Cyprus, Nicosia

Features of opening a company for foreigners in NC

Updated: 2 months ago

A foreigner can register a company in the free port, its feature - the company does not have the right to operate in the territory of Northern Cyprus. Investments: 100% foreign capital, which means a 100% share package must belong to foreigners. VAT when the company operates in the free port - 0%.

Also, a foreigner can open a local company, and here it depends on how you work, VAT is from 5 to 16% depending on the area of activity. You can invest 100% foreign capital.

For both types of companies, a unique name must be confirmed through the registry. After this, you can start collecting documents.

Documents. For both types of companies, certificates of non-criminal record, confirmed by apostille with translation into Turkish, certificates from Mukhtar (ikametgah belgesi), and for a local company - confirmation of address (rental agreement) is required.

The minimum charter capital of 25,000€ must be blocked in the account until the company is opened (about 1.5-2 months for a local company and 2-4 months for a free port).

For a local company, you need to block 136,000 lira in the bank for the director (foreigner) for two years.

For some types of activities, the director must be a Cypriot. He must own 51% of the shares. But if it's simple trade - this is not a mandatory condition.

A foreigner cannot open a sole proprietorship.

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