Local Companies

Local companies are a type of business entity that can be established by those wishing to operate within the borders of the KKTC. For foreigners who want to do business in the KKTC, the only type of company they can establish is a Local Limited Company.

• KKTC citizens can establish sole proprietorships, partnerships, or collective companies, whereas foreigners can only establish Limited Companies.
• To establish a Limited Company, two partners are required. The application process requires copies of Turkish identity cards or original passports, along with a criminal record and address certificate.
• For Limited Company formation, a customized articles of association and company statute specific to your business are required. We prepare the most suitable documents for you.
• The minimum capital requirement for Limited Company formation for foreigners is the equivalent of 25,000 Euros in Turkish Lira. This amount can be withdrawn after the company is established.
• If the Director of the Limited Company is not a KKTC citizen, 10% of the capital must remain blocked in the director’s bank account. If the individual becomes a KKTC citizen, closes the company, or resigns from directorship, this amount can be withdrawn.
• For companies established by KKTC citizens, the minimum capital requirement is 15,000 Turkish Lira, and there is no need for blocked director funds. However, if a foreign partner is involved, the minimum capital requirement is 25,000 Euros.

For updated pricing on establishment costs, please contact us through the communication section.