Cyprus is one of the largest transportation hubs in Europe which severs the whole EU market given its geographic position. Numerous freight transport companies enter Cyprus on a daily basis, which is why this sector is one of the most prolific in the country’s economy.
Foreign investors can open transporting and storage companies in Cyprus by following the local and the EU regulation. Below, our lawyers in Cyprus explain how to start a business in the logistics sector.
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The Cyprus legislation on transportation and storage of goods
Transportation and storage of goods form the logistics industry, one of the most developed economies sectors in Cyprus. This is why it is also highly regulated. Foreign investors who open companies offering transportation and storage services must comply with the following laws:
- the Contract Law is the most important regulation as it provides for the relation between the supplier and the client;
- the Sale of Goods Act which provides for the sale of various products from foodstuff to electronics;
- the Safety of Consumer Products Law which implies for the specific storage conditions of goods;
- the Commercial Agents Act in Cyprus which provides for the obligations of suppliers.
Apart from these, Cyprus has also signed various international agreements for the transport and storage of goods, among which the most important are the UN Convention on Contracts for the International Sale of Goods and the Customs Convention on the International Transport of Goods under Cover of TIR Carnets.
Our Cypriot lawyers can offer extensive information on the regulations imposed on transporting and storage companies.
Registering a transporting and storage business in Cyprus
Transporting and storage companies are usually large companies which is why the limited liability company is the best option when setting up such a venture in Cyprus. Our law firm in Cyprus can assist with the incorporation of limited liability companies.
We remind investors who want to open transporting and storage companies in Cyprus that they must have a truck or TIR fleet and apply for import/export licenses in order to be able to pass through customs verifications.
Please contact us for guidance when starting a transporting and storage company in Cyprus.