Registering a Company in North Cyprus
Are you looking for a way to obtain a residence permit in North Cyprus? One option is by registering a company in the region. This process can be longer and more complex than other methods such as purchasing property or obtaining a student visa, but it can lead to a temporary residence permit for 2 years.
At our Real Estate website, we can guide you through the steps of registering a company in North Cyprus. The process typically takes about 1 month and requires the assistance of a certified accountant or lawyer. In accordance with the laws of the Turkish Republic of North Cyprus, a deposit of €25,000 must be made in a TRNC bank and held for 20 to 30 days until the initial registration is complete.
- To begin, you should hire a professional accountant or lawyer to register your company in North Cyprus, which takes around a month.
- According to Turkish Republic of North Cyprus regulation, you must deposit €25,000 in a TRNC bank and be frozen for 20 to 30 days until the company’s initial registration finishes.
- After depositing the funds, the bank will provide a letter as proof of fulfillment of this criteria, which will be presented to the firms’ registration. After completing the processes, funds or deposits are released.
- In order to register a corporation in North Cyprus, two shareholders are required.
- Some businesses, like as registering a construction company, must be done in collaboration with a Cypriot partner because a foreigner in North Cyprus is only permitted to own one Donum of land (~1338 m²).
- The amount of approximate 10x of minimum wage (~ 135,000 TRY) must be blocked in government bank accounts for two years to ensure a saftey payment to avoid bankcrupcy debt, criminal charges and tax fraud.
- To register a corporation with a Cyprus partnership, 51% of the company’s shares must be held by a Cypriot and 49% by a foreigner.
- The monthly cost of 8,000 TRY includes taxes and insurance for the secretary and directors.
- Each foreigner must deposit 50,000 TL for two years and get deposit interest.
- Foreigners must have two individuals as directors and one as secretaries in order to register a corporation. A maximum of 99% of the company’s shares can be held by the director, while a minimum of 1% of the company’s shares can be held by the secretary.
Our team can help you navigate the requirement of having two shareholders and any necessary partnerships with Cypriot citizens. For example, registering a construction company must be done with a Cypriot partner as foreigners are only allowed to purchase a specific amount of land.
If you’re interested in registering a company in North Cyprus and obtaining a residence permit, contact us today. Our expert and trusted accountant and lawyer will help you advance the registration process and make it as smooth as possible.To avoid bankruptcies, criminal accusations, and tax fraud, an amount equal to 10 times the minimum wage (135,000 TRY) must be blocked in government bank accounts for two years.