North Cyprus is booming, it is a great place to start a business as the market is not yet crowded and you can enter the market and be currently the only one in your line of work.

Inspiring, isn't it? The country has a rather favorable business climate, and new players in various areas of the market are really welcome here.

What do I need to start my own business in the TRNC?

First, it is necessary to outline the scope of the company's activities.

Secondly, provide copies of passports and criminal record certificates for all founders of the company (the certificates should be translated into English or Turkish)

Third, propose several company names. The names should be unique!

Fourth, present the authorized capital held in one of the local banks. The minimum amount of authorized capital is set according to the percentage of shares owned by the foreign investor. At 100% ownership of shares by a foreigner - the equivalent of 25000 euros, this amount must be shown on the account and frozen at the time of registration of the company, after this period the money can be used at will.

Fifthly, when appointing yourself as a director, you must credit the tax committee account with 6000 euros, for each foreign founder, which are kept for the duration of the management of the companies and serve to cover taxes and debts in the event of the disappearance of the director.

Sixth, provide details of the registered office. This can be a purchased or leased property.

All this is necessary to open a legal entity, depending on the type of activity you will need to draw up additional documents or pay something extra.

Not all types of business can be carried out without the participation of a local resident. Important industries require a Cypriot as a founder, such as: tourism, real estate, car rental, etc. In such businesses 51% of the company must be Cypriot owned. In such businesses 51% of the company must be Cypriot owned.  

North Cyprus is in need of small, medium and large businesses, so it is possible to achieve success in North Cyprus in any field if you wish and have a relevant project.