Nursal & Co. provides consultancy services for the incorporation of companies under the Companies Law, Partnership and Business Names Law, Free Port and Zone Law, International Banking Unit Law and International Business Unit Law. In addition, the firm provides consultancy services for trademark registrations.
Companies in TRNC:
Citizens of TRNC are can carry on business in their own name or under a business name registered under the Partnership and Business Names Law, Chapter 116. In this type of business, the person who owns the enterprise are responsible from the entire responsibility for its management and operation. The sole proprietorship for enterprises are subject to Income Tax and not the Corporation Tax.
Tax and Laws
The corporation tax rate applicable to both local and foreign companies is 10%. (Also companies are subject to 15% income tax which makes net 23.5%)
20% of the turnover obtained from export is exempt from corporation tax but this amount cannot exceed 80% of the net profit obtained from such exports.
Foreign taxes paid on profits derived from abroad can be deducted from TRNC tax on total profits.