By setting up a North Cyprus Company your business will enjoy strong multinational banking system and tax efficient business environment. Due to unique situation in North Cyprus the government has introduced very attractive company types for investors to utilize. These tax efficient business structures will help you save whether you are buying Real Estate or making International Sales. North Cyprus, by law, offers non-discriminatory business environment to both local and foreign investors. Therefore your investments are no different from a local investor.
Furthermore the political stance in the North Cyprus is for the European Union. Hence you know the legal framework is getting ever closer with Europe. North Cyprus Company types available for you:
North Cyprus Free Trade Zone Company is setup under Free Trade Port Law 26-1983. Similar to its counterparts around the rest of the world, Free Trade Zone offers generous tax advantages. While setting up the company same requirements need to be fulfilled, like a local company, as set out by Cap 113 – Companies Law . North Cyprus Free Trade Zone Companies are exempt from Corporation Tax and Value Added Tax. There is also no capital restrictions on movement of capital. Hence you can freely conduct your trade with no tax burden. North Cyprus Free Trade Zone became a more popular option in the recent years. With its tax exempt status North Cyprus Free Trade Zone also grants operating license to Service businesses that does not take any physical place at the port. Examples of these activities are Consulting, Advisory, IT Services, Financing and Insurance activities. Some of the largest Hosting providers and IT Companies that service Turkey is based at North Cyprus Free Trade Zone. (See: Ofis Game, BTC Turk, Webadam, IHS Hosting) proving the success of North Cyprus Free Trade Zone. There are more than 400 Companies utilising North Cyprus Free Trade Zone company type. In the Free Trade Zone there is no annual fee payable. Only fees unique to this company type is Application fee and Initial Free Trade Zone Licence Fee. Click Here to read more about North Cyprus Free Trade Zone Company.
North Cyprus Offshore Company structure is based on European Union compliant 38/2005 International Business Company (Offshore) Law. This company type provides services solely to clients outside TRNC. Therefore if you are planning to make any sales to TRNC based customers you should choose one of the alternative company types. North Cyprus Offshore Company allows you not to pay Value Added Ta (VAT) on your sales and limits the Corporate Tax rate to 2% of taxable income. There is no restriction on movement of capital to and from the company. Only cost you will incur is annual renewal of International Business Licence for 5,000 Euro per year. Another unique feature of North Cyprus Offshore Company is that this company allows for proxy Shareholders and Directors. Meaning your personal information remains hidden if you wish. Similar to other company types, you need to fulfill company requirements as set out by Cap 113 – Companies Law .However minimum paid-up share capital is 20,000 Euro instead of 25,000EURO. Additionally, 500 Euro Application Fee is paid. Time it takes to incorporate is approximately 3-4 weeks. North Cyprus Offshore company attracts investors from all over the world in following fields: Travel Agency, Aviation Services, Finance, Consulting, IT, Online Services and Telecommunication. See a list of companies with North Cyprus Offshore company structure, proving the success of this company type,: Prodo Travel, Triplestar Aviation, Toma Finance, Ata Game, There are more than 300 offshore companies utilising this company type. Click Here to read more about North Cyprus Offshore Company.
The foundation of Turkish Republic of Northern Cyprus Legal System is laid during British Empire Colony rule in 1940s and 1950s. In fact most of the fundamental laws surrounding commerce in North Cyprus is one-to-one copies of U.K. Laws enacted during this period. Cap 113 – Companies Law (which is the longest and most comprehensive law in North Cyprus) is almost a one-to-one copy of UK Companies Act 1948. By clicking on the links you can find out about the similarities yourself (see Cap 113 – Companies Law Cyprus). North Cyprus Companies are set on sound foundation with UK legal framework. Another major legislation that affects everyday business dealings is the Contract Law. Similar to Companies Law, North Cyprus uses, fundamentally all features, of Cap 149 – Contract Law as enacted in 1959. Another UK alike fundamental legislation is around Lending Laws. Turkish Republic of Northern Cyprus utilises the legal framework of United Kingdom Case Law. Where outcome of cases whether in North Cyprus or U.K. (or any other location with British Laws in place), are applicable in North Cyprus Court of Law.
We are operating as an Institute of Chartered Accountants of England and Wales – ICAEW Member Firm. We are one of the few Accountancy Offices, including Turkey, with such credentials. Therefore you know that you are getting your money’s worth in professionalism and due care with highest ethical standards unparalleled in North Cyprus.