The most common legal form of business organization local or foreign entrepreneurs - is a private limited company, organization, and whose activities are regulated by the Companies Act, Section 113. which is almost identical to the British Companies Act of 1948. Foreigners must obtain a permit the Council of Ministers on the registration of a company in the country, which is usually easily granted for 2-3 months from the date of application. The share of foreign equity organized by the company is limited to 49% for foreign participants. The remaining 51% must belong to a citizen of the Turkish Republic of Northern Cyprus. Foreigners also need to get to the Immigration office, residence permits and business activity in the country.