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FREE ZONE COMPANIES

TAX FREE ADVANTAGE FOR CYPRUS FREE ZONE COMPANIES

Free zone companies in North Cyprus – Famagusta area have some advantages such tax-free and there is no any restriction to transfer their profit. Because of these Free zone companies are popular and in high demand by investors.

Free zone companies are subject to law No. 26/1983. Registration and audit procedures are carried out in accordance with chapter 113 under this law.

Main advantages of Free zone companies;

• ll Registered Free zone companies in the zone are not subject to VAT and tax free for all the revenue (This involves all trading, production, transit trading and all service industry functions ).
• Because of the area is out of Custom zone; Free zone companies are not subject to custom duty.
• You can set up Free zone Company only with a postcode. There is no obligation/requirement for an office space or permanent business address.
• All profit transfers are tax-free.
• Only transactions with consumers in North Cyprus are subject to local VAT and Tax. All international trading activities are not subject to VAT and Tax.

INTERNATIONAL BUSINESS COMPANIES

1% Tax advantage for North Cyprus International Business Companies

Registered International Business companies in TRNC are subject to “law of International Business Companies” they do all their activities for abroad. All International Business Companies are subject to annual licence fee of €5000.

Main advantages of International Business Companies;

• International Business companies subject to pay only %1 tax of their annual revenue. There is no additional tax of their International activities.
• International Business companies’ all dividend distributions are tax-free.
• Partners of International Business companies are tax-free for partnership share transfers.
• International copyrights, Interests and all other fee and services are tax-free.
• International Business companies can transfer abroad all profit and finance which they get from another country.
• Identifications of Shareholders and their representatives are always private. All information sending to Ministry of Economy about Shareholders and their representatives is private.

LOCAL LIMITED COMPANIES

Setting up a business in North Cyprus is subject to chapter 113 – Companies law.

Each business/Company needs to have at least two shareholders, at least one director and at least one secretary. Local limited companies are subject to different VAT depending on their business functions.

BRANCH COMPANIES (NORTH CYPRUS BRANCH OF INTERNATIONAL COMPANIES)

Branch companies are a North Cyprus branch of International Company (Company that established out of TRNC). In order to setup a branch company, need authorization from Ministry of Economy and Cabinet. Status of these companies are same as an International Company.

BUSINESS PARTNERSHIP

Setting up Business partnership in North Cyprus is subject to a chapter 116 – law of business partnership. It is a company/Business partnership, which require at least two individuals to setup.

SOLE TRADER

Sole trader, you run your own business as an individual and you are self-employed. Sole traders are based on a unique individual and all authority and tax responsibility belongs to the person concerned.