Shipping Accounting & Audit
Accounting, audit, tax and vessel registration support for shipowners, ship managers and yacht owners operating from Cyprus.
Audit, Accounting, Tax & Vessel Registration for Cyprus Shipping Companies
Shipping Industry
Established in 1985 and regulated by ACCA and ICPAC, Iacovou & Co. provides accounting, audit and tax services to shipping companies operating from Cyprus, from IFRS financial statements through to international tax planning for groups with vessels registered across multiple flags.
Most shipping enquiries we get start with the same question: whether a vessel and its owning structure actually qualifies for the Cyprus tonnage tax scheme rather than standard corporate tax. That determination shapes every filing that follows, including the audit of financial statements most Cyprus shipping companies are required to complete each year.
Shipping companies in Cyprus have their own regulations and standards that fall within the wider Cyprus tax regime, and we track both sets of rules so nothing falls between the two.
We work with shipowners running a single vessel and ship management companies overseeing a fleet, applying the same level of detail to both.
What's Included
Our Shipping Industry Services Cover
01
Audit of Financial Statements
Statutory audit of annual financial statements for Cyprus-registered shipping companies, under International Standards on Auditing.
02
Bookkeeping & VAT
Day-to-day bookkeeping and VAT compliance for shipping companies, kept current across multiple vessels or entities where needed.
03
International Tax Planning
Tax planning for shipping groups with cross-border ownership, charter arrangements or crew across multiple jurisdictions.
04
IFRS Reporting
Financial statements prepared under IFRS, built to satisfy lenders, charterers and classification societies as well as the Registrar.
05
Vessel & Yacht Registration Support
Company formation and structuring for the Cyprus entity behind a vessel or yacht registration, coordinated with registration agents.
06
Tonnage Tax Advisory
Assessment of whether a vessel and its owning structure qualifies for the Cyprus tonnage tax scheme.
Shipowners, Ship Managers & Yacht Owners
Who We Work With
We work with independent shipowners, ship management companies overseeing several vessels, and private yacht owners structuring their Cyprus operations. Some clients come to us at registration stage, others after years with a general practice accountant who was not set up for the reporting a shipping business actually needs.
Shipping Accounting & Audit, Answered
FAQ
What accounting and audit services do you provide for shipping companies?
We provide bookkeeping and VAT services, audit of financial statements under IFRS, and international tax planning, for shipowners, ship management companies and yacht owners operating from Cyprus.
Does a Cyprus shipping company need a statutory audit?
In most cases, yes, on the same basis as any other private limited company registered in Cyprus. Cyprus statutory audit requirements set out the specific thresholds and exemptions that determine whether a given company qualifies.
Do you handle Cyprus company formation or vessel and yacht registration?
We handle the Cyprus company formation that typically sits behind a vessel or yacht registration, and coordinate with registration agents on the maritime filings themselves.
Do you advise on international tax planning for foreign-owned shipping groups?
Yes. Many of the shipping groups we work with are foreign owned, and the same principles behind Cyprus corporate tax for foreign companies apply, extended to a fleet rather than a single trading entity.
What is the Cyprus tonnage tax scheme?
The Cyprus tonnage tax scheme lets qualifying shipowners, charterers and ship managers pay tax based on net tonnage rather than standard corporate tax on profits. Whether a structure qualifies is the first question we work through, and it shapes every filing that follows, including how it sits within the Cyprus tax regime more broadly.
Talk to Our Shipping Team.
Get Started
Whether it is a single vessel or a growing fleet, we would like to hear from you.
