Free Zone Companies, which have become increasingly popular recently, especially among internet, advertising, and software companies, are established in the Gazimağusa region of the Turkish Republic of Northern Cyprus (TRNC).
These companies are governed by the rules of the Free Port and Zone Law No. 26/1983. Registration and oversight processes are carried out under Chapter 113 of the Companies Law. Free Zone Companies are established as Limited Companies with at least two shareholders and operate within the TRNC Free Zone through a workplace or a P.O. box.
Under the TRNC Free Port and Zone Law, companies operating within the Free Zone register their business with the Free Zone Administration.
Free Zone Companies benefit from the following tax advantages:
- No annual license fees.
- Exemption from Income Tax and Corporate Tax, as long as their services are not exported to TRNC.
- Exemption from Customs Duties.
- Exemption from VAT (Value Added Tax) for all goods imported under the VAT Law.
Free Zone Companies can freely export their earnings without any restrictions. Along with local banks in the TRNC, the presence of many leading Turkish banks ensures quick and secure transactions.
Employees of Free Zone Companies must fulfill their social insurance, provident fund, and other contributions under TRNC Income Tax and Social Security Laws.
The Gazimağusa Free Port and Zone, covering an area of 103,000 m², offers excellent opportunities for production and transit trade to foreign investors.
Get started with our company formation guide and begin your process with the most suitable procedures for you.
