In almost all former British colonies - Singapore, Seychelles, here in Northern Cyprus - the "sleeping partner" system is used. This means that 51% of the company is given to a Cypriot, usually a lawyer, who opens your company. It is assumed that a lawyer can be trusted, as people in this profession value their reputation. So your partner will be paid, but before that he signs contracts waiving his rights to the company. This means that he is a purely formal co-owner. This arrangement is suitable for construction companies, factories and medical activities.
For another business, the scheme is different and more expensive. Only an accountant can open a company exclusively in your name. We advise you to carefully choose a professional, read reviews, and ask your friends or on our Telegram chat. It is important to have a good translator because it is necessary to negotiate all the details as well as to check various contracts.
It is useful to make the activities of the company as extensive as possible, because later they can be added only by the court. The office of the company must be located in a non-residential building
The services of an accountant to open your own business will cost you between $1,500 and $2,000, including state fees. And if your accountant has done everything correctly, the maximum period for freezing the authorized capital is 10 days. The bank will return the money only to the person who deposited it into the account. The authorized capital for non-residents of Northern Cyprus is at least €50,000. However, if the co-owner of your company is a Cypriot, the capital can be deposited in proportion to your share in the company.
We wish you successful business projects in a new country!
