The Turkish Republic of Northern Cyprus has become one of the countries that attract the attention of investors with its location and advantageous tax types. The number of investors who start their operations by establishing a free zone company in the country is increasing day by day. Many different sectors operate in the country, which is strategically located in a very important location.
Free zone companies established by those who want to invest in the Turkish Republic of Northern Cyprus are subject to the TRNC Companies Law. Free zone companies can carry out their commercial activities in overseas, export from TRNC Free Port to the whole world.
How to Establish a Free Zone Company in North Cyprus?
In order to establish a free zone company operating in Famagusta City Port, the sector to be served is first determined. Investors can choose to establish companies in many different sectors such as tourism, education and logistics in the region. Registering the company name is the first step to start operating in the region.
The number of shaherlders of a free port company established in accordance with the Companies Law may vary between 2 and 50 people. There are no nationality restrictions during the company establishment process. In order for the company to officially start operating, ID or passport copies of company shareholders are required. If the company partners are not Turkish or EU nationals, investors are also required to provide a certificate of no criminal record.
If there are no legal obstacles, the company establishment process can be completed easily. The minimum capital amount for foreign nationals to establish a company in the Free Zone is 25,000 EURO. In addition to the fees and taxes that must be paid to government institutions during the establishment phase, Free Zone companies are obliged to pay an annual fee of 500 USD.
Benefits of Establishing a Free Zone Company
Since free zone companies operate before the customs line, they are exempt from customs duty, VAT, corporate tax and income tax. Companies operating in the free zone can easily transfer their income to different countries accounts.
There is no need to use spaces such as offices or warehouses to establish a free zone company. Industries such as software and advertising can establish a company in the region using only a mailbox. It is very advantageous to establish a free zone company in the Turkish Republic of Northern Cyprus for sectors that provide digital services.
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