В рамках привлечения иностранных инвестиций и в связи с необходимостью упрощения административных процедур равных тем, которые действуют для местных инвесторов, 5 сентября 2005 года под эгидой Министерства торговли, промышленности и туризма был создан Сервисный центр иностранных инвестиций (FISC).
Основной задачей Центра является оценка всех инвестиционных предложений, представленных иностранными и местными инвесторами, для ускорения и упрощения разрешительных процедур в этом отношении. Важность создания Центра заключается в том, что он будет работать как фулл-сервис для иностранных компаний, заинтересованных в инвестировании на Кипре. В частности, он будет служить в качестве центрального органа для обеспечения поддержки, информации и контактов с иностранными инвесторами.
As of 1 May 2004, Cyprus , together with nine other countries, has been a full member of the European Community. Cypriots have always viewed the island's accession as a tool for solving our political problem, thus failing to focus on the positive legal implications that it will create by conferring rights upon individuals.
The importance of Community law is that it gives rights to individuals, which they can enforce, before national courts.
This opens new doors for both the people of Cyprus and people from abroad who are interested in doing business with or within Cyprus. The responsibility lies with Cypriot legal practitioners to master European law well so that they serve the interests of their clients in the best possible way.
All Member States are bound by the provisions of Community Law, which cannot be overridden by domestic law. In Costa v Enel (1964), it was stated that:
"The transfer by the states from their domestic legal system to the Community legal system of rights and obligations arising under the Treaty carries with it the permanent limitation of their sovereign rights against which a subsequent unilateral act incompatible with the concept of the Community cannot prevail."
Further to the lifting to all the restrictions regarding the establishment of companies by EU citizens, the Cyprus government, through its Council of Ministers has now also approved a total liberalization of the policy governing direct investment by foreigners in Cyprus.
Thus, as of 1st October 2004 , foreigners who wish to register companies in Cyprus or acquire shares in existing Cypriot companies or in any other way, do business in Cyprus will no longer have to obtain any special permit.
Within the framework of attracting foreign investment and due to the need to simplify administrative procedures equal to those enjoyed by local investors, a Foreign Investors Service Centre (FISC) was established on 5 September 2005 under the auspices of the Ministry of Commerce, Industry and Tourism.
The main task of the Centre is to evaluate all investment proposals submitted by foreign and local investors, to accelerate and simplify licensing procedures in this regard. The importance of the establishment of the Centre lies in the fact that it will operate as a full service for foreign companies interested in investing in Cyprus. In particular, it will serve as a central agency for providing support, information and liaising with foreign investors.
Undoubtedly, the new Centre will contribute to upgrading and modernising the liberalisation of Cyprus’ foreign direct investment policy, since it has been given the power to submit proposals and observations whenever it considers that the current system for approving investing proposals needs to be further enhanced.
In this specific situation, Boeing, the manufacturing company, based in the United States of America, may be held strictly liable based on the legislation regarding defective products. The courts in the United States of America acknowledged very early that aircraft manufacturers have the same degree of legal liability for product safety as those which the manufacturers of other usual consumer products have.
The manufacturing company must design the aircraft with due diligence and proceed with detailed checks and tests on flight conditions before putting the aircraft into circulation.
In the Maynard v Stinson Aircraft (1938) JAL 608 case, the manufacturing company was found guilty of negligence due to the fact that the aircraft caught fire and caused bodily injury due to the poor design of the aircraft.
In the case Manos et al v TWA and Boeing (1969) USAvR 209, the dependants of the deceased passengers following an air accident near Rome proceeded with an action against the manufacturing company in the USA due to a manufacturing defect in the aircraft. The court followed Italian law on the issue of negligence due to the fact that the civil offence took place in Italy and awarded damages.