How can I start a business in Northern Cyprus?

Opening a business in a new country is always associated with various nuances regarding local legislation. Here are several options to kick-start your venture in Northern Cyprus.

• Sleeping Partner
• Accountant
• Frequently Asked Questions

Sleeping Partner

The system of a "sleeping partner" is applied in almost all former British colonies (including Singapore, Seychelles, and Northern Cyprus). This means that 51% of the company shares are given to a Cypriot, usually a lawyer, who opens the business for you. It is believed that lawyers can be trusted as they value their reputation. Therefore, your partner receives a salary but signs agreements relinquishing rights to the company. Essentially, they are only co-owners in a formal sense. This scheme is suitable for construction companies, factories, and medical activities. More specifically, it is used when a company needs to register more than one property or when certain activities require a Cypriot director or owner.

Accountant

For other types of businesses, the scheme is different and more expensive. Only an accountant (referred to as "accountant" here) or a lawyer can open a company for you. We recommend carefully selecting professionals, reading reviews, and asking acquaintances or consulting our Telegram channel. It is also important to have a good translator since you need to discuss all the details and the contract, which will be in Russian-Turkish-Russian. To avoid any issues, the translator should be proficient.

Frequently Asked Questions about Opening a Business in Northern Cyprus

What types of activities should be listed?

It is advisable to list the company's activities as extensively as possible since adding new ones later can only be done through the court. The company's office must be located in a non-residential premises.

How much does it cost to open a business?

The services of an accountant or lawyer to open your own business will cost you between £2,000 and £3,500, including fees. If your accountant does everything correctly, the maximum freezing period for the share capital is 10 days. The bank will return the money only to the person who deposited it into the account.

What is the minimum share capital?

The minimum share capital for non-residents of Northern Cyprus is €25,000. However, if a Cypriot is a co-owner of your company, the capital must be contributed proportionally to your share in the company.

How to open a bank account?

A foreigner has the right to open a bank account in Northern Cyprus by providing the necessary documents.

In the largest Telegram forum for Northern Cyprus, there is a section called "Business" where you can consult with people who have gone through various stages in this field and ask your questions.