Does anyone know if you can start a business without a TC Partner?

mags111



Joined: 17/08/2008
Posts: 251

Message Posted:
16/03/2012 08:40

I have a friend who wants to start up a business in NC. Does anyone know if you can start up on your own without having a TC partner owning 51% of the business???? Any help would be appreciated.

Agobard


Joined: 20/08/2008
Posts: 271

Message Posted:
16/03/2012 08:51

Best to take advice from an accountant but, as far as I am aware, it is only necessary to have a TC partner if the business is dealing with land or property.

crofter


Joined: 16/12/2008
Posts: 1035

Message Posted:
16/03/2012 09:09

Yes you can start up a business without a TC partner and for the privilege of doing this it costs 100.000 dollars. A good accountant or advocate can give you all the information required.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
16/03/2012 10:06

msg 3

That very 'privilege' applies to 'TC's,too.

woodberry


Joined: 04/10/2010
Posts: 27

Message Posted:
16/03/2012 11:07

yes you can set one up without cypriot partner, but there are stipulations attached to this. I went to S&A Advocates 0392 8150020 they set up my limited company very quickly and correctly.

kbasat



Joined: 28/07/2011
Posts: 481

Message Posted:
16/03/2012 13:56

It definitely does NOT cost 100,000USD to set up a company with foreign shareholders.



The law is as follows:



If there is any foreign shareholder in a company, the capital of the company can be set to 100,000USD minimum.

Also, if the foreign shares will be more than 50%, the company cannot deal with or own property, so the company law needs to be amended accordingly.



So, for a 100% foreign share company, 100,000USD needs to be deposited in a bank and blocked under shareholders names (can be with interest), bank will provide necessary documents of proof.



You will apply to set up company with 100,000USD capital, showing the money in the bank account as proof that the capital exists.



The government will approve(at their discretion) the incorporation of the company, and then you can unblock the bank account and use the money as you like.



You will pay the appropriate accountant and government fees for setting up the company. Thats it.



Kemal

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
16/03/2012 14:01

15000tl needs to be in account,blocked for 2 years,once the company's been set up.This only applies to none-cypriots.

clipper50


Joined: 22/06/2011
Posts: 69

Message Posted:
16/03/2012 14:09

is that same for buying an existing ltd company then ?

Mertbalin



Joined: 09/07/2009
Posts: 171

Message Posted:
16/03/2012 14:24

That 15.000 tl - 10.000 usd is only for the non tc. Directors of the company.



Mert

mags111



Joined: 17/08/2008
Posts: 251

Message Posted:
16/03/2012 16:15

Thanks everyone. I will pass the info on.

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
16/03/2012 17:19

yorg guess you have to pay tax on the 15000?

cypruschauffer


Joined: 26/09/2007
Posts: 234

Message Posted:
16/03/2012 20:41

WHY BOTHER HOW CAN YOU MAKE MONEY HERE?UNLESS YOU RUN A NIGHT CLUB!

clipper50


Joined: 22/06/2011
Posts: 69

Message Posted:
16/03/2012 21:46

re mess 12



i think you are wrong on that i think there is plenty of business opportunity's other than night clubs to make money whilst yes the government rules and reg's totally make it off putting to every one but those who dare and do there research will succeed

marcosthechef



Joined: 30/11/2009
Posts: 646

Message Posted:
16/03/2012 22:31

Mags call me and I can give you all the latest as I have had a trading company (without TC partner) for the last 6 years plus a previous company for 2 years before that.



mark



0533 864 2944

SWCathy


Joined: 22/11/2011
Posts: 292

Message Posted:
16/03/2012 23:08

Can you set up a 'partnership' or does it have to be a limited company?

mags111



Joined: 17/08/2008
Posts: 251

Message Posted:
17/03/2012 09:37

will do Mark ...thanks