What do I need to officially register a company in Northern Cyprus?

If you are looking to start a business in Northern Cyprus, you will need to register a company. While the process can seem daunting, it is actually relatively straightforward. In this longread, we will outline the steps you need to follow to officially register a company in Northern Cyprus. Step 1: Choose a Company Name The first step in registering a company in Northern Cyprus is choosing a name for your company. The name must be unique and not already registered with the Department of Registrar of Companies and Official Receiver. You can check the availability of a name on the Department's website or in person. Step 2: Choose a Legal Form for Your Company Once you have chosen a name for your company, you need to decide on the legal form of your company. In Northern Cyprus, there are four main types of companies: Limited Liability Company (LLC) Public Limited Company (PLC) Partnership Sole Proprietorship The most common legal form for a new business is an LLC. An LLC provides limited liability protection for its shareholders, meaning that their personal assets are not at risk in the event of the company's failure. Step 3: Prepare the Company Documents Once you have chosen the legal form of your company, you will need to prepare the necessary company documents. These typically include: The company's articles of association, which outline the company's purpose and the rights and responsibilities of its shareholders A memorandum of association, which is a legal document that sets out the company's constitution and rules A declaration of compliance, which confirms that the company complies with all legal requirements Step 4: Register Your Company with the Department of Registrar of Companies and Official Receiver To officially register your company in Northern Cyprus, you will need to submit your company documents to the Department of Registrar of Companies and Official Receiver. You can do this in person or online. When submitting your documents, you will need to pay a registration fee based on the share capital of your company. The fee ranges from 100 TL to 2,000 TL. Step 5: Obtain a Tax Identification Number Once your company is registered with the Department of Registrar of Companies and Official Receiver, you will need to obtain a tax identification number from the tax office. This number is required to pay taxes and make other financial transactions related to your business. Step 6: Register with the Social Insurance Department Finally, you will need to register your company with the Social Insurance Department. This department is responsible for collecting social insurance contributions from employers and employees in Northern Cyprus. Once registered, you will need to pay social insurance contributions for your employees. Registering a company in Northern Cyprus may seem like a daunting process, but it is actually relatively straightforward. By following these steps, you can ensure that your company is officially registered and legally compliant, allowing you to start operating your business in Northern Cyprus.