How do you go about starting a business

gillken


Joined: 25/05/2008
Posts: 521

Message Posted:
31/03/2009 12:43

I am curious to how you go about starting a business in the TRNC.

I am aware of the difficulties that surround this issue.

But if you want to offer a service legit, and maybe import some materials can you explain how to go about it.

I hear you have to have a LTD Co is this so for the likes of a plasterer, or a brick layer, or a joiner.

Roughly how much to set up.

PLEASE PLEASE JUST HELPFUL FACTS!!!!

jimm127


Joined: 26/02/2008
Posts: 280

Message Posted:
31/03/2009 13:24

The best advice is go to a reputable accountant, who have to be involved in setting up businesses anyway, and they will give you the up to date figures (as obviously they continue to vary)

The last figures I heard was that nan initial deposit of $100,000 dollarswas required (only required for three weeks or so) and then for a wholly foreign owned limited company setting up costs mof about £3000.

On top of that you will have tax (based on the assumption of earning at least minimum wage, social insurance payments (for a director about 300 lira per month)and of course any VAT liabilities. You are also required to have security deposits lodged with the bank (currently 10,000lira for a director).

This gives a basic outline and shows why a lot of people don;t bother and a lot of businesses have closed!!!

Hope this helps.

jimm127


Joined: 26/02/2008
Posts: 280

Message Posted:
31/03/2009 13:26

PS sorry about the typing, currently got the painters in and am dodging splashes

Anthony


Joined: 26/01/2009
Posts: 87

Message Posted:
31/03/2009 13:34

jimm127



Who are your painters? Need one soon.

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
31/03/2009 14:50

we are a regestered company and if i had to do it all again i would not bother nobody wants to pay for a proper company that has to pay taxes and dues as many on this site will call you out take your advise straight to there cheap ilegal if you want a painter anthony you can get a quote form us visit our web site http://www.braceybuilders.com go legal with a proper gaurantee regards kirk

ataturk


Joined: 09/09/2008
Posts: 712

Message Posted:
31/03/2009 14:55

I have a ltd company for sale £1200 plus tranfers. If you are interested call me on 05338617172

segmen


Joined: 05/12/2008
Posts: 120

Message Posted:
31/03/2009 14:58

Hi Gillken,

I have a business in TRNC and I have set it up via lawyer.But Jim is quite right because you are not a citizen you have to show them a account of 100 thousand USD.

First of all;

1) Make an appointment with a lawyer

2) Find yourself a suitable name

3) As far as I am concern does not have to be a "ltd" because I dont think you are interesting in import and export.

4)If you insist on "ltd" it is more expensive.E.g. membership cost approx 390tl everyyear,250 tl accountant everymonth...and a lot of running arounds to do..

Anyway I thought I drop you couple of lines...

Good Luck...

Segmen

spider


Joined: 03/01/2009
Posts: 5527

Message Posted:
31/03/2009 15:23

hi thanks for all that info; Mr Spider is also thinking of setting up company,painting,paveing etc..and above onfo;has given us some ideas maney thanks again,will look into this ASP.













Spider,x

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
31/03/2009 21:47

Does the same apply to open a Hairdressing Salon??

gillken


Joined: 25/05/2008
Posts: 521

Message Posted:
31/03/2009 22:39

Thank you everyone. Most informative.



Segmen

Can you please explain this in more detail as I thought you couldn't be self employed if you weren't a local.

"As far as I am concern does not have to be a "ltd" because I dont think you are interesting in import and export".

paddy1966


Joined: 29/06/2008
Posts: 37

Message Posted:
01/04/2009 00:59

gates, get a life stop whinging about others, I have paid tax - social segorter - kdv ect for the last 5yrs live and let live and stop been MR Perfect ( put all your jobs through ) ???

croft



Joined: 09/02/2009
Posts: 65

Message Posted:
01/04/2009 01:55

On a related theme, can anyone tell me of their experiences in gaining a work permit in TRNC? I got the impression that the main route was to get an employer to say there were no suitable 'local' candidates. As I've worked for myself for 20-odd years and I'm not looking for a job, I'm hoping there may be other ways of getting a permit.



Like Gilken, I don't have a problem with setting up a company in Northern Cyprus - but I'm not sure that gets me anywhere without a work permit.

MsGarnet


Joined: 04/01/2009
Posts: 989

Message Posted:
01/04/2009 02:37

Anthony



Highly recommend Burcin - painted my house, speaks very good English, very nice bloke 05338487556

guidosp1


Joined: 30/12/2008
Posts: 341

Message Posted:
01/04/2009 07:47

hello guys, i may can help ( i run a restaurant and i have a ltd for the last 5 years). first of all speak to a good solicitor. explain what kind of business you need a company for. different rules apply for builders ect. if you have a good solicitor he can set the company up with NO tc partner. (I have). yes you need to lodge 100.000usd now ( when i did it was 30.000) it is only for few days. as long as you have a bank statement to prove it. it could take couple of weeks to set the all thing up. you will need a company secretary and you as a director will need to block in the bank with the letter of guarantee for the tax office 10.000 tl. you will need a business permit and the related licences depends what business you are going to operate.you will need to register with the social security. the director pay every three months a minimum of 980tl circa

you have to register with the contribution office. that's another 200tl per month. and that it is only the beginning of a Crucifixion