For those who are considering opening a company in Northern Cyprus, it is important to know that this process involves certain requirements and steps.
Here is detailed information on how to carry out this process and what is needed for this:
✔️ In Northern Cyprus it is possible to register a company in the form of an LLC. Please note that registration of Individual Entrepreneurs is not provided for foreign citizens.
✔️ To create an LLC, at least two founders are required.
✔️ When registering an LLC, you must provide passports of two founders, as well as certificates of no criminal record from the country of residence. You also need to choose a unique name for the company.
✔️ If your activity is related to risky areas, such as construction, real estate activities or pharmacy business, which involve risks to people’s lives, please note that registration requires a founder to be a citizen of the Turkish Republic of Northern Cyprus (TRNC).
✔️ For some activities you will need to obtain a license.
✔️ From 2023, it is required to contribute 25,000 euros to the company’s authorized capital. Also provide the equivalent of 100 Turkish lira to the director’s account, where it will be frozen for the entire existence of the company.
✔️ When opening a company, take into account tax obligations, including VAT (KDV) of 16%. Also payroll payments: insurance, pension contributions and savings capital. The amount depends on the minimum wage.
📌 The company registration process takes about 1-1.5 months.
Knowing these key points, you will be able to competently go through the procedure of opening a legal entity in Northern Cyprus.
