You can establish your company in the Turkish Republic of Northern Cyprus by paying low costs and you can easily manage your investments through the company you will establish. There are 4 different types of companies that foreign investors can establish in the country.
- Free Port Company (Offshore Company)
- TRNC Branches of Foreign Companies (Foreign Company)
- International Business Companies (International Company)
- Local Limited Liability Companies (Local Company)
To decide on the type of company in TRNC, you must first have an accurate business plan. When you choose the type of company suitable for the sector you decide to invest in, it is possible to benefit from the advantages offered by the country. In order for foreign entrepreneurs planning to invest in the country to acquire real estate, at least 51% of the shareholders in the established company must be TRNC citizens. In addition, the majority of the persons serving on the board of directors of the established company must be citizens of the country.
If it is not planned to acquire any real estate during the investment in the country, there is no problem for all shareholders of the established company to be foreign nationals. Companies established in this way can easily trade in the country.
Companies are managed in accordance with the provisions of the TRNC Companies Law. In addition, each company may be subject to different laws depending on its line of business. Apart from foreign company branches, all other companies established in the TRNC are obliged to fulfill the following conditions:
- At least one member of the board of directors must be involved in the company.
- The company can be established in cooperation with at least two partners.
- The company must have a registered address within the country.
- The company must have a secretary who submits legal documents as prescribed by the relevant law.
- There is a capital requirement for foreign investors wishing to establish a company in the Turkish Republic of Northern Cyprus. If you are a citizen of another country, you need to have a capital of 25 thousand euros to establish a company in TRNC. After establishing your company, you can use your blocked savings.
Documents Required for Company Establishment in TRNC
The documents required from the investor during the company establishment process in the Turkish Republic of Northern Cyprus are as follows:
- Photocopy of identity card or passport
- Proof of residence
- Criminal record certificate
- Bank blocking letter prepared according to the share weight of foreign shareholders
After determining your company name, you can submit your application with your documents. It is also possible to establish a company in the country without being in the Turkish Republic of Northern Cyprus. After the necessary applications are made, you can set up your company between 2 and 4 weeks without coming to the country.
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