Northern Cyprus can serve as a good platform for launching a business venture. Not only local residents can register companies in the jurisdiction: foreigners can also do so. Moreover, foreign direct investments in the Turkish Republic of Northern Cyprus allow the local economy to grow actively. For this reason, the authorities of the TRNC welcome entrepreneurs from other countries.
Possible spheres of business activities in Northern Cyprus
You could do business in any area in Northern Cyprus. Yours could be a small business project or a large one. The most promising spheres of business activities in Northern Cyprus include the following ones:
- Tourist industry: you could open a hotel, a hostel, or build a guesthouse. Tourism is a highly important sector of the local economy.
- Educational services for expats. A rather large number of foreigners (especially from Great Britain) live in Northern Cyprus and many of them do not speak the Turkish language.
- Trade in European products. Not very many imported products can be found in Northern Cyprus.
- Beauty industry.
- Brand sales.
- Cleaning services.
You could also consider setting up a trust company in Northern Cyprus. The local business world is vibrant and the jurisdiction offers many attractive opportunities.
Key aspects of the company registration process
The most popular form of company ownership in Northern Cyprus is a limited liability company. At least 2 people are required to set up a Ltd company in the jurisdiction. In addition, you will have to do the following things:
- Supply copies of personal IDs together with police clearances.
- Define the prospective company’s spheres of activities precisely and come up with a few variants of a unique company name.
- Bring a receipt from the bank certifying that you have deposited the charter capital. If the company is established by a foreigner, the amount of the charter capital has to equal at least US$ 100,000. This money will be ‘frozen’ for 2 to 3 months and you can freely use it afterwards.
- Supply proof of the company’s registered legal address in Northern Cyprus. You can buy an office or rent one but your company has to have an office in the jurisdiction in any case.
Your application for company registration is going to be processed within a few weeks. If you are planning to be the company director, you have to deposit US$ 10,000 with the local Tax Committee. If you are appointing a local resident to the position, the deposit is cut by half. Please bear in mind the following mandatory condition: your company will have to employ at least 3 local residents.
The process of registering a company in the TRNC is transparent and quite simple. The jurisdiction has a developing economy, which means lots of business opportunities. There is no corruption in Northern Cyprus and the tax policies are flexible. These are important factors without doubt. If you are planning to start a company in Northern Cyprus, it would be a good idea to seek professional support in the process.
Education in Northern Cyprus
Splendid educational opportunities for your children is one more reason why you should consider registering a company in the jurisdiction and relocating there with your family. First, the tuition fees are much lower in the TRNC than they are in Europe. Second, the quality of education services is superb. Local schools and universities welcome children of foreign nationals.
Education levels in Northern Cyprus
In Northern Cyprus, you can find:
- Kindergartens;
- Primary, secondary, and high schools;
- Higher education institutions.
Kindergartens
There are kindergartens of 3 types in the TRNC:
- Municipal kindergartens with Turkish as the language of communication.
- Private kindergartens where languages of instruction are diverse.
- Kindergartens as lower divisions of certain schools. Turkish and English are spoken in such kindergartens.
There are classes for children with special needs. Children can start attending kindergartens at the age of 1.5 in Northern Cyprus.
Schools
Similarly to kindergartens, there are municipal and private schools in Northern Cyprus. Children enter primary school at the age of 5. You can choose the Turkish or the English system of education for your children. They will have to attend school 5 days per week and the classes are usually over by lunchtime.
Each region of Northern Cyprus has bilingual municipal schools such as Türk Maarif Koleji and Anadolu Lisesi, for example. Some classes are taught in Turkish while other classes are taught in English. English teachers are native speakers or Northern Cypriots who have spent years and years in Great Britain. Good command of the English language is going to be of great help for your child in the education process (assuming English is not your native language).
Please note that bilingual schools are considered elite schools in Northern Cyprus. Even though they don’t charge tuition, these schools are hard to get in.
Your child can enroll in a bilingual school from 6th grade onwards. Normally, children have to take entry tests even though they can be exceptions. The tests can be taken in Turkish or English. Beginning 8th grade, all tests are in English. Children leave schools with Turkish and English education certificates.
Colleges and universities
There are local universities in Northern Cyprus as well as campuses of a number of foreign universities, which opens almost unlimited prospects for students. The quality of the education services in Cypriot universities comes up to the highest European standards. Depending on the university, the language of instruction can be Turkish or English.
Classes start in September and last until May or June. After 4 years, students obtain bachelor degrees (provided they have enough credits). It may take only 3 more semesters to get a master’s degree. After 5 more years, students can get doctorate degrees as some universities in Northern Cyprus do administer doctorate programs.
Speaking about the tuition fees, they are considerably lower in Northern Cyprus compared to continental Europe. Moreover, you can get a 100% discount in some universities if you have an impressive portfolio and important achievements. Getting a 40% discount is usually not a problem at all. Foreign students can stay in comfortable dormitories and their healthcare costs are covered.
The tuition fee without any discounts is US$ 3,000 per year in Northern Cyprus. Even if you could find a European university that charges such a low tuition fee, the education quality would probably leave much to be desired.
