Companies set up in Northern Cyprus

Northern Cyprus is a young state with a well-developed tourism and commercial industry. It offers good opportunities for those who want to start their own business here. To register a business, you need to know where to go and what to do to avoid bureaucracy.

Sought after business areas for starting a business

NThe economy of the TRNC is based on foreign investments from tourists and businessmen who contribute to real estate and infrastructure of the republic. If you have a specific project, you can open and promote small, medium or large businesses in almost any field. However, the most relevant areas include: • Tourism industry – you can open cafes, hostels, restaurants; • the beauty and beauty care sector; • Renovation and design of apartments; • Sale of branded clothing due to lack of textile industry in the country; • special grocery stores familiar to Europeans; • Education and home care services for the European population.

Requirements for starting a business in Northern Cyprus

Now in Northern Cyprus the conditions for running your own business are favorable – the absence of bureaucracy and corruption makes the procedure for opening a business simple and transparent. In the republic, property laws are strictly observed and the confidentiality of a merchant’s activity and personality is guaranteed. The country’s policy is aimed at supporting entrepreneurship: there is no double taxation, in some areas there are special conditions for taxation.

What is needed to start a business?

You can start a company as a foreigner alone or together with a local as a partner. To become a company of the form Ltd. in the TRNC, the field of activity must be clearly defined and at least two people are required who must provide a package of documents.
• Copies of identity cards.
• Notarized criminal record with translation into Turkish or English.< br />• Authorized capital (for foreign citizens at least 100,000 US dollars, if 49% of the shares are held by a foreigner, then 49,000 US dollars).
• Legal address (rental or property).
• Multiple options for unique company names.
There must be $10,000 in the tax committee account in the name of the director of the company, which will be kept for the entire period of management and to cover debts and taxes in the event of disappearance of the director.
Next, the businessman applies to the government department of the business organization in Nicosia, where the passport is issued.

How to avoid taxes

The TRNC has a zero-tax zone in the manufacturing sector, where raw materials and goods are exempt from taxes and duties. After the products are manufactured, they are sent for export and are also not subject to payments to the state. When selling within the country, preferential taxation is granted, taking into account the type of products manufactured and the VAT varies between 0 and 20%.

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