They are defined as companies established out the borders of TRNC and deal with branch registering in TRNC.
Applications can be made for Foreign Company Registration as per Section 113, Limited Companies Act.
Under application for registration:
- A declaration and application letter summarizing the reasons of Foreign (Overseas) Company registration is written to Ministry of Economy of Finance.
- Under the Board Decision:
- Identification of person/persons authorized for representation of the company in TRNC;
- A letter of decision on authorities (person/persons living in TRNC) to receive notice on behalf of the company is prepared for companies which identify the area of activity.
- Identity card or passport copies of shareholders and directors are presented.
- Name, nationality, address and shares of shareholders are declared.
- A declaration indicating the name, title, and address of Company Directors (Board of Directors) is prepared.
- A copy of latest version of Article of Association and Regulations published in Trade Registry Gazette (including amendments) (Capital should be at least 100.000 USD equivalence of TL) is prepared.
- Chamber of Commerce Certificate of Activity and Registration is presented.
- Profit and Loss Account of the last 2 years is given
- Y.Ş. 1, 2 and 3 forms are signed.
- A power of attorney is prepared for authorized person/persons to run procedures on behalf of the company in TRNC.
- A Security Document is issued from Revenue and Tax Office in regard to Letter of Guarantee.
As per Tax Liabilities, Corporation Tax Law:
- Annual Corporation Tax return and financial statements; and
- Monthly TAX return should be supplied to Tax Office.