Register a Company in North Cyprus
Register a Company in North Cyprus is another way to obtain a residence permit in North Cyprus. This is a bit longer and more difficult than other common methods such as buying property in North Cyprus or a student visa.
By registering a company in North Cyprus you can get a temporary residence of 2 years. And the residency will be extended until taxes and insurance premiums are paid.
In this article, we will inform you about all the steps of registering a company
√ at first you should have a certified accountant or lawyer to register your company in North Cyprus and the time to do this process is about 1 month.
√ Under the laws of the Turkish Republic of North Cyprus, you must be deposited 50,000 € in a TRNC bank and blocked for 3 to 7 days until the initial registration of the company is completed.
√ After depositing the money, a letter will be received from the bank as proof of fulfillment of this condition and will be submitted to the companies’ registration. Funds are released again after completing the steps.
√ Registering a company in North Cyprus requires two shareholders
some of businesses such as registering a construction company, must be done with a Cypriot partner because a foreigner in North Cyprus is only allowed to buy 1 Donum of land (equivalent to 1338 square meters).
√ To register a company with a Cyprus partnership, 51% of the company’s shares must be in the name of a Cypriot person and 49% in the name of a foreigner.
√ For each foreigner, you have to deposit 50,000 TL for 2 years and receive a deposit interest.
Cypriot partners are not required to register companies such as restaurants, cafes, confectioneries and the like this.
Cihanara can help you to advance the registration of the company in Cyprus by having a reputable, expert and trusted accountant and lawyer in this field.