There are good opportunities for people to start various types of business: the Republic of Northern Cyprus is a country with a developing economy. Here you can open a store as well as a large company, for any taste and budget.
The taxation is declarative, no control exist, a flat income tax is applicable. Everything is absolutely legal, there is no pressure and control from the government. You can find out more with us about acquiring an existing business or opening a branch of a company.
The process of starting a business in Northern Cyprus is quite simple and transparent.
The procedure is not much different for local or foreign investors. It is possible to register a company as a foreign citizens as well as a foreign citizen in partnership with a local representative. To register a company it is needed two people at least.
In order to start a business in TRNC, the investor will need the following:
Clearly indicated company's scope of activity;
Provide copies of passports and certificates of no criminal record to all the founders of the company (certificates must be translated into English or Turkish);
Offer some unique company names;
Provide a charter capital in the bank account of the local banks. The minimum charter capital is set in accordance with the percentage of shares owned by a foreign investor (with 100% ownership of shares by a foreigner - the equivalent of 110 thousand US dollars, this amount must be shown on the account and frozen for 3-5 months after this period, you can use the money at discretion);
When appointing yourself as a director, it is necessary to credit 10 thousand dollars to the account of the Tax Committee, which are stored throughout the entire time of the company's management and serve to cover taxes and debts in case the director disappears;
Provide information on the legal address (acquired or leased property)