Growing a Business in Northern Cyprus: A Guide to Starting From Scratch

North Cyprus is one of the countries that is considered an attractive option for establishing a business. The government of this country has created many investment opportunities by passing laws to facilitate business start-up for immigrants. If you also like to get useful information about establishing a business in Cyprus, continue this article with Zahorian Investment Company to get more information about growing a business in North Cyprus!

Starting a business in Northern Cyprus

If you have a plan to start a business in North Cyprus, your first step should be to familiarize yourself with the rules and conditions related to establishing a business in this country. Starting a business in North Cyprus does not require much time. To begin with, you need to register a company and go through all the legal procedures successfully.

The company registration process in North Cyprus is very similar to the company registration process in Iran, except that in North Cyprus, this process is done much faster. You can set up your own business in North Cyprus in just 10 days. In the first stage of company registration, you need to choose a unique name that has not been chosen by other companies. Of course, it should be noted that the name you choose should be related to the subject of your business.

In the next stage of establishing a business in North Cyprus, you must register the financial documents of the founders of this company and fill in the business and legal forms for establishing the business with the correct information. You will need a manager and an assistant to establish any type of company in North Cyprus. In the last step of establishing a business in this country, you must fill out tax forms and provide your information to the Cyprus Tax Office.

In order to set up and establish a company in North Cyprus, various fees must be paid. The type of company you intend to register will determine the initial costs. To establish a company in Northern Cyprus, costs between 500 and 3000 euros are anticipated. But to start a simple business, at least 65 thousand euros of capital is required.

If you plan to export agricultural products, you must be willing to pay more than 200,000 euros. It should be noted that there are many additional costs for establishing a business in this country. Among the additional costs, we can mention the costs of opening an account, translation of documents and financial documents, etc. To know the exact cost of registering your desired company, contact us.

Next, to establish a business in North Cyprus, you should also pay attention to the tax rate. As in many other countries, the business tax rate in Northern Cyprus is based on the amount of income and is determined on a progressive basis. In the past, this country had a very liberal tax system and because of that, it attracted many foreign investors. But since last year, tax rules have become stricter and everyone pays tax based on their income.

Growing a Business in Northern Cyprus: A Guide to Starting From Scratch

Paying taxes in Northern Cyprus

The tax system in Cyprus is very fair. If your annual income from your business in this country is less than 20 thousand euros, you will be exempt from tax. If your annual income is between 20,000 and 28,000 euros, you must pay 20% of it as tax. This rate increases to 25% for income between 28,000 and 36,000 euros, and finally, if your income is more than 30,000 euros per year, you have to pay 30% of it as tax.

Northern Cyprus offers you many opportunities to establish a business. You should know that this country has many capacities to start a profitable business. Also, in order to get more information about investing in North Cyprus, you can refer to the article Investing in North Cyprus 2024 published in Zahorian Investment Company and get more information about investing in this country!

What businesses succeed in this country?

If you want to get information about the most successful businesses in recent years in North Cyprus, you should know that the field of tourism and tourism can be the best option for a business in Cyprus. Of course, other areas such as the export of agricultural and dairy products as well as the area of ​​real estate consulting can also have a significant profit for you based on the statistics of recent years.

If you are looking for an idea to start a business in North Cyprus, then we will introduce some businesses that are very popular in this country. One of these successful and attractive businesses in this country is real estate consulting, which can bring you significant income due to the active property buying and selling market in North Cyprus.

Also, in addition to buying and selling property, construction is another lucrative business for Iranians in North Cyprus. By starting a construction company, you can enjoy high incomes. Also, exporting agricultural and dairy products can also be profitable, if you are skilled in the international market of buying and selling. All in all, if you are planning to start a business in North Cyprus, there are many options available to you.

The possibility of obtaining residence by starting a business in Northern Cyprus

If you are looking to settle in North Cyprus, one of the best ways is to establish a business in North Cyprus. This allows you to both earn foreign currency and obtain Cyprus residency. Considering the close distance between Cyprus and Iran, it is very easy to travel to this country. Therefore, North Cyprus is one of the best places for Iranians to invest. Of course, in order to receive residency, you must be able to demonstrate that your company’s activity is genuine and that you generate the minimum required income from it.

In simpler words, you can set up a business in Northern Cyprus and have ongoing activities, after some time, you can submit the necessary documents to the embassy and apply for residence. After reviewing the documents and the nature of your business, the Northern Cyprus government will respond to your residence request according to the available documents. In the following, one of the services of Zahouriyan Investment Company is the property purchase service in Northern Cyprus and Türkiye! You can get more information by visiting its dedicated page!

The possibility of obtaining residence by starting a business in Northern Cyprus

Who can start a business in North Cyprus?

If you are someone who wants to earn more than Iran, establishing a business in North Cyprus is suitable for you. Many people are interested in multiplying their capital by starting a business in a foreign country. Also, if you plan to immigrate to Cyprus permanently, setting up a business in this country can be a good option. It should be noted that if you plan to start a company without having full knowledge of the rules and conditions of establishing a business in North Cyprus, it is very dangerous.

Also, starting a business in North Cyprus without having a knowledgeable consultant and lawyer, you may face many problems. Unfortunately, due to the large number of expatriates in Northern Cyprus, the possibility of fraud and abuse is high. Therefore, before starting a business, be sure to ensure the security of the conditions. Also, to establish a company in North Cyprus, in addition to the initial costs, you should also pay attention to other side costs.

Necessary expenses for doing business in Northern Cyprus

Starting a business anywhere in the world has different costs. But as we said, establishing a company or starting a business in North Cyprus is very similar to Iran. In addition, each person must pay certain fees to the government to start his own business.

These costs include the payment of annual fees for the use of office services, lawyers, secretaries, and accountants. Of course, accounting and auditing costs are not fixed and depend on the amount of your activities during the month and year. So if your company is bigger and has more transactions, you have to pay more for accounting and auditing.”

One of the important side costs of registering a company in North Cyprus is paying taxes to the government. After registering your company, you must submit your tax return to the government every three months and pay your taxes on time. To send a declaration, you need to buy a stamp worth 100 euros. Corporate tax in Northern Cyprus is determined based on the amount of income. So, if your business doesn’t generate significant income in the early years, you don’t need to worry about paying taxes.

Who can start a business in North Cyprus?

Advantages of doing business in North Cyprus

Establishing a business in North Cyprus or any other country is good for increasing income. Many people who have worked in Iran and have not reached their income, believe that they can increase their income and salary by establishing a business in North Cyprus. Regarding net business salary in Northern Cyprus, you should know that the minimum salary in this country is around 2500 Turkish Lira. This amount is lower than the income in other European countries.

It should also be remembered that the cost of living in Cyprus is lower than in many European countries. Sometimes, the cost of living in this country is even lower than in Türkiye. As in many other countries, there is no maximum salary set in Cyprus. Therefore, you can have unlimited income in different jobs. So if you plan to immigrate to Cyprus and start a business, you don’t need to worry about the minimum salary in this country.”

Of course, we must note that immigrating or obtaining residency in Northern Cyprus is not a very easy task. Rather, you should increase your knowledge and awareness in this field. If you don’t have any information about this, you can contact the consultants of Zahorian company.

Conclusion

For people who do not accept government work, or prefer to start their own business, Cyprus is one of the most suitable countries available. Because it has much simpler rules and conditions compared to European countries. In addition, the cost of living in North Cyprus is lower and people can reach their desired income in a relatively short period of time after starting their business.

Overall, North Cyprus can be attractive for starting a business, offering investment opportunities and simple rules. However, it is necessary to get enough information about the laws, costs and labor market in this country before making an investment. Considering the advantages and disadvantages of starting a business in this country, it can be said that this country can be a good option for investors and entrepreneurs who are looking for new opportunities.