Advantages And Set-Up Of International Business Company In Northern Cyprus
As a lawyer specialized in international taxation and real estate my law firm and our property consulting agency are providing real estate, tax, legal and asset management under one roof with tailor made services for each individual with a mission to give investment and asset protection options for generations to come.
Today’s blog post is about tax benefits and opportunities in establishing a Company in Northern Cyprus. One of the preferred Company types is the International Business Company (IBC) aka Offshore Companies which has numerous advantages and benefits for business owners and international entrepreneurs.
What is an International Business Company?
International Business Companies (IBC) are simply offshore Companies formed under the TRNC Laws. Such companies perform all activities aimed at overseas and derive income from activities abroad. Activities are run without being dependent to the TRNC Income Tax Law, Money and Foreign Exchange Law and Corporation Tax.
Advantages of IBC Companies:
- Low Tax:
IBC Companies are liable to corporate tax only at the rate of 1% and there is no tax on dividends. It will be like a breath of fresh air.
- Opportunity to carry out Transactions Freely:
During the process of setting up your IBC Company you would be required to set up a bank account in North Cyprus. Once this account is set up, all earnings and resources gained may be transferred freely abroad from your IBC account. With a solid banking system you will be able to have multiple bank accounts in different currencies and you will enjoy doing transactions with different international banks and financial services.
- Low Costs in regards to Establishment of IBC:
IBC Companies also do not cost much to establish in Northern Cyprus comparing to other jurisdictions providing this kind of instruments. I have listed the main costs below in regards to the establishment. These are simply:
a-) Capital: The minimum paid -up capital required of IBC is €20.000.-Euro. This payment will be lodged in the account set up under the Company and may be withdrawn after official establishment of Company.
b-) Application Fee: Charge payable on application is €500-Euro.
c-) Annual License Fee: The annual license fee of International Business Companies (IBC) are € 5,000.-Euro per annum.
- Strict Confidentiality as far as the legal entity is concerned. Shareholders, directors and secretaries can not be seen in public register. An extra layer of confidentiality can be found when corporate nominee shareholders, nominee directors and secretaries are used.
- No visit required to Northern Cyprus:
The process of establishing International business Company in Northern Cyprus is easy, our in house lawyers will guide you through all the steps and will help you establish it safely and securely.
Northern Cyprus is a very open country when it comes to foreign business people, international entrepreneurs and these can perform various activities in this country without being required to come here. This is possible through a power of attorney granted to a trusted person, such as a lawyer in Northern Cyprus.
Our in house lawyers can help you in performing various tasks including international company establishment and opening bank account remotely through power of attorney.
- Strong Asset Protection:
It is very difficult to freeze an International Business Company’s bank account or file a law suit against it in Northern Cyprus. This means your assets are safer comparing to vast majorities of the countries in the world.
After looking into the advantages of IBC Companies and deciding you would like to set up such a company, all you need is a minimum number of 2 shareholders, notarized photocopies of shareholders passports, original reference letters from Banks and Advocates on behalf of the shareholders, original c.v. of shareholders and original utility invoices. The rest will be handled by us and our firm, where we will prepare the necessary documents and Company Memorandum and articles of Association and make the necessary application on your behalf to the TRNC Ministry of Economy.
If you are looking for all the legal, tax, accounting asset management services under one roof, want to trust, be informed supported professionally during the set up of your company, you have come to the right place.
We do the paper work, ensure a smooth process and you focus on running your business.
Privileged Real Estate, Investment and Asset Managemet is here for you to create investment and asset management services for you and for your family for generations to come
Finally, as always it is a privilege to live, invest and have company in Northern Cyprus and we are continuing to release content that will be relevant to help everyone on the other side. As well as on www.privilegedinvestment.com you will find out on Youtube, Twitter, Instagram, Facebook, Linkedin.
You can also attend to one of our Live Webinars to have more info as to the current situation and current beneficial property offers in Northern Cyprus including legal and tax advice prepared by our professionals in our team.
For any possible questions contact us from email@example.com