The Turkish Republic of Northern Cyprus has managed to become one of the countries that attract the attention of investors with its location and advantageous tax types. The number of investors starting operations by establishing a free port company in the country is increasing day by day. Many different sectors operate in the country, which is strategically located in a very important position.
Free port companies established by those who wish to invest in the Turkish Republic of Northern Cyprus are subject to the TRNC Companies Law. These companies, which carry out their commercial activities abroad, export to the whole world thanks to the advantageous location of the Turkish Republic of Northern Cyprus.
How to Establish a Free Port Company in Northern Cyprus?
In order to establish a free port company operating in Famagusta City Port, the sector to be served is first determined. Investors may choose to establish companies in many different sectors such as tourism, education and logistics. Registering the company name is the first step to start operating in the region.
The number of partners of a free port company established in accordance with the Companies Law can vary between 2 and 50 persons. There are no nationality restrictions in the company incorporation process. Copies of the company shareholders’ identity cards or passports are required for the company to officially start operations. If the company partners are non-Turkish and non-EU nationals, investors are also asked for a certificate of no criminal record.
If there are no legal obstacles, the company establishment process can be completed easily. The minimum capital amount for foreign nationals to establish a company in the Free Port Zone is EUR 25,000. In addition to the fees and taxes that must be paid to government agencies during the establishment phase, Free Port companies are not obliged to pay an annual fee of USD 500.
Advantages of Establishing a Free Port Company
Free port companies are exempt from customs duty, VAT, corporate tax and income tax as they operate before the customs line. Companies operating in this region can easily transfer their revenues to their accounts in different countries.
To establish a free port company, you do not need to use office or warehouse space. Industries such as software and advertising can also set up companies in the region using only a mailbox. It is very advantageous to establish a free port company in the Turkish Republic of Northern Cyprus for digitally serving sectors.
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