Inactive companies in the TRNC to be struck off the commercial register

The TRNC Assembly is considering a bill that would allow inactive companies to be struck off the commercial register and update the state fees: registering a general or limited partnership will cost TL 800, while registering a trade name will cost TL 580.

The bill concerns amendments to the law on general and limited partnerships and trade names, submitted to the parliament of Northern Cyprus. The rules have not been updated for many years, and the amendments bring them into line with current economic conditions, while transferring some procedures to electronic form.

The procedure for striking a company off the register is set out separately. A company that is not conducting business will be sent a registered letter, or a notice will be published in a local newspaper. If no response is received within a month, the company will be struck off the register, and its trade name will once again become available for registration.

The updated fee schedule is as follows: examination of a case — TL 140, partnership registration — TL 800, trade name registration — TL 580, and a copy of a document — TL 170 per page. With the approval of the relevant ministry, the amounts may be increased or reduced in line with inflation, within a limit of thirty times the original amount.

The third block of amendments legalises electronic signatures: a document certified with the electronic signature of an authorised employee will have the same legal force in court as the original on paper. The law will enter into force on the date of its publication in the Official Gazette.