Starting a business in Northern Cyprus (TRNC) is a straightforward process for foreign entrepreneurs. The country offers flexible company structures, moderate costs, and a relatively quick registration procedure under TRNC Companies Law (Cap. 113).

Company Registration Process

To open a company in Northern Cyprus, foreign investors must:

1. Choose the type of company (most commonly a private limited company)
2. Prepare and submit the Memorandum and Articles of Association
3. Appoint at least one director and a company secretary
4. Register the company with the Registrar of Companies
5. Complete tax and social security registrations

Shareholders And Management

1. A company may have one or more shareholders
2. Shareholders can be foreign individuals or legal entities
3. Liability is limited to the invested share capital
4. At least one director is required; directors may be non-residents
5. A company secretary is mandatory

Costs And Timeline

Company formation costs include registration fees, legal services (if used), and ongoing accounting and audit expenses. Overall costs are considered moderate.

The incorporation process typically takes 2 to 4 weeks, excluding bank account opening and work permit procedures.

Conclusion

Northern Cyprus provides a business-friendly environment with limited liability protection and relatively fast company setup. With proper documentation and compliance, foreign entrepreneurs can establish and operate a business efficiently in the TRNC.