LOCATION:
Cyprus is an island situated in the north eastern part of the Mediterranean Sea, at the crossroads of Europe, Asia and Africa. The Turkish Republic of Northern Cyprus (TRNC) occupies the north of the island with an area of 1295 square miles.
1.2.GOVERNMENT:
The Turkish Republic of Northern Cyprus was declared an independent republic in 1983 with a government system modeled on Western Democratic systems.
Turkish is the official language of the Republic. The English Language is widely spoken and understood and is regularly used in commerce, the courts and government.
1.3.ECONOMY:
The economy is based on the free enterprise system, with the private sector being the backbone of economic activity.
Government pursues a stimulating economic policy aimed at promoting and maintaining favourable investment conditions and supplementing where considered necessary, private initiative. Thus, Government, apart from developing the island's infrastructure, provides incdicative planning to the private sector and controls the provision of public utilities.
1.4. CLIMATE:
The summer in the TRNC is always long and dry while the winter is generally mild. Mean temperatures range from 9 C or 47F in December to 35C or 96F in August. All parts of the island enjoy a very sunny climate.
1.5. INTERNAL COMMUNICATIONS:
There are very good communications all over the republic. Main roads connect all the towns and most of the villages. Driving is on the left side of the road. Adequate bus services exist both in the towns vice versa. Taxis also provide considerable services of transport between and within towns and villages.
1.6. OVERSEAS TRAVEL:
There is one national airport situated near Nicosia. This handless scheduled flight operated daily by Cyprus Turkish Airlines and weekly by Turkish Airlines. Pegasus Airlines and Atlas Jet, it also handles a significant number of Chartered passenger and freight flights.
The seaport of Famagusta and Kyrenia offer the most up to date ferry services.
1.7. TELECOMMINICATIONS:
The telecommunication system of the TRNC is very efficient. It is connected with many countries by automatic telephone lines.
1.8. PURCHASE OF IMMOVABLE PROPERTY:
Government permission is required for purchase of immovable property in the TRNC by foreigners or foreign controlled concerns. Individuals wishing to purchase a plot of land for their dwelling can usually obtain permission without any difficulty.
1.9. CURRENCY:
The legal currency of the TRNC is New Turkish Lira.
1.10.BUSINESS HOURS:
Local time is two hours ahead of Greenwich Mean Time.
Business hours (open to public)
Commercial:
8.00 - 12.30 and 13.30 - 17.00 Monday to Saturday. Between May and September the afternoon is between 16.00 - 19.00.
Government:
Between October - May 8.00 - 12.30 and 13.30 - 17.00 Mondays to Fridays. Between May and October.
7.30 - 14.00 and 15.30 - 18.00 Mondays
7.30 - 14.00 Tuesday, Wednesday, Thursday, Friday.
Banks:
8.00 - 12.00 Monday to Friday
Some banks open in the afternoon.
1.11. STATUTORY HOLIDAYS:
There are following statutory holidays:
New Year's Day, Children’s Day (23 April), Youth Day (19 May) Indepence Day (20 July), Formation Day of Turkish Resistance Movement (1 August), Victory Day (30 August), Turkish Independence Day (29 October), Declaration of the Independence of TRNC (15 November).
Added to the above are two religious holidays, Ramazan Bayram (3 days) and Kurban Bayram (4 days).
1.12.LEGAL SYSTEM:
The TRNC legal system is based on that of England. English case law is closely followed and most statutes regarding business matters are based on English Laws.
1.13. ACCOUNTING AND AUDITING REQUIRMENTS:
Books and records:
- Proper accounting records must be kept in accordance with the TRNC Companies Law.
- Audited Financial Statements.
Audited Financial Statements must be presented at every annual general meeting. Such financial statements must be audited by an auditor authorised by the Ministry of Finance. This applies to all local and offshore companies. The books and accounts should be translated into Turkish whenever they are submitted to any government department.
1.14. LABOUR:
The ministry of Labour is responsible for administering the various laws and regulations covering among other things working and safety requirements in factories, inductrial relations settlement of trade disputes, protection of minimum wages, hour of work, holidays and vacations etc.
Working hours are normally forty hours per week Monday to Friday. Higher rates are paid for overtime and night works as well as work on Saturdays and public holidays.
All employees are entitled by law to a minimum 13 working days vacation a year. It is however customary in most business to pay a " 13 th" month's salary at the end of the year. An earnings - related social security system was introduced in 1976 under which employer and employee contribute 10% and 8% respectively of the employee's earning (there are minimum and maximum). Also there is provident fund under which employer and employee contrOBUte 5% each of the employee’s earning. This is a type of retirement fund payable to the employee when he ceases to be employed.
1.15. LANGUAGES:
The official language of the TRNC is Turkish. The English language, however, is a very widely used both by the Government and by the Private Sector. Communications with any Government Department may be made in English and is perfectly acceptable. |
