Starting Your Own Business in Northern Cyprus
Many visitors from overseas are returning to Northern Cyprus to investigate the possibilities of starting their own businesses here. At the present time, the majority of these people are from the British Isles, and several have commenced trading in such businesses as water sports, restaurants, property management, shops, construction companies, estate agents etc.
If you wish to operate a business in Northern Cyprus the following procedures apply:
To form a limited company in Northern Cyprus you must instruct a qualified accountant to make the necessary applications on your behalf to the Registrar of Companies outlining the trading intentions of the company, share capital, directors etc. The formation of the company is obviously easier if it has some Turkish Cypriot involvement, but it is quite possible to form a company with 100% British or foreign ownership.
A further application has to be made to Northern Cyprus Immigration Department for an annually renewable business or employment permit, which is given once the Council of Ministers has given their approval. You must also have a medical examination done for clearance of TB and AIDS.
Finally, you register yourself and your company with Social Security Department for health insurance payments, the Income and Tax Department, and the Provident Fund Department. Once all this has been done, you are allowed to commence trading in Northern Cyprus.
For more information on Company Formations etc. please contact Tatar & Co. Chartered Accountants.
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