About the Free Port and Zone Company to be Established in the TRNC
Features:
1-Income arising from international activities and transactions made outside the TRNC from the Free Port and Zone Company is exempt from Corporate and Income Tax. (Including all kinds of trade, brokerage, production and service.)
2-The income and capital obtained can be exported freely without any restrictions. (Free profit transfer) No tax is collected from profit distribution.
3-Activities and transactions are exempt from customs duty and other indirect taxes (including VAT).

The business order will be as follows: Your company address in Northern Cyprus will be the address indicated by the financial advisor in accordance with the contract you made with him. Since there is no personnel work and VAT, there is no monthly insurance, withholding tax or tax payment. You can follow and manage bank accounts using internet banking from the country you are in. You should also prepare your invoices for the work you have done and send them to your common digital folder with us. At the end of a calendar year, sometimes in interim periods, accounts are made and as a result of uploading the invoices and bank statements we receive from you to your online file, we make your accounts at the end of the year, submit the chart of accounts, balance sheets and financial reports to the tax office with your approval and signature and audit your companies. In addition, we present some reports to banks and necessary official institutions during the year. Even if the corporate tax is zero, the company must submit its income, expenses, financial reports to the tax office and other reports regarding the status of the partners and the status of the board of directors to the relevant departments. You can follow all of these transactions remotely through us.

The guarantee for Offshore Company Setup is 20,000 USD, with an initial advance payment of 10,000 USD required in the first stage, issued against an invoice.

The amounts you need to pay once at the beginning are as follows;
1- Capital fee and preliminary permit fee Notary, records, stamp, fee, bank blockage expenses and service fee:
Offshore companies (international business companies) and Free Port companies are our areas of expertise, we do not establish or provide consultancy for any other type of company. We are an organization that has the most companies in the region and provides consultancy for large companies.
The amounts you must pay on a regular basis are as follows;
For accounting transactions, preparation of financial statements and reports at the end of the year, consultancy in your relations with the state or banks and other consultancy fees; the lowest package fee is 350 Euros per month.
The annual activity mailbox address fee paid to the Free Port and Zone Administration was lifted in 2024. Instead, each company was required to have a separate office and to employ a TRNC citizen in the office. On March 18, 2024, the final rule in the new regulation that came into force with our efforts is as follows; The contract between the company and the financial advisor is renewed at the beginning of the company and in January of each year and is notified to the free zone administration. Accordingly, the financial advisor determines the company’s address and determines the person responsible for communication there and declares who he is. This is important for communication and notification etc. and is a condition, the license of companies that do not comply with this is canceled and they are deleted from the registry. Accordingly, joint office personnel and the use of joint offices have become possible.
According to the regulation passed in March 2024, for the expenses of the authorized TRNC citizen representative personnel for the common address and communication: 150 euros per month.

Annual business fee license fee to be paid to the state
3000 USD per year

These fees include the company’s annual expenses. No additional fee is requested at the end of the year or in the accounting period. 4/3 of the annual fee is applied to businesses that do not carry out any transactions and whose reports are not prepared. Thus, you can keep the company passive with low costs. The accounting fee is revised due to the increasing audit costs in companies with an annual turnover of over 500 thousand Euros. The accounting payment is calculated and received at the end of the calendar year and continues to be calculated annually. The address payment is received in advance for 1 calendar year and is received in advance at the beginning of each year.

Duration: Free Port Companies can be established in a minimum of twenty working days and a maximum of forty working days. This period varies due to the meeting times of the free zone board of directors and the council of ministers. Once the permits are obtained, the establishment is completed within one day.

Documents during the establishment phase;
At least two shareholders are required. At least two people, including a manager and a secretary, are required on the board of directors. Shareholders can form the board of directors.
photocopy of the passport or ID card of the shareholders is sufficient.
copy of an invoice showing an address belonging to the shareholders (electricity, water, gas, telephone), etc. or a residence document issued from the e-government for Turkish citizens.
Criminal record records are required. For Turkish citizens, the one issued from the e¬government is valid. The establishment process is as follows; First, the name of the company is determined, you suggest at least 3 names to us, the appropriate name is recorded and all documents are prepared accordingly in line with the shareholder information you will provide (identity information, share ratios, who will be the manager and address information).
1. After the name approval, the application is made with the above documents that you have sent to us digitally. When the permissions of the Free Port Board and the Council of Ministers are received (it takes about 3-4 weeks), the company is ready to be established and the signed version of the articles of association, articles of association and other printed documents are required. In the first option, the documents that need to be signed are sent to you by e-mail within the time required for these permissions to be issued, you sign them and ship them to us, so the company is established without you having to come.
2. After the company is established, you need to come to Cyprus both to meet and to open a bank account. Among the banks we work with, the most favorite and with which we have an agreement is İş Bankası and we can open a local bank account immediately. (Ziraatbank, Denizbank, TEB, Halk and Garanti Bankası) A preliminary application is made by e-mail by filling in the company documents and bank information form and when the permission to open an account is received, your accounts are suitable for opening. The approval period takes about 1 week. If you want to work with these banks, you apply to the banks after establishing your company and when the approvals come, you plan your visit to Cyprus accordingly.

Answers to Frequently Asked Questions:
1. Free zone companies are established in the special zone within the Gazimağusa free port and are subject to the law to which they are affiliated.
2. All such companies in Cyprus are established as Limited. There is no other type of company. They are responsible with their capital.
3. Companies are established with at least two partners, these two partners can also form the board of directors, and since the company’s manager and secretary are mandatory, these two people can also undertake this duty. If they wish, they can also appoint someone else from outside to the management.
4. There is no requirement to be a TRNC citizen. They can be citizens of other countries.
5. Free zone companies can currently work with İş Bankası with our reference. Banks such as Garanti, Ziraat, Halk, Denizbank and TEB can work with customers they know. Ziraat and Garanti Bank accept 80% of the customers who apply. At the same time, there are 15 local banks, but they cannot give a special IBAN number to the customer. They can work as a payment system, you can make transfers from your own main accounts, send and receive payments. In addition, licensed payment companies in Turkey that have special agreements with us offer payment services. (Virtual POS, receiving and sending money transfers, etc.) Banks appear as Turkey in the international arena. IBAN starts with TR.
6. A personal account can also be opened at a local bank, so you can spend or transfer your income from there with debit cards, etc. You can transfer all currencies quickly and easily between banks with the EOS system between all banks in the TRNC.
7. There are various ways to share and use company profits with shareholders, we can discuss these face to face when you come for installation and determine the one that suits you.
8. It does not have to be any monthly investment, insurance, employee, etc.
9. The fact that the TRNC is not recognized does not cause any problems in international trade. There is no European tax number. There is a tax number obtained from the TRNC tax office on behalf of the company. The tax office issues a document.


Thermo Print Medien provides comprehensive consulting services throughout all stages of the company formation process in Cyprus. The service fee is collected after the company is officially established and all procedures are completed. If, after the initiation of the company formation process, the process is not continued or is canceled, necessary deductions will be made from the bank guarantees, including accounting fees, bank account opening costs, and consulting service fees. During the company formation process, it is mandatory for the company owner to come to Cyprus for the opening of bank accounts.