years," explains Hill Robinson Director Stelios Kazamia.
Cyprus has been a member of the European Union since 2004, with a regulatory regime in full compliance with the requirements of the EU and OECD, so following Brexit the economic and political links cannot be exaggerated.
The law on the island is based on English common law, a benefit making the island attractive for incorporation and marine business investment. Cyprus also has one of the lowest EU corporate tax rates at 12.5%.
The Cyprus office now has several vessels under management with services delivered including technical, operational, crew and commercial management, as well as project management, and are primarily responsible for the payment administration on behalf of fleet vessels.
This ensures precise review and approval and subsequent remittance of supplier invoices, credit cards and ship’s cash utilising our HRipay secure online approval system. The team also provide a stakeholder function to Owners and Charterers ensuring that charter fees, the APA and VAT where applicable are paid in accordance with the MYBA Charter Agreement.
Working closely with the other International offices, providing the highest levels of service to its clients, Hill Robinson Cyprus is poised to significantly contribute to the Group’s growing presence and capability in the Eastern Mediterranean.
This expansion coincides with a significant increase in yachting activity around the island, including many larger yachts visiting the marina in Limassol.