North Cyprus Free Trade Zone Company (FTZC)
North Cyprus Free Trade Zone Companies are formed per Free Trade Port Law 26-1983. All requirements set out under Cap 113 – Companies Law also needs to be fulfilled.
Import and Export activities can be run via a Free Trade Zone Company benefiting from a large number of tax incentives. Free trade zone companies are exempt from Income Tax, Corporation Tax, Customs Duty and Value Added Tax for income generated via international trade.
North Cyprus Free Trade Zone companies also benefit from no restrictions on transfer of their profits and retained earnings abroad. You are allowed to employ foreign nationals as per your requirements.
North Cyprus Free Trade Zone also allows service companies to be incorporated and operate out of a P.O. Box. Examples of Service companies operating out of North Cyprus Free Trade Zone: Online Gaming: Ofis Game, Bitcoin Exchange: BTC Turk, Web Hosting: Webadam .Telecommunications: Key to Voip, Online Advertisement: Affilysis . There are many other service categories from Consulting to Online Commerce that can be undertaken.
You can also operate in more traditional fields such as: Production, Buying/Selling etc… You can also rent physical space for your company’s needs. Rental fee is negotiated with the Free Trade Zone Operator and facilities are re-modified according to tenants needs. There is 24 hour security present on site with full comprehensive insurance policy. Additionally, geographically strategic location of Famagusta Port provides ease of access for shipment of your goods across Middle Eastern Markets.
Advantages of North Cyprus Free Trade Zone Company
- North Cyprus Free Trade Zone company is not subject to any Value Added Tax,
- Apart from incorporation fees, there is no annual renewal fee,
- 0% Tax on Corporate Profits,
- Very low withholding tax on Dividends paid from your company,
- No Income tax for no resident shareholders (Residing in TRNC less than 183 days in calendar year).
North Cyprus Free Trade Zone Company Formation Requirements
- There has to be minimum 2 shareholders,
- Minimum paid up share capital needs to be 100,000USD (If any shareholder is non-TRNC Citizen),
- Memorandum of Association and Articles of Association needs to be prepared according to Cap 113 Companies Law,
- Board of Company needs to have a minimum of 1 Director and 1 Secretary. Both can be non-TRNC Citizen,
- Need to provide Proof of ID and Proof of Address.
North Cyprus Free Trade Zone Company Application Costs
- Application fee, depending on field of work, ranges from 200USD-1,000USD,
- Free Trade Zone Licence Fee cost of 2,500 USD (Paid Once. No annual renewal)
- In order to prove Paid-up Share Capital, 50,000EURO needs to deposited to a designated local bank account. If you need financing for this amount contact us. Financing costs are calculated separately.
- Additional cost of Stamp Duty and related costs for Company Documents will be determined during application process.
- Our fee for incorporation services will be determined during application process.
- As per Free Trade Port Law 26-1983 – Section 20, North Cyprus Free Trade Zone company needs to keep accounting records same as a Local Company would. Our bookkeeping fees are calculated according to nature and volume of your work. We can calculate this amount while setting up your company.