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How to start a business?

There are four types of businesses you can choose from when forming a company in North Cyprus:

  • Local – for this type of business you will need a Cypriot partner or $100,000 capital. In case of opening a company with a local co-owner, his/her share must be at least 51%. Foreigners are not allowed to open construction and car rental companies, and engage in legal activities. Medical professionals (including massage therapists) must pass qualification tests in Turkish.
  • Offshore - to open an offshore company you do not need a Cypriot partner
  • Freeport (1% tax – import/export, trading activities, casinos) - for opening a freeport company you also do not need a Cypriot partner, but is a licensed activity.
  • Self-employed - this type of employment is available for Cypriot only.
To open a business all foreigners have to provide a police check with no criminal record.