Steps to establish a company in Turkey

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Steps to establish a company in Turkey

Live in the types of companies in Turkey and its establishment steps

Steps to establish a company in Turkey
02nd March 2023
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Being the owner of a company in Turkey means that you will enjoy many commercial benefits and investment advantages that the Turkish government is keen to provide to investors and major business owners, which increases their chances of success and distinction.

What are the types of companies in Turkey?

There are several types of companies that you can establish in that country, and they are as follows.

Joint stock companies

This type of company is based on participation between a number of people, and their shares are reserved with shares of the company’s capital, and each participant is a shareholder, and according to Turkish law, the number of participants must not be less than five individuals, and the invested capital must not be less than 9 thousand US dollars It can be a commercial or industrial company as desired by the investor. There are no restrictions on this except for some businesses that nee official permits.


Solidarity companies

In this type of company, the participants must be real people, and the obligations and responsibilities of each of them are defined, and the company must adopt a specific commercial project.


Limited liability companies

Establishing a limited liability company in Turkey is a popular option for many entrepreneurs, as it is relatively easy to register and manage. The requirements for establishing a limited liability company in Turkey include appointing a chartered accountant to represent the company before government institutions, providing a headquarters for the company, and limited capital divided in the form of shares. These companies have limited liabilities and can be used by small or medium-sized businesses and investing in Turkey can be an attractive option, as there are many different types of companies available to choose from.


Unlimited liability company

It is suitable for being a bank, insurance company, financial leasing company, foreign exchange company, debt collection company and the like.


Steps to establish a company in Turkey

It is important to learn about the laws and regulations in Turkey regarding company incorporation and understanding the country's procedures will ensure that the company can be incorporated smoothly.

Once the legal form of the company has been chosen, it is advised to hire a lawyer who can provide guidance on submitting the necessary documents and obtaining the required approvals from the authorities such as the court and the tax office.

The lawyer will assist in preparing the required commercial documents such as Articles of Association, Power of Attorney, Commercial Registration Certificate, etc.

Depending on the type of business or industry the company is involved in, it may require special permission or licenses from relevant government authorities to operate legally in Turkey.

Once all the paperwork is done and approvals are obtained, the company needs to open a bank account so that it can receive payments and access funds for business operations.


Papers required to establish a company in Turkey

The investor must obtain a tax number from the tax office, which must be present in all documents relating to the company.

An investor needs to open a bank account in order to receive capital deposits from shareholders, enter into contracts and make payments.

A copy of the passport, which must be translated and certified by a notary.

3 personal photos.


Reasons for establishing a company in Turkey

Turkey is an attractive destination for companies looking to expand their business due to its strategic location, competitive labor costs and strong economy. Companies can benefit from the country's competitive corporate tax rate of 20%, access to key markets in Europe and the Middle East, and a young and well-educated workforce. The Turkish government also offers Many incentives for companies seeking to establish themselves in the country, including tax incentives.


Advice when establishing a company in Turkey

Here is a set of tips when working to establish a company in the country, which are as follows.

Choosing a location for the company

Choosing a strategic location for a company is an important step when setting up a business. It is necessary to consider factors such as access to transportation, availability of skilled labor, and local market conditions when choosing a location for a company. In addition, assessing proximity to potential suppliers, customers, and partners can also provide insights. Informative and making an informed decision based on thorough research will help ensure that the location chosen supports the company's long-term goals.


Securing sufficient capital

It is important to secure sufficient capital when establishing companies in Turkey and having adequate financial resources helps ensure that the company has the necessary funds to cover start-up costs and other expenses associated with launching a company. Moreover, access to capital increases the chances of business success.


Dealing with a successful lawyer

Advice should be sought from a successful local attorney, as working with an experienced professional can provide invaluable assistance in understanding the legal and regulatory requirements for setting up a company in Turkey.

Is the cost of establishing a company in Turkey high?

If you want to compare the costs of establishing a company in Turkey with other countries, you will find that the cost is much lower than in other countries, which saves the investor a lot of money and guarantees them the best returns and results in light of all the developments, economic and political recovery, and facilities that the Turkish government has been keen to provide.


Establishing a company in Turkey at the lowest costs

Establishing a company in Turkey can be done efficiently and cost-effectively and professional guidance from an experienced consultant is recommended to ensure that all necessary steps and procedures are followed correctly. In general, you must ask and inquire well before taking any step in order to avoid problems and risks.

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