Registering a company in North Cyprus is one of the safest ways to invest in this island because taxes and living costs are low there. If you are thinking of registering a company, you should familiarize yourself with the terms of company registration in North Cyprus and follow the company registration procedures in North Cyprus to start your business in this country. Join us to introduce you to the essential points of this process. Join Arya Queen!
What companies can be established in North Cyprus?
In Cyprus, there are two main types of private limited liability companies and public limited companies, which all residents can apply for registration.
There are initial capital and side costs in any type of company you want to establish; Only the amount of capital required will be different, which you should consider before registering the company in North Cyprus.
1. Private limited company with limited liability
The most popular type of company in Cyprus is this type of company, and most foreign investors establish a private limited company. This type of company can have two to fifty investors, and it is usually managed by the people who have invested the most in the company.
Note that these types of companies cannot offer their shares to the public until they become a public company according to the laws of the country; Of course, this process is not simple and there are strict rules for changing the status of the company.
2. Limited Liability Company (LLP)
A public limited company is another common type of company in Cyprus that foreign investors can apply for through licensed lawyers to register a company in North Cyprus.
3. Branch office
Foreign companies can open a branch in order to continue their activities in North Cyprus and are allowed to do so. You can negotiate with the main company to register the company in North Cyprus to have a branch office at Open Cyprus.
The easiest and least expensive investment structure to start a business in Cyprus is to get a representative office of a company. In this case, you will not need an initial capital; All activities of the company will be carried out under the supervision of the parent company. Your task will be only in marketing and selling the services of that company in the Cyprus market.
What are the conditions for company registration in Northern Cyprus?
Various laws play a role in regulating the activities of companies present in the North Cyprus market, and all of them must comply with the basic clauses of the North Cyprus Companies Law.
All companies, except for branches and agencies, must meet the following conditions:
Having at least two investors
Having at least one manager; If the director is a foreigner, he must pledge a valid guarantee worth 30 thousand liras in the bank for 18 months to cover the tax problems. This guarantee is registered in the Northern Cyprus Revenue Department and a tax security certificate is issued.
Having at least one secretary to provide official company documents
Registration of an address in Northern Cyprus for the company
Having a minimum capital of 100 thousand dollars; The capital should be transferred to one of the banks in Northern Cyprus, which will remain in that block until the company is formed. This capital will be released after the registration of the company.
Company registration procedures in North Cyprus
You must first choose a name for your company; The chosen name must be appropriate and according to the rules and regulations of company registration. You can view suggested names online.
Determine the articles of association and legal documents along with company members, shares and the amount of responsibility of each person; The articles of association must be prepared under the supervision of a legal expert because any mistake in it can cause a disruption in the company’s performance.
Complete the company registration application form and have an immigration lawyer check the correctness of its various parts so that it is legal and problem-free.
Register the company at the company registration office and pay the relevant fees.
Now you must register the address of the company accurately.
Open a bank account for the company and deposit the company’s capital into it.
Get the tax code for your company from the tax office.
Get the insurance code from the insurance office.
Hire a secretary to do administrative work and an accountant to do financial work.
Required documents for company registration in Northern Cyprus
Part of the company registration requirements are having the necessary documents in that field; These documents must be official and valid.
Having a valid passport and identity documents
Not having a criminal record
Certificate of financial ability until the time of setting up the company
Having work experience
Education records documents
Completing the company registration form in Northern Cyprus
business business plan
Cost of company registration in Northern Cyprus
Depending on the type of company, you have to pay fees and taxes. The minimum capital required to register a company in North Cyprus is $100,000, and only international business companies are taxed in North Cyprus, with a tax rate of 1%.
Emigration to Northern Cyprus through company registration
North Cyprus is a suitable place for investment due to its location and economic growth. You can invest in the sectors of tourism, construction, services, etc. and help develop services in these sectors to earn a good income while serving others. One to two years after registering the company, you can apply for permanent residence.
Of course, to get a Northern Cyprus passport, you have to spend ten years of your life in this country. Your income along with English language proficiency is also taken into consideration in the evaluation stage.
Why do we suggest registering a company in North Cyprus? Because the welfare level in this region is increasing, you can get residence and passport of this country, your investment will be profitable, the costs of this region are affordable, the amount of tax is low and the level of financial security is high. In this article, we have explained to you the conditions for registering a company in North Cyprus and the procedures for registering a company in North Cyprus. If you have any questions, ask us and our experts will answer you as soon as possible.