Registering a company in North Cyprus is one of the best ways to invest in this country. The youth of this country’s market has made the return of one’s capital happen in a short period of time. Also, the investor can get temporary residence with this method.
The country of North Cyprus, which is a beautiful island in the Mediterranean Sea, has hosted many immigrants from all over the world in recent years. This small country has been growing strongly in many economic fields, and this has made many people choose this country as a suitable place for investment. Although buying a property is one of the most profitable investment methods in this tourist island, registering a company is also known as one of the most profitable investment methods. Company registration in this country has its own legal procedures and costs. The company manager can even apply for temporary residence for his family members after registering the company and receiving his temporary residence. If you have chosen to register a company in North Cyprus for investment, this article will be very useful for you. We have covered all the important points in this regard.
Advantages of registering a company in Northern Cyprus
First of all, if you plan to register a company in North Cyprus, you should familiarize yourself with its benefits. Some of the benefits of registering a company in this country are:
Young and growing market
The condition of being the first in many service and production fields
Easier access to the global market
Having income with strong and common currencies of the world, depending on the type of business
The possibility of educating children in this country
Obtaining permanent residence or citizenship in Northern Cyprus after a specified period
Obtaining a business residence stamp in North Cyprus
Obtaining temporary residence for all dependents of the business owner
Types of companies in North Cyprus
Like all countries in the world, Northern Cyprus also has its own rules for company registration. In general, several types of main companies can be registered in this country. These companies include:
Company LLP
Private limited company
A group of companies that includes a mother company and several sister companies.
It is interesting to know that most of the companies in North Cyprus are privately owned. This means that foreigners who have come to this country to invest have registered a special joint stock company. In fact, a public company is a company that is partially owned by the government and the government has invested in it.
Conditions and documents required to register a company in North Cyprus
If you have made your final decision to register the company, in this section we will introduce you to all the documents required for company registration.
The first and most important document you will need is a certificate of no criminal background, which must be translated and stamped.
It is mandatory to present a passport for the company manager and potential shareholders.
The owner of the company must block 25,000 euros in his bank account for the initial capital of the company for two weeks to one month. Of course, depending on the type of company, this amount can increase.
At the same time as blocking this amount, the director of the company must block the equivalent of ten basic salaries of Northern Cyprus in the bank in order to guarantee financial strength, as long as the company is operating. It is recommended that this amount be blocked in one of the common currencies such as Euro, Dollar or Pound. This is because it does not change the value of the lira.
The company address must be provided at this stage. According to the type of work, the location of the company is chosen. If a person does not need a large company environment, he can use Home Office and provide this address. In any case, the company’s premises will be inspected by the municipality and the labor department.
If, after registering your company, you intend to receive residency in this way, you must also provide your residential address at the end.
The process and steps of company registration in North Cyprus
Company registration in North Cyprus has its own steps and processes. Of course, our experts at Artan Group will be with you until the end of all these steps. In the first step, the name of the company must be specified. In general, the owner of the company presents his three chosen names to the government. It takes three days for the government to approve one of the names. Then the company’s articles of association must be presented. This statute is regulated according to the activity that the company intends to carry out. Of course, at this stage, some items will be added to this constitution by the experts of Artan Group based on the needs of the businesses you intend to start. After the confirmation of the signature of the articles of association and the signature of the manager in the court, it will be the turn to confirm the address, shareholders and secretary. This approval will take about two to three weeks. After receiving this confirmation, one can now withdraw the initial blocked €25,000. At this stage, it is the turn to receive the approvals of the municipality, the labor department in order to receive insurance and residential work for the company’s employees. While performing these activities, if a person needs another special license according to his job, for example, a license from the Health Department, it will be obtained separately.
Company registration fee in North Cyprus
Before doing anything, it is better to be aware of all the company registration costs in North Cyprus so that you can better plan your work. As we mentioned, the first cost related to company registration is 25,000 Euros, which remains in Bloke Bank between two weeks and one month until the end of the process of obtaining permits. Also, the amount of the basic salary of North Cyprus for ten months should remain with the bank as long as the company is operating, as a financial guarantee for the CEO of Bloke. You will need at least 48,000 lira to obtain company licenses, business stamps, etc. To complete the rest of the company registration, in addition to the initial capital and guarantees of the CEO mentioned above, for the cost of government offices, obtaining permits, obtaining business residence for the manager and shareholders, and the cost of company registration services of Artan Consulting and Investment Group, 10 thousand euros. must pay
Immigrate to Northern Cyprus through company registration
As we mentioned in the article, if you intend to register a company and invest in it with the aim of obtaining residency in Northern Cyprus, you can apply for residency after finishing work. After completing all the company registration tasks, you must provide the address of a rented or purchased residential property as your residence for you and your family. Finally, after the temporary residence permit of the business owner or company manager is issued, the person can apply for the residence of his dependents. This temporary residence must be renewed annually for all people. It is good to know that if you do not have any legal problems, after six years of temporary residence, you can apply for Northern Cyprus citizenship. But if for any reason you intend to get permanent residence, you can apply for it after three years. Of course, Artan group consultants do not recommend this issue; Because in this case, it will be very difficult to get citizenship from the North Cyprus government.
Frequently asked questions about company registration in North Cyprus
In this article, we tried to point out all the important things in the field of company registration in North Cyprus. If you still have questions in this field, please follow us. We have answered some of your most frequently asked questions.
How much does it cost to register a company in North Cyprus?
According to the things we have mentioned, apart from the capital of the company, one will need about 40 thousand euros to register the company in Northern Cyprus. Of course, after registering the company, you can withdraw 25,000 euros from this amount.
Is it possible to obtain a passport of this country by registering a company in North Cyprus?
As we mentioned, any person can get temporary residence for himself and his immediate family members by registering a company in North Cyprus. Finally, six years after the annual extension of temporary residence, if there is no legal prohibition, you can apply for citizenship and obtain a passport of this country.
Can a foreigner register all types of companies in Northern Cyprus?
The answer to this question is no. In fact, in some businesses in Northern Cyprus, the presence of a Cypriot partner is mandatory. For example, you should know that in order to have a real estate trading company, 51% of the shares must be in the name of a Cypriot partner. Also, some jobs in this country must be 100% in the name of a Cypriot person, some of which are: Airline agency, pharmacy, exchange and construction company.
final word
The country of Northern Cyprus, which is considered a pearl in the Mediterranean Sea, has become a country of opportunities today. The growing economy of this country made foreign investors to be attracted to this beautiful island. Investing in North Cyprus has different ways, one of the most profitable ways is to register a company in this country. North Cyprus being a tourist and of course being the first in many service and production fields, has made companies to achieve high profits in the short term. Consultants and specialists of Artan Group are with people from the beginning to the end of the company registration in North Cyprus, so that this path can be followed without any problems. You can contact us for a free consultation based on your current situation.
