TURKISH REPUBLIC OF NORTHERN CYPRUS
PROCEDURS FOR FOREIGN INVESTOR
In order to carry out business in TRNC certain regulations and conditions which are detailed below need to be complied with. Foreign investors can do business in TRNC only through limited companies which must have a minimum of 25000 EURO paid up capital.
Foreign individuals or companies can become sharchholders in a TRNC registered company only after securing the approval of the Ministry of Economy. The paid up capital of such a company is determined by the Ministry and must be remitted to TRNC before incorporation. In addition the following documents certitied by the TRNC Consulate in the country of origin must be filed with the Registrar.
For each of the foreign corporate sharcholder:
-Memorandum and Articles Of Association with all th amendments to date. If in foreign language a Turkish translation is required.
-The list(extract from the Registrar of Companies) of present directors,their addressses,nationalities and copies of their passports.
Where there is no TRNC Consulate in the country of origin a certificate in respect of each director from the Ministry of Interior or Police is required stating that the director has not committes any criminal offence and is of good character. Such certificate should be certified by the Consulate of Turkish Embassy.
-List (extract from the Registrar of Companies) of present shareholders showing their addresses and class, number and value of shares held by each shareholder.
-Certificate of Incorporation and certificate from the Chamber of Commerce stating that the company is active.
-A resolution of directors stating the number and value of shares the foreing comporate body shail buy in the company to be established in TRNC and the name of the erson authorised to sign the Memorandum and Articles of Association of the proposed company on behalf of the foreign comporate body.
For each of the foreign real person shareolder:
-A copy of the passport of the foreign person provided the original is seen by the authorities in TRNC or a copy of the passport certified by the TRNC Consulate in the Country of origin.
-Where there is no TRNC Consulate in the Country of origin a certificate from the Ministry of Interior or Police is required stating that the person has not committed any criminal offerce and is of good character. Such certificate should be certified by the Consulate of the Turkish Embassy.
For each of the foreign director:
-A copy of the passport of the foreign person provided the original is seen by the authorities in TRNC or a copy of the passport certified by the TRNC Consulate in the country of origin.
-A certifiate from the Ministry of Interior or Police (in UK from Scotland Yard), in the country of origin,certified by the TRNC Consulate, is required stating that the person has not committed any criminal from the TRNC Inland Revenue.
Following documents presented to the official Receiver and Registrar.
-Articles of Association
-M.S 1,2,3, Forms
-Revenue Stamps
-Capital fee(about %0.7 capital)
Branches(overseas companies)
A branch of a foreign company may be registered in TRNC under section 347of the Companies Law,Chapter 113.
Registration
Overseas companies may establish a branch in TRNC provided they obtainthe approval of the Council of Ministers,remit to TRNC as capital the amount determined by the Misintry of Economy in cash or in kind and file with the Registrar the following documents certified by the TRNC Consulate in the country of origin.
-Memorandum and Articles of Association with all the amnedments to date. If in foreign language a Turkish translation is required (except English)
-The list (extract from the Registrar of Companies)of present directors,their addresses,nationalities and copies of their passports.
Where there is no TRCN consulate in the countryof origin a certificate in respect of each director from the Ministry of Interior or Police is required stating that the director has not committed any criminal offence and is of good character. Such certificate should be certified by the Consulate of Turkish Embassy.
-List (extract from the Registrar of Companies)of peresent shareholders showing their addresses and class,number and value of shares held y each shareholder.
-Certificate of Incorporationand and a certificate from the Chamber of Commerce stating yhat the company is active .
-Resolution by the directors to establish a branch (concerning the kids of activities which will be engaged in the TRNC.)
-Name and addressof at least one person resident in TRNC authorised to accept on behalf of the company any notices required to be served on the company.
In addition investors complete these documents also.
-Tax payment guarantee certificate for corporate body,obtained from the TRNC local Revenue and Tax Office.
-Y.S.1,2 and 3 Forms
-Revenue Stamp
Please do not hesitate to contact us for further information that you may require.
THE DOCUMENTS AND PROCEDURES REQUIRED FOR THE ESTABLISHMENT OF AN INSURANCE COMPANY .
1.The minimum number of shareholders should be 7.
2.The minimum paid up share capital should be USA $ 1,000,000 and should be blocked at a bank in the Turkish Republic of Northern Cyprus at the date of application .
3.The Memorandum and Articles of Association of the company which is required to be established as a branch should be apostilised by the authorities in the countries where it is registered and the authorities of the Turkish Republic of Northern Cyprus.
I would like to give you the following information.
Companies in North Cyprus are incorporated under Companies Law Cap 113. There are local companies , branches of foreign companies , offshore companies which can be established in this country. The minumum number of shareholders required
- List of directors – with names addreses and occupation
- Copy passports of directors and letter of no criminal conviction from the magistrates or commissioner of oaths.
- List of shareholders with names , addreses and occupation.
- All these documents should be apostolised and/or orginals documents shoul be apostolised in company house
