Running a Business

saint3


Joined: 25/06/2007
Posts: 64

Message Posted:
18/06/2008 00:56

Hi I remember e-mailing somone, some ago about setting up a small business, if that person could gat back in touch with me.As i lost all my contacts when my laptop broke down.

Nunu1


Joined: 31/03/2008
Posts: 536

Message Posted:
18/06/2008 03:02

Hello Saint3.....There have been several threads on this subject...

As far as I know in North Cyprus, to start a business you need to show $100,000 usd in a bank account. You have to set up a ligitimate LTD company in NC and you have to find a Turkish Cypriot citizen to be prepared to sign the papers to be a 51% partner in the business.



Or you can work under an umbrella company............Under somebody elses registered company as a Partner, Director, Manager, Employee, etc.



Im sure people will add to this thread in due course and correct me if Im wrong..........or if there are other options?



What is your line of work/business?



Good luck!........................nunu1

Hilltop



Joined: 28/04/2008
Posts: 636

Message Posted:
18/06/2008 06:07

If you want a small business in the TRNC, start with a large one, and wait.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
18/06/2008 08:08

If you are intent on starting a business talk to as many people already in or have been in business.



Of the ones I know, there advice would be do not do it unless you have the patience of a saint, can either speak or have a very good friend who speaks Turkish and you are not an environmentalist as you need several trees worth of paper every year.



One final point, having a business permit does not count towards getting residency!!!!!! Weird.

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
18/06/2008 08:20

51% shareholding by a TC only applies to a business dealing in land or property. Any other biz can be 100% foreign owned.

dalartokat


Joined: 14/04/2008
Posts: 734

Message Posted:
18/06/2008 09:41

Vaughan is correct, also get yourself an accountant and let him deal with the paperwork.

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
18/06/2008 10:20

51% shareholding not necessary if you are leasing land not owning it I believe.

kezspot


Joined: 26/11/2007
Posts: 443

Message Posted:
18/06/2008 11:54

hi i am selling my limited company, email me for more info. All legit, no money owed.

Hot Hornet


Joined: 03/06/2008
Posts: 343

Message Posted:
18/06/2008 14:15

just make sure you get some very good advise - Rustem Tatar Accountants are one of the best, but not the cheapest, but they will hold your hand and do things right.

You need to be aware that if you have employees, then work permits are needed, monthly Sosyal Sigorta and Ihtiyat payments for them, PAYE for Directors and Co Sec. Tax/KDV payments each month, invoice and receipt books, relevant paperwork from the Tax Office, certificates etc etc. Onay Belgesi papers (Co papers), Tuzluk document (Memorandums and Articles).

There is a lot to take in, so just make sure you get sound advice - talk to other companies.

If you buy an existing company, then just be careful and do your due diligence with all government offices to ensure there are no outstanding debts, make sure that the M&A of the company are detailed - you may well need the courts to amend/add your companies trading description, as current operating description may be nothing like yours.

Hope that helps!

captainjohn


Joined: 08/06/2008
Posts: 201

Message Posted:
19/06/2008 07:46

email me information



Cpt john

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
19/06/2008 09:43

Good Morning Hornet...



do you have a contact number of the accountant?



Thanks

Kantara

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
25/06/2008 10:21

Hello Hornet..



do you have any contact number or maybe an emailaddress of the accountant?

Thanks Kantara

Hot Hornet


Joined: 03/06/2008
Posts: 343

Message Posted:
25/06/2008 13:47

sorry kantara, missed it the first time round!

Rustem Tatar - Chartered Accountant

Tatar & Co.

11 Hasene Ilgaz Cad.

Lefkosa

(0392) 228 34 75 /3494

05428518219



I also have had dealings with Mehmet Yaniker who is based in Girne (if you have business in Girne, gov't depts always like you to have your accountant in Girne) - but his English is not that great, plus they don't use email, but he is good at what he does and knows his stuff and cheaper too!

0392 8152877 or 0542 8583558. Very useful as they are based right next to the new Sosyal Sig/Ihtiyat building being built behind hospital.



Let me know if I can be of any more help if need be.

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
25/06/2008 14:50

Thanks Hornet...



you are right..a Girne based accountant is better for a business in Girne.



My english is as well not great - do you think he will accept that?



Maybe I shold visit him and see if we can understand eachother.



Thanks for your help!

Kantara

Hot Hornet


Joined: 03/06/2008
Posts: 343

Message Posted:
25/06/2008 14:57

sounds like you are married to a TC or Turk? Do you not speak Turkish?! He has a couple of staff that speak some English so we get by! I can speak Turkish but not fluently enough, and not accountancy speak either!

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
25/06/2008 15:29

Hello Hornet...



no I am not married to a TC - this is a long time ago.

I speak as well some turkish - but not enough for these kind of important subjects.



I will talk with my partner and think about calling Mr Yaniker.



Thanks again for your help!

Kantara

dalartokat


Joined: 14/04/2008
Posts: 734

Message Posted:
25/06/2008 18:33

I also used Mehmet Yaniker and you do not need a TC partner. It can be done without. Agree with HH Mehmet's English is not very good but you should be able to find someone to translate the official jargon for you.

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
25/06/2008 20:20

Hello Dalar..



you don't need a TC partner to set up a Ltd?

dalartokat


Joined: 14/04/2008
Posts: 734

Message Posted:
25/06/2008 23:17

We did not have a TC partner in our Ltd company and Mehmet Yaniker did it all for us.

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
26/06/2008 09:01

Interesting Dalar..



but then you have to show the full amount on your bank account, don't you?



I think this amount reduce with a TC partner..

Am i true?



Thanks in advance

Kantara

rayz1


Joined: 22/03/2008
Posts: 65

Message Posted:
26/06/2008 17:06

Is it possible to view othello 1 from google earth If so whats the best way to locate above site as I havent been to trnc yet regards rayza

crinkle


Joined: 27/06/2008
Posts: 25

Message Posted:
16/07/2008 13:20

Dear Kantara



If you buy an exsisting Ltd co you do not have to have The 100,000 USD in you account as this has already been done for the company. I have confirmed this with my accountant as i am selling my company

Crinkle

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
16/07/2008 15:25

Thanks Crinkel..



this is very interesting!



Kind regards

Kantara

ladylittle


Joined: 09/03/2008
Posts: 498

Message Posted:
16/07/2008 19:20

Hi Crinkle,



How much are you selling your ltd company for?

kezspot


Joined: 26/11/2007
Posts: 443

Message Posted:
17/07/2008 09:36

my ltd company for sale too, all legit.

ladylittle


Joined: 09/03/2008
Posts: 498

Message Posted:
17/07/2008 09:51

can you please let me know how much you want?

leylandlad


Joined: 15/11/2009
Posts: 215

Message Posted:
16/04/2010 09:21

i would also like a price for your limited company please.



Email me at martin_cosycottage@yahoo.co.uk



Thanks

babs71


Joined: 28/08/2008
Posts: 21

Message Posted:
16/04/2010 10:37

I am also selling my LTD company for more info contact me on karen.michelle71@hotmail.com.



I am the director with 51% and my mother is secretary with 49% we are both British. It can be transferred with no problems my accountant is Fevi Adiner who is based in Girne. You do not need a TC partner.

bootneck



Joined: 23/06/2008
Posts: 242

Message Posted:
16/04/2010 11:03

How much are you selling your companies for??? Pls email ladylittle30@hotmail.com