Good reasons to invest in Turkey and start a business:
Successful and stable economic situation
High population, especially young people
A liberal and reform-friendly country
Good infrastructure
Central location between Europe and Asia
Low tax rates
The main advantage is a loyal and respectful attitude towards investors. Foreign entrepreneurs work on the same conditions as local companies.
There are several types of organizational and legal forms for non-residents in Turkey:
Limited Liability Company (Limited Şirket);
joint-stock companies of open and closed type (Anonim Şirket);
limited partnership (Komandit Şirket);
collective firm (Kollektif Şirket);
cooperative (Kooperatif).
It is also possible to distinguish such an organizational and legal form as an individual entrepreneur, but usually an individual entrepreneur carries out his financial and economic activities by choosing one of the types of the above forms, mainly an LLC, to which he is closest in content. If an individual entrepreneur is opened in the form of sole proprietorship, then the main differences are that he does not require an accountant or a lawyer in the state; an individual entrepreneur pays tax on a progressive scale of taxation, as opposed to a fixed rate for legal entities; he is liable for obligations with his personal property; the opening of an individual entrepreneur is possible through the E-Devlet E-government system; declaring the authorized capital and, in general, the existence of the charter itself are not mandatory. Also, an individual entrepreneur can be closed at any time, unlike a legal entity, without starting the liquidation process.
After choosing the form of the organization, it is necessary to take into account the presence of a number of restrictions and requirements:
An indication of the type of activity and the unique name of the company, in which at least the first three words cannot coincide with the name of other Turkish companies.
When using words such as “Turkish”, “Turkey” in the name, permission is requested from the Council of Ministers of the Republic of Turkey.
Foreign words can be included in the name if at least one of the founders is a citizen of another state.
Foreigners cannot engage in such activities as notarization, legal services, pharmaceuticals and a number of others.
In general , the organization and registration of a legal entity is as follows:
1. First of all, it is necessary to find a responsible accountant with work experience who will deal with all financial issues — income, expenses, taxes.
2. Submit an application for registration to a special accounting service MERSIS, in which a unique number will be assigned after registration of the company.
3. Prepare a package of documents for registration:
originals and copies of passports of all owners of the company;
charter and certificate of the company’s activities;
documents confirming the authority of the representative of the company with the right to sign (notarized power of attorney, management order);
completed application to the Chamber of Commerce;
documents on renting or buying an office for the company;
2 photos on a white background for each founder. The entire package of documents must be notarized.
4. Register and get the taxpayer number that will be required to open a bank account where the authorized capital will be deposited.
5. Deposit 0.04% of the amount of the authorized capital to the account of the Antimonopoly Authority.
6. Deposit 25% of the authorized capital amount to an open bank account.
The remaining 75% must be paid within the next 2 years after registration. However, you can deposit the entire amount at once. It is important that in the case of a work visa, the entire amount must be paid in full to the settlement account before the company is registered.
7. After payment of all contributions and preparation of constituent documents, it is necessary to submit an application to the Trade Registry Directorate, where the company will be registered.
After registration, the client receives certified and signed documents. Information about the newly formed legal entity will automatically be sent to the tax service. The company registration period in Turkey takes approximately 15 days.
We will be happy to help you open and register your own business. You will not have to face government agencies in Turkey alone and obtain the necessary permits yourself. Opening and registering your own business of any orientation with our team of professionals is a pleasant and easy process
Our managers will be happy to answer your questions at any time convenient for you.
