The Famagusta Free Zone is strategically established to foster international trade and transit within the TRNC, serving as a gateway to three continents. Legally designated as a separate legal area within the TRNC's boundaries, the Free Zone operates under distinct legal and administrative rules, offering enhanced incentives for industrial and commercial activities.
Current incentives for individuals and entities utilizing the Free Zone include:
Full exemption from Corporation and Income Tax on income derived from activities within the Free Zone.
Exemption from Corporation and Income Tax on income from investors, except when goods and services are directed to the TRNC.
Full exemption from customs duty, VAT, and indirect taxes.
Unrestricted transfer of income/profit.
Use of convertible foreign currencies within the Free Zone.
Freedom to employ foreign specialists without restrictions.
To secure permission to operate in the Free Zone, individuals or legal entities must first incorporate a company within the Free Zone. The incorporation process, either as a limited liability company or an International Business Company (IBC), follows the standard procedure for incorporating a company in the TRNC, with the application submitted to the Free Zone's Registrar of Companies.
Feel free to reach out to us via info@tokatlioglu.law if you are interested in Free Zone company set-up, and we will be delighted to provide our assistance.
This guide serves as general information only and is not intended to constitute legal or professional advice. Tokatlıoğlu Law Firm expressly disclaims any liability and does not accept responsibility for any loss or harm that may arise from individuals relying on or using this information. It is advisable to seek specific legal or professional advice tailored to your circumstances for accurate guidance.
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