Eight Things Worth Knowing on the Famagusta Free Zone Companies

Free Zone Companies are those companies set up near the Famagusta Port of Northern Cyprus covering an area of 103.000 sqm. Due to its location, it provides gateway to Europe, Asia and Africa. These companies attract a lot of international business owners and investors; therefore, they encourage international business and trade in TRNC. Businesses such as manufacturing, Banking and Financial services, insurance, Storage & Export of Goods, assembly & Repair of Goods and transit trade, service companies plus any other type of activity approved by the TRNC Council of Ministers may provide services under a Free Zone Company.

Famagusta Free Zone companies operate in the Turkish Republic of Northern Cyprus, offering a strategic location at the crossroads of Europe, Asia, and Africa. They benefit from a lower cost of living and business-friendly policies.

Famagusta Free Zone companies enjoy lower operating costs, making them attractive for startups and small businesses. They offer proximity to European markets and access to skilled labor. On the other hand, Dubai Free Zone companies benefit from a dynamic business environment, tax incentives, and state-of-the-art facilities. They cater to diverse industries such as finance, technology, and logistics.

When it comes to market access, Famagusta Free Zone companies focus on regional trade within the Eastern Mediterranean region. They cater to industries like textiles, manufacturing, and logistics. Dubai Free Zone companies, with their strategic location in the Middle East, serve as a gateway to global markets. They attract multinational corporations and entrepreneurs looking to expand their presence in the region. Overall, Famagusta Free Zone companies offer unique advantages and opportunities for businesses.

Operating a company in Famagusta Free Zone offers several distinct benefits that make it an attractive choice for businesses looking to establish a presence in the region. Here are the eight key advantages of Famagusta Free Zone Companies that you should know:

• Cost-Effective Environment: Famagusta Free Zone provides businesses with a cost-effective operating environment. Lower overhead costs, such as rent and utilities, can help companies save money and allocate resources more efficiently.
• Geographical Advantage: Located at the crossroads of Europe, Asia, and Africa, Famagusta Free Zone offers strategic geographical positioning. This makes it an ideal location for businesses looking to access markets in these regions and beyond.
• Proximity to Key Markets: Famagusta Free Zone's proximity to European and Middle Eastern markets provides businesses with easy access to a large customer base. This can facilitate trade and business expansion opportunities.
• Skilled Labor Force: The region surrounding Famagusta Free Zone is known for its skilled labor force. Companies operating in the free zone can tap into this talent pool to meet their workforce needs and drive business growth.
• Business-Friendly Policies: Famagusta Free Zone is known for its business-friendly policies that aim to attract foreign investment and encourage economic development. This includes incentives such as tax breaks and streamlined regulations.
• Infrastructure: The free zone offers modern infrastructure and facilities to support businesses in various sectors. From logistics and warehousing to office spaces and manufacturing facilities, companies can find the necessary infrastructure to meet their operational requirements.
• Access to Trade Routes: Famagusta Free Zone benefits from access to major trade routes, facilitating international trade and transportation of goods. This can help businesses streamline their supply chains and expand their reach to global markets.
• Networking Opportunities: Operating in Famagusta Free Zone provides businesses with networking opportunities and connections within the region. This can lead to collaborations, partnerships, and business growth through access to a vibrant business community.

Overall, Famagusta Free Zone provides a favorable business environment with numerous advantages for companies seeking to operate in a strategic location with access to key markets, skilled labor, cost-effective solutions, and business-friendly policies. By leveraging these benefits, businesses can position themselves for success and growth in the region and beyond.

Tax Advantages of Famagusta Free Zone Companies

All income from activities, services and products of manufacturers in the free port and in the free trade area are exempt from corporate and income taxes (including all forms of trade, production and services).

All income and the capital originating from the operative business are subject to the free transfer of profits without limitation of the transfer size.

All income from activities and services from investors other than the manufacturers are exempt from corporate tax and income tax if the goods and services are not supplied to the Turkish Republic of Northern Cyprus.

Famagusta Free Zone is the ideal corporate form for you, if you generate income outside of the TRNC and are looking for a tax saving option outside the EU.

These are the six main tax advantages of Famagusta Free Zone Companies:

• All income derived from activities and operations undertaken by producers in the Free Port and Zone are exempt from Corporate, Dividend and Income Taxes (including all kinds of trade, production and service).
• All income and capital derived from operations are subject to free profit transfer without any limitations to the transfer size.
• All kinds of operations including sale of goods to foreign countries and Free Port and Zone in Northern Cyprus as well as buying of goods are exempt from custom duties, VAT and indirect taxes.
• All income derived from activities and operations undertaken by investors other than producers are exempt from Corporate and Income Taxes when the goods and services are not directed to the Turkish Republic of Northern Cyprus.
• Permission to employ foreign expert, engineer and technical personnel.
• All kinds of craft maintenance and repairment, manufacturing of goods, banking and insurance services, warehousing, exporting of the finished goods as well as manufactured goods are accepted facilities and operations. (Warehouses are available for transit trade activities).