Establishing a company in Turkey is the main key to enter the world of investments from its widest door, especially in light of government support and recent laws that provide extensive facilities to stimulate investment in Turkey.
In this article, we will discuss:
- Establishing a company in Turkey | Your path towards a correct investment.
- Types of companies in Turkey
- Steps to establish a company in Turkey
- The papers needed to establish a company in Turkey
- Procedures for establishing a company in Turkey
Establishing a company in Turkey.
The Turkish law allows holders of different nationalities, without exception, to establish a company in Turkey, without restrictions, as investors can establish companies without the need for partnerships or sponsors from citizens to practice commercial activity in Turkey of all kinds.
On the contrary, establishing a company in Turkey is a legal solution in some cases, such as allowing Syrian citizens to own real estate in Turkey. As well as allowing Egyptian citizens to buy some types of land in Turkey, by registering them in the name of a Turkish company established by the Egyptian investor. And other effective solutions to cases where real estate investment in Turkey is not possible for some nationalities.
Turkish decisions in this regard generally support investors. An example of this is the new law that allows establishing a company in Turkey from abroad, which saves time and more procedures. But, Extra Property recommends that you consult a reliable legal and commercial services office, or an expert lawyer, before making this decision.
These facilities expanded commercial activity in various real estate fields in Turkey, as well as in agricultural investment.
Types of companies in Turkey
Turkish laws have facilitated the establishment of multi-business companies in Turkey for foreign investors, and there are several types of companies that Turkish commercial law legalized their establishment as follows:
1. Joint stock companies
In this type of company, the number of partners should be no less than 5 individuals, with a capital starting from 50,000 TL.
The responsibility falls on the shareholders according to the number of their shares in it. The company is allowed to practice most commercial activities, including industrial investment in Turkey, and export from Turkey to abroad.
2. Partnership companies
All shareholders in this type of companies must be real people, as they are established to delve into various fields of investment in Turkey, without a minimum capital.
3- Companies with special legislation
These companies are not limited in liability, and their licenses are issued from the competent administrative authority in the Turkish state.
This type includes companies with special legislation, such as banks, financial institutions, insurance companies, financial leasing companies, debt collection companies, holding companies, and exchange companies.
4- Limited liability companies
This type of company is ideal for owners of medium and small enterprises because it can be established by only one owner and the percentage of ownership in the company may be 100% by foreigners.
Limited liability companies can be incorporated in Turkey with minimum capital, for example, 10,000 Turkish liras; The liability of the partners is also limited according to their contributions.
Steps to establish a company in Turkey
The steps for establishing companies in Istanbul are easy and smooth, as you can establish a company within one week or less.
The Financial Consultation Office also supervises the financial and legal affairs of the company, as it is the authority approved by the Turkish government to represent the company and to control its expenses, bills, and taxes. As well as follow up the social and medical insurance for the company’s workers.
The papers needed to establish a company in Turkey
- A copy of the passport, translated into Turkish and certified by the notary, provided that the validity period of the passport exceeds 6 months.
- Extracting the tax number “Vergi numarası” from any branch of the tax department in Turkey.
- Personal photos (3).
Procedures for establishing a company in Turkey
- Preparing the company’s legal structure, and certifying it by the notary, including the company’s address statement, and publishing it in the official Commercial Registry Gazette.
- Opening a bank account for the company in a Turkish bank, where the company receives from the bank a deposit paper with the value of the capital.
- Depositing 25% of the capital in the bank, and it is recommended that the capital reach 100 thousand Turkish liras or more, as it grants privileges as follows:
- Obtaining a work permit or residence.
- Joining Turkish commercial organizations as well as Turkish companies and businessmen gatherings.
- The ability to make large contracts through importing and exporting goods more easily.
- Obtaining approval from the Chamber of Commerce.
- Obtaining the commercial register from the commercial registry office within 15 days from the date of certification by the notary.
- Registering the company at the local tax office, where the tax certificate is received, which must be displayed prominently in the workplace.
- The local tax officer then visits the company office or the store within a few days, to verify the information mentioned and the tax certificate.
This is all about the methods and laws of establishing a company in Turkey. Please do not hesitate to reach us for any inquiries or questions about registering a company in Turkey. Extra Property is here for you.
Edited by: Extra Property.
Source: Turkish Ministry of Trade