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Tax Free Company Formation and Foundation in TRNC

Company formation:

In accordance with the Law and the rules and regulation of the Companies the Free Port Company is established as a Limited Liability company.

The company’s capital must be 50,000 euro. Capital amount due to be blocked at the bank account for at least one week prior to a company registration procedure starts. The capital amount is unblocked ones the formation of the company is completed.

Free Zone Incentives and Advantages:

  • 100% Income and Corporate Tax exemption
  • Free Profit transfer
  • VAT Exemption
  • Mailbox address (England)
  • Office in the Free Zone upon request

How the company works:

Companies operating in the TRNC Free Port zone carry out their activities in this zone through a business / office or mailbox.

Free Port companies operate entirely with customers outside the TRNC borders. In this case the exemption from taxes on the Income will be applied. In addition, there is no VAT due to these activities.

Free Port Zone companies are required to make payments related to social security of the personnel they will employ and other premiums within the scope of TRNC Income Tax and Social Security Laws.

 

Why North Cyprus?

  • NO VAT, NO INCOME TAX, 0% TAX.
  • The same time zone with Turkey
  • Secured Turkish Banks
  • Very low cost in money transfers (Money Order, EFT).
  • English speaking country
  • NO taxes on profit distributions.
  • You do not need to come to TRNC for Company Establishment transactions.

 

Documents required for a Company formation:

  1. Copy of your passport or ID card.
  2. Preferably, an e-government residence document or an official document: electricity, GSM etc. bill.
  3. Preferably a criminal record from e-government.

 

 

For more details, please, contact us by phone (WHATSAPP, Telegram, Viber):  +90 533 840 91 84 (English, Turkish, Russian)

(Russian) Выбор объекта недвижимости

Sorry, this entry is only available in Russian.

Prime Minister Ozkan Yorgancioglu: “We have created an economic system that can stand on its own feet”

Prime minister

Prime Minister Ozkan Yorgancioglu expressed an increase in economic growth of the current budget in Northern Cyprus, in the revenue part of the regional budgets.

“They have achieved positive economic goals. But if we need help, Turkey will help”, said the Prime Minister Yorgancioglu.
“We are like a child, just learning to walk on our own, and Turkey helps us to get back to feet when we fall. In June – July this year, we will gather at the round table in Turkey to discuss the program of the Ministry, which includes data on the formation of the base and assess of the economic process in the 2016-2018 year.

Prime Minister Yorgancioglu also noted that the reduction of the budget deficit, increase of the revenue through VAT and the influx of tourists reached a record 11-percent level, and a new law on employment was issued for employees of CAS.

Prime Minister Ozkan Yorganjiolu said that the project budget deficit for 2014 was 357milion TRY much lower and amounted to 32.4 million lira in 2013, 55,476,000 TRY was the VAT gain.

Last year, the influx of tourists has increased by a record 11 percent compared to the previous years. 795,000 of tourists have arrived to North Cyprus, occupation of hotels was 49 percent higher than during previous years, the income on tourism grew by 4.64 percent, 664.7 million dollars was income of hotels by the end of the season. This is a great tendency to increase this year. The Prime Minister also noted that in 2013 VAT amounted to 55.476 million Turkish Lira and increased by 2014 to 676 million 51 thousand.

Prime Minister Ozkan Yorgancioglu expressed himself in support of local workers employment projects, thanks to this project, 3, 526 women and men benefited from the support of private entrepreneurship. “People were encouraged and benefit from this project, said Yorgancioglu”.

Source: «Kıbrıs Gazetesi. 21 March 2015 “

Cypriot president: Underwater gas fields can help unite island

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It may be early days in the quest for energy underneath the crystal blue waters of the Mediterranean — but the eventual bounty may be sizable for Cyprus.

The Eastern Mediterranean is considered a new energy frontier with a 2010 report from the U.S. Geological Survey estimating there to be 122 trillion cubic feet of gas in the area.

Nearby Israel, Lebanon and Egypt have also marked their offshore territories and are evaluating their potential.

But for Cyprus, still bitterly divided between a Greek Cypriot south and Turkish Cypriot north, the rewards could be more than just financial.

According to the Republic of Cyprus’ president Nicos Anastasiades, this rich supply of energy could help unite the island.

“The benefits out of the exploitation of the wealth of energy is going to the interest of all the people of Cyprus whether they are Greek or Turkish Cypriots,” Anastasiades told CNN.

“What I’m saying and trying to convince our compatriots is that the wealth is belonging to the state, the residents of Cyprus. You (Turkish Cypriots) have the nationality of Cyprus as well, let’s find a solution on the basis as has been agreed then you will have your proportion in participating in this wealth.”

Texas based Noble Energy undertook its first drilling work in Cypriot waters last summer. French firm Total and ENI of Italy, meanwhile, will start exploration later this year.

In between the ports of Limassol and Larnaca there are plans for a $10 billion facility to manage the natural gas discovered offshore.

Cypriot officials say that the reserves in the one block that has been surveyed so far, when brought to market, would represent more than 100% of the country’s GDP of $23 billion dollars.

Early indications from Noble also hint that there are many millions of barrels of oil in their field as well.

With such a potentially valuable asset, Anastasiades believes it is important to take heed of the experiences of other countries with large energy reserves and for Cyprus not to be caught out by the resource curse.

“That’s why we are talking about the Norwegian model,” he said referring to the Scandinavian nation’s sovereign wealth fund that invests a large chunk of the money generated from its own underwater oil and gas fields.

At the same time Anastasiades hopes to manage expectations as to the level of wealth Cypriots can expect to gain.

“We are trying to pass on to people that when we talk about energy we are talking about future generations and not for the present only.” However it is important that they “do not have any expectations that we are going to become like the Arab Gulf Emirates and so on,” he added.

Anastasiades also recognizes that external factors have the potential impact how this lucrative new industry develops in the region.

Source: CNN, by John Defterios

(Russian) Северный Кипр. Прогресс последних лет и прогнозы

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About North Cyprus

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Opening of the Turkish bath of the Ottoman Empire in Nicosia

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OMERIYE HAMAM, an integral part of Nicosia’s history for centuries and a top tourist attraction, has reopened after being closed for the past two years. The Ottoman-era steam bath complex, which closed in 2012 for renovation after the lease of the previous operator expired, is now operated by the Dessange and Quickspa Wellness Group. Not surprisingly given the history of the place, an Ottoman ambiance is a major theme, from the décor to the Turkish names of the various treatments such as Lokum, Kara Sabun and Rahat.
Multicoloured candleholders, gold rimmed tea glasses, lokums in silver cases, the names given to the cubicles – Harem, Sultan, Hannum and Zehra – and even the fez worn by the masseur all create an image of Ottoman decadence and luxury.

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The focus of the main room or cold room of the hamam is the octagonal cistern in the centre, which now serves as a tea bar. Customers can sit around the bar by the fountain and relax after their shower or massage and drink tea, eat a lokum and chat or read the magazines on offer.

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Around the cold room, there are elevated cubicles decorated with pillows and drapes which can be rented by individuals or groups. Three of them are used for full body massages. From the cold room a door leads to the locker and shower area and from there into the hot room. The hot room is dominated by the large marble top where customers can lie down and relax in the steamy atmosphere. Water lines the floor’s perimeter in tiny open drains, while fuel heats the room from below. Around the hot room there are seven smaller rooms, two of them are used for treatments.

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The hamam complex’s history attracts also many tourists who visit the area. According to Miguel, the hamam’s administrator, many tourists go there daily and ask to have a look inside. “It is in their guide books and they want to see it,” he said. The hamam, situated in Tyllirias Square, was a Latin church, before it was turned into a hamam in 1571 by Lala Mustafa Pasha as a donation to celebrate the conquest of Nicosia.

To use just the hamam costs €30 which includes a towel, soap and a scrubbing loofah as well as complementary tea and lokum. After the use of the hamam a 10 per cent price reduction is offered on any additional service chosen. The Lokum massage, customised according to the customer’s needs, costs €40 for 25 minutes and a Guzellik relaxing massage costs €55 for 55 minutes. A wide range of different packages are offered.

The hamam is closed on Mondays and there are separate days for men and women as well as couple days. For information visit: www.hamamomerye.com

Greek and Turkish Cypriot contractors join forces

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Addressing an annual general meeting of the Cyprus Federation of Associations of Building Contractors, Marios Roushias, the Federation Chairman, said Greek and Turkish Cypriot contractors have signed a memorandum of understanding stipulating that both federations will work together for resolving the issues concerning constructions and to promote cooperation so that any activity emanating from the reconstruction of Cyprus will benefit both Greek and Turkish Cypriots.

The memorandum comes in the midst of a renewed UN-led effort for the solution of the Cyprus problem.

“We demand that we, the Cypriots ourselves,rebuild Cyprus and not foreigners on our behalf,” Roushias said.

Along the same lines, the President of the Turkish Cypriot Association of Building Contractors, Cafer Gurcafer, said Greek Cypriot and Turkish Cypriot contractors should cooperate.

Speaking through an interpreter, Gurcafer expressed hope that the next general meeting will take place in a united Cyprus.

Addressing the assembly, Minister of Labour, Zeta Emilianides acknowledged that the construction sector received the biggest blow in the current financial crisis.

Communications and Works Minister Marios Demetriades noted that due to the financial crisis the state has very limited resources for development projects. “The times when the state had ample funds and could carry out a lot of projects belongs to the past,” he said. (CNA)

(Russian) Вид на жительство на Северном Кипре

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The construction of Alaköprü dam in frames of “TRNC Water Supply Project” has been successfully completed

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