Establishing A Business In Turkey
If you are looking for a lucrative opportunity to invest or expand your business in a dynamic and growing market, you might want to consider establishing a business in Turkey. Turkey is a country that offers many advantages for foreign investors, such as:
- A large and young population of over 83 million people, with a high demand for goods and services
- A strategic location at the crossroads of Europe, Asia, and Africa, with access to multiple regional markets
- A stable and reform-oriented political and economic environment, with a GDP of over $700 billion in 2020
- A competitive and skilled workforce, with low labor costs and high productivity
- A favorable investment climate, with incentives, guarantees, and equal treatment for foreign and domestic investors
- A diversified and modern industrial base, with strong sectors such as automotive, textiles, machinery, electronics, tourism, and agriculture
However, establishing a business in Turkey can also be challenging, especially for foreigners who are not familiar with the local laws, regulations, and procedures. That's why our company TurkeyOnline.com is here to help you. We are a professional service provider that specializes in helping foreign investors set up and run their businesses in Turkey.
We offer a range of services, such as:
- Company formation: We can help you choose the best legal structure for your business, whether it is a sole proprietorship, a limited liability company (LLC), a joint stock company (JSC), or a branch or representation office of a foreign company. We can also help you prepare and notarize the necessary documents, such as the company agreement, the articles of association, the tax identification number, and the commercial registration certificate. We can also assist you with obtaining the required permits and licenses from various authorities, such as the Ministry of Trade, the Ministry of Industry and Technology, the Ministry of Environment and Urbanization, and the Social Security Institution.
- Accounting and tax services: We can help you comply with the Turkish accounting and tax regulations, which can be complex and changing. We can provide you with bookkeeping, auditing, financial reporting, payroll, VAT filing, corporate tax filing, withholding tax filing, and other tax-related services. We can also advise you on how to benefit from the various tax incentives and exemptions available for foreign investors in Turkey.
- Legal services: We can help you protect your legal rights and interests in Turkey, by providing you with legal advice, representation, litigation, arbitration, mediation, contract drafting and review, intellectual property registration and protection, labor law compliance, immigration law compliance, and other legal services.
- Market research and consultancy: We can help you understand the Turkish market and its opportunities and challenges for your business. We can provide you with market research, feasibility studies, competitor analysis, customer analysis, SWOT analysis, business plan development, strategy formulation, marketing plan development, and other consultancy services.
- Business development and networking: We can help you grow your business in Turkey by connecting you with potential partners, customers, suppliers, distributors, agents, franchisors/franchisees,
How to open a new business In Turkey and what is the required documents from the new companies.
If you are thinking of opening a new business in Turkey, you may be wondering what are the steps and documents you need to follow. Turkey is a country with a dynamic economy and a strategic location that offers many opportunities for entrepreneurs and investors. However, starting a business in Turkey also involves some legal and administrative procedures that you should be aware of.
We will guide you through the process of establishing a company in Turkey, from choosing the right legal structure to registering your company with the authorities. We will also explain what are the required documents from the new companies and how to obtain them.
Choosing the right legal structure for your business
One of the first decisions you need to make when opening a new business in Turkey is what type of legal structure you want to adopt. There are different types of business entities in Turkey, each with its own advantages and disadvantages. The most common ones are:
- Sole proprietorship: This is the simplest and cheapest form of business, where you operate as an individual without creating a separate legal entity. However, this also means that you are personally liable for all the debts and obligations of your business.
- Limited liability company (LLC): This is a popular choice for small and medium-sized businesses, where you create a separate legal entity with one or more shareholders. The liability of each shareholder is limited to their contribution to the share capital. The minimum share capital for an LLC is 10,000 Turkish liras (about 1,100 USD).
- Joint-stock company (JSC): This is a suitable option for large-scale businesses, where you create a separate legal entity with one or more shareholders. The liability of each shareholder is limited to their contribution to the share capital. The minimum share capital for a JSC is 50,000 Turkish liras (about 5,500 USD).
- Branch or representation office of foreign companies: This is an option for foreign companies that want to establish a presence in Turkey without creating a separate legal entity. A branch can conduct commercial activities in Turkey, while a representation office can only perform non-commercial activities such as market research or promotion.
Required documents for registering a company in Turkey
Once you have chosen the right legal structure for your business, you will need to gather the necessary documents and information to register your company in Turkey. Based on the nature of the shareholder, such as a real person or legal entity, this may include the following:
- A copy of your passport or identity card
- A tax identification number
- A bank receipt showing that you have deposited at least 25% of the share capital in a bank account
- A notarized power of attorney if you are appointing someone else to act on your behalf
- A notarized copy of your articles of association
- A letter of commitment stating that you will comply with Turkish laws and regulations
- A certificate of activity or registration from your home country if you are a foreign company
- A letter of authorization from your parent company if you are opening a branch or representation office
The procedures for starting a company in Turkey
After you have prepared all the required documents, you can proceed with the following steps to register your company in Turkey:
- Submit your articles of association online to MERSIS (Central Registry Record System), which is an online platform that allows you to complete most of the registration procedures electronically.
- Execute and notarize your company documents at a notary public.
- Obtain a potential tax identification number from MERSIS.
- Deposit a percentage of your share capital to the account of the Competition Authority, which is an independent regulatory body that oversees fair competition in Turkey.
- Apply for registration at the Trade Registry Directorate, which is located at the Chamber of Commerce in your city. You will need to submit your company documents and pay some fees.
- Obtain your tax identification number and commercial registration certificate from MERSIS.
- Register with the Chamber of Commerce and obtain your membership certificate.
- Apply for any necessary licenses and permits depending on your sector and activity. For example, you may need to obtain an environmental permit, a health certificate, or an import/export license.
- Open a bank account for your company and deposit the remaining share capital.
Registering with social security and tax authorities
Once you have registered your company with the Trade Registry Directorate, you will also need to register with the social security and tax authorities within one month