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Starting your own business in North Cyprus

23 March

Northern Cyprus is not only a popular tourist destination or a place of profitable investments but also an excellent platform for starting your own profitable business.

 

Currently, there is an active growth in the economy of Northern Cyprus: the tourist flow is increasing every year, the real estate market and the education sector are expanding. The TRNC authorities are interested in attracting foreign investment and welcome the cooperation of local and foreign businesses. 

 

Opening your own business in North Cyprus is possible in a variety of areas. Many companies opened by foreign representative offices in North Cyprus have been successfully operating for many years. 

 

Before starting the process of opening a business in Northern Cyprus, it is important to carry out marketing research: the need for this business, the workload of similar offers, develop a market entry strategy, and a clear business plan.  

 

Features of opening a business in the TRNC:

  • Transparent procedure for opening a company;
  • Absence of corruption and bureaucracy;
  • The loyal tax system, no double taxation;
  • Strict enforcement of laws, particularly those relating to property;
  • Guaranteed confidentiality of the entrepreneur and the activities of the company which he is establishing;
  • State policy aimed at supporting entrepreneurship.

 

The main part of the GDP of Northern Cyprus comes from the tourism sector. Therefore, the most profitable and relevant direction for starting a business remains the tourism industry.

  • For small and medium-sized businesses: restaurant and hotel business (hostels, family hotels, cafes, restaurants, firms for the design and renovation of apartments and houses).
  • For large businesses, development spheres will be more profitable: golf or yacht clubs, resort complexes, hotels, and casinos.