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Foreign businessmen have the right to open a business in Northern Cyprus, which will operate on the territory of the TRNC. North Cyprus is not only a popular tourist resort or place for profitable investment, but also a great platform to start own business, as practice shows many successful foreign investors in North Cyprus.
Rapid economic growth in Northern Cyprus is primarily due to the foreign investments. Foreign financial investment in the development of various sectors of the economy, and especially tourism, construction and services gives a great boost to the economy of Northern Cyprus. That is the reason why government welcomes the opening of business in the TRNC by foreigners and provides them with full rights to the company in many sectors, both in partnership with local citizens, and without them.
Business in North Cyprus can be opened in a variety of sectors, from a small shop, spa salon or restaurant, to an investment company or a five star hotel. Many companies were opened by English speaking foreigners and are successfully operating for many years. Favourable tax laws, confidentiality, lack of corruption and uncomplicated process of opening and running a business - important positive factors in North Cyprus.
Prior to opening a business in Northern Cyprus a market research should be conducted. Demand for current product or service, customer attraction and loyalty, opportunities and cost, are important attributes to consider when launching a new business. The process of opening a business in Northern Cyprus is simple and uncomplicated for foreigners, with exception of property sector.
Requirements for opening a business by foreign citizens in North Cyprus
For opening a company in Northern Cyprus at least two people will be needed. A company in Northern Cyprus can be created by only foreign citizens or in partnership with Turkish Cypriots. If the company's activities related to real estate or construction, the foreigner must be a holder of 49% shares, 51% of the shares must be owned local representative.
To open a company in Northern Cyprus:
Determine the activity of the company
Provide copies of the passports of all shareholders.
Provide a certificate of good conduct of all members of the company.
Suggest a few names for the company. According to laws of Northern Cyprus the name of a company must be unique, and cannot include certain words.
Certain amount for the company must be deposited in a local bank. If the company is owned only by foreign nationals, the amount is equal to 100 000 US dollars. Companies with 49% of shares held by foreigners – 49000 US dollars. The amount must be in one of the banks at the time of registration TRNC the company.
Alleged legal address of the company (office can be bought or rented).
Company Alliance Estate Agents will assist in the registration and registration of the company in North Cyprus and the selection of commercial property or ready business in Northern Cyprus. You will find a variety of options for commercial real estate, ready business, building land, hotels and restaurants on our website. Click here to browse for business opportunities, maybe one may just be it for you.