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by admin on March 2, 2020

4.1. Registration of a Company and Investment Procedure
The legal form widely used for business undertakings in the TRNC both by foreign investors and by the local businessmen, is the private limited company. The provisions concerning the limited companies are set out in the Companies Law, Cap.113. For the registration of a local company with foreign capital participation the following documents have to be presented to the Official Receiver and Registrar:

  • Articles of Association
    • M.S. 1, 2, 3 Forms
    • Revenue stamp
    • Good character certificate obtained from the investor’s local “Security Office” for directors and/or the shareholders who have no TRNC representative in their country.
    • Tax-Payment guarantee certificate for directors, obtained from the TRNC local Revenue and Tax Office.
    • Approved photocopy of passport or identity card
    • Certificate of the deposit of the foreign capital share at a local bank.
    In case the company is a foreign company or a branch of a foreign company, it is registered under the status of “ Foreign (Overseas) Company” and is subject to approval of the Ministry responsible for economic matters and authorization of the Council of Ministers.
    For the registration of a branch or a place of business as “Foreign (Overseas) Company”, the following additional documents have to be presented to the Official Receiver and Registrar.
    • Update list of shareholders.
    • Update list of Board of Directors and good character certificate obtained from their local “Security Office” for the board members who have no TRNC representative in their country.
    • Update certificate obtained from the foreign company’s local “Chamber of Commerce” indicating whether the company is active.
    • Decision of Board of Directors regarding the appointment of one or more real or legal person with the names and addresses who is/are declared as authorized and on duty to accept official notification issued by the TRNC authorities and court notifications in the name of the company and represent in the TRNC. The appointed real or legal person/persons has/have to be resident in the TRNC.
    • Decision of Board of Directors indicating the intention of the company concerning the kinds of activities which will be engaged in the TRNC.
    • Tax-Payment quarantee certificate for corporate body, obtained from the TRNC local Revenue and Tax Office.
    • Y.Ş. 1, 2 and 3 Forms.

Having satisfied the required registration conditions the businessman or company is awarded a certificate of incorporation by the Official Receiver and Registrar and henceforth as a legal person may engage in investment activities in the TRNC.

Any firm or entrepreneur contemplating to invest in the Turkish Republic of Northern Cyprus has to
submit an application to the State Planning Organization together with the special Project Feasibility
Form, giving all details regarding the project and the nature of the investment.

4.2. Import and Export Procedures
4.2.1. Import Procedure
Firms wishing to engage in import business must register with the Chamber of Commerce or with the Chamber of Industry.
Necessary import permission may be obtained on application from the Department of Trade.
Highly developed local banking services are available to meet the needs of both importers and exporters.
Necessary measures have been taken to further simplify import procedures and to minimize any bureaucratic impediments in this area.

4.2.2. Export Procedure
Any registered company may obtain a general export licence from the Department of Trade. Generally no restrictions on exports exist.

4.3. Property Ownership
Foreigners wishing to purchase immovable property in the TRNC have to apply to the Ministry of
Interior and obtain approval from the Council of Ministers.

4.4. Trade Marks
Trade marks are registered initially for seven years and are renewable for periods of 14 years.

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