Turkish Republic Of Northern Cyprus

20• Before issuing Incentive Certificate, projects have to go through theCity Planning Department, Environment Protection Departmentand the Ministry related with the sector. Once the negative opinionis given by any of the institutions, SPO does not issue the IncentiveCertificate.• If the investor cannot finalise the investment within the time periodstated in the Incentive Certificate, the investor can apply to SPOwith the valid justifications and the period can be extended 3 times.• Incentive legislation is for those projects that provide value addedproducation and not for trade.• The Incentive Law treats the local and foreign investors equallyonce they set up the company at the Company Register Office.