A comprehensive and detailed guide to establishing a business in North Cyprus

Starting a business in North Cyprus requires familiarity with a series of special laws and regulations that must be carefully considered. At first glance, these rules may seem complicated and confusing to applicants, but by studying and carefully examining them, you can easily follow this path and create a successful business in this country. In this article, we will comprehensively and in detail review the steps and important points in starting a business in North Cyprus.

A comprehensive and detailed guide to establishing a business in North Cyprus

A comprehensive and detailed guide to establishing a business in North Cyprus
Importance of tourism industry and economic opportunities

The tourism industry is one of the mainstays of the North Cyprus economy and is recognized as one of the best ways to start a business in the country. Every year, thousands of tourists from all over the world travel to this island and this constant flow of tourists creates many opportunities for various businesses. From hotels and restaurants to souvenir shops and tourist services, everyone can benefit from this boom.

Ports and trading companies

The existence of numerous ports on the island of North Cyprus plays an important role in the economic development of this country. These ports enable international trade and many commercial companies are located in these areas. These companies contribute to the economic development and prosperity of the country by importing and exporting various goods and services.

Construction companies and international universities

The construction industry is also one of the booming fields in Northern Cyprus. Many large and small construction projects are underway in this country and provide many opportunities for investors and entrepreneurs. In addition, international universities in North Cyprus are another economic advantage of this country, which help to boost the labor market and create job opportunities by attracting international students.

A comprehensive and detailed guide to establishing a business in North Cyprus

Security and economic stability

One of the most important reasons for attracting investors to North Cyprus is the country’s high security. Northern Cyprus is considered one of the safest regions in the world, and this high security is due to the lack of political conflicts and the focus on attracting tourists and students. This security and economic stability has made many entrepreneurs and investors choose this country as a safe destination for investment.

Costs of living and starting a business

Common currencies in Northern Cyprus include the Turkish lira, the euro, the pound, and the dollar. Most of the cost of living, taxes and other expenses are calculated in Turkish lira, which makes starting a business more affordable for Iranian applicants. The costs of starting a business in North Cyprus are lower than in many European countries, which is one of the main advantages of this country for investment.

A comprehensive and detailed guide to establishing a business in North Cyprus

Steps to start a business

To set up a business in North Cyprus, you must go through the following steps:

1. Determining the type of company: First, you must determine the type of company you intend to establish. There are different types of companies that you can choose depending on the type of activity.

2. Preparation of documents: Prepare the documents required for company registration and submit them to the relevant legal centers. These documents include articles of association, identification documents and other related documents.

3. Payment of fees: Pay the fees related to company registration. These costs vary depending on the type of company and requested services and can vary between 500 and 3000 euros.

4. Waiting for approval: After submitting the documents and paying the fees, you have to wait for the final approval from the Registrar of Companies.

Business tax in Northern Cyprus

In the past, Cyprus was known as a tax haven, but today it is not included in the business tax-free zones. The corporate tax rate in Northern Cyprus is an average of 12.5%, which may vary depending on the company’s income. For example, the income tax rate for annual incomes up to 19,500 euros is 0%, and as income increases, this rate gradually increases and can reach 30%.

Types of companies and economic capacities

In North Cyprus, it is possible to establish different types of companies, some of which are:

Private or limited liability companies: These companies include a company with a guarantee without capital, a company with a guarantee and share capital, and an investment company with variable capital.
Construction and tourism companies: These companies play an important role in the economic growth of Northern Cyprus and there are many opportunities for investment in these areas.
Business consulting companies: These companies help the investors to start their own business by knowing better the available capacities.
Demanding career fields

Some of the career fields that are in high demand in North Cyprus are:

Real estate sales companies: due to the attraction of buyers from Europe and the Middle East, these companies are booming and provide good opportunities for investment.
Business consulting companies: due to the economic conditions and the need for professional guidance, these companies are also popular.
Construction companies: Although they do not have the ideal conditions of the past, they are still considered a suitable field for investment.

A comprehensive and detailed guide to establishing a business in North Cyprus

Company registration in Northern Cyprus

The company registration process in Northern Cyprus is relatively simple and fast. The government of this country helps to attract domestic and foreign investors by providing favorable tax conditions and low errors. The registration process usually takes less than 10 days, and investors can choose and launch one of the various types of companies. Next, we should mention that one of our services in North Cyprus is the company registration service in North Cyprus! You can get more information by visiting our North Cyprus company registration services page!

Company registration in Northern Cyprus
Buying property in North Cyprus

In recent years, the demand for buying property in North Cyprus has increased significantly. Real estate price growth is about 5 to 10 percent every 4 months, and the competition between construction companies and real estate is very high. New projects are sold quickly and applicants should buy quickly.

Studying in Northern Cyprus

One of the ways to stay and start a business in North Cyprus is through education. The universities of this country accept students without the need for an entrance exam, and it is possible to study at different levels with academic records. International students can easily enroll in the prestigious universities of North Cyprus and benefit from the educational and research facilities of this country.

Conclusion

Due to its economic advantages, high security, and reasonable cost of living, North Cyprus has become an attractive destination for investors and entrepreneurs. By knowing the rules and regulations and following the legal procedures, you can start a successful business in this beautiful island. North Cyprus has provided a safe and stable environment for investment and business growth by offering unique opportunities in various economic fields.