International Business Company in North Cyprus

Foreign natural persons, foreign legal entities, and TRNC citizens living abroad can apply to establish an International Business Company in TRNC with the permission given by the Ministry of Economy. 

  • The paid capital of International Business Companies cannot be less than 20,000 €.
  • The application fee is 500 €. This fee is not refundable under any circumstances. This amount can be increased or decreased by 50% by the Council of Ministers.
  • The Ministry examines the applications and evaluates them within 15 days at the latest.
  • After obtaining the necessary preliminary permit, candidate units need to apply for registration at the Official Receipt and Registration Office and complete the required documents within two months. Otherwise, the preliminary permission of the candidate units will be invalid.
  • To obtain their operating permits, the International Business Companies submit articles of incorporation, documents of the constitution, opening balance sheet, and one set of approval certificates to the Ministry within one month at the latest following their registration. This application is finalized within fifteen days at the latest.
  • International Business Companies are obliged to determine the place of activity within two months at the latest after receiving the operating permit from the Ministry and start the services specified in the master contract. Otherwise, their operating licenses are cancelled, and they cannot operate.
  • The companies that will apply to the Ministry for an operating permit in the first year of establishment pay the Operating Permit Fee over 5000 Euros to the Revenue and Tax Office.
  • International Business Companies carry out all their activities that are stipulated in their master contracts completely for abroad (Off-Shore).
  • International Business Companies cannot obtain financial resources from any bank, credit company, and a real or legal person within the Turkish Republic of Northern Cyprus.
  • Such companies carry out their activities without being bound by the Income Tax Law, Money and Foreign Exchange Law, and Corporate Tax Law.
  • International Business Companies are subject to 1% tax on the basis to be determined according to the Corporate Tax Law and Income Tax Law. This tax is paid to the Revenue and Tax Office within 5 (five) months at the latest following each accounting period.
  • International Business Companies are obliged to maintain their activities and accounting records with Turkish Lira or convertible currencies. For convertible currencies, purchase and sale rates are determined by the Central Bank.
  • International Business Companies can transfer the money and profits they have obtained abroad.