how to start a business in turkey

how to start a business in turkey

After establishing the desiredtype of business(limited liability companies, joint stock companies, commandite companies, collective companiesorcommercial partnerships), the registration processdoesn’t take longer than a week. Theforeign investormust also benefit from a certain amount of capital beforestarting a business; for example, thelimited liability companyrequires aminimum share capital of 10, 000 TRY, while thejoint stock companymust deposit at least 50, 000 TRY.Our attorneys in Turkeycan offer assistance with respect to all the procedures required at theincorporation processand can also help you to submit the documents at theTurkish authorities. Plus, those who want to relocate the business can call on our immigration lawyers in Turkey.

Foreign enterprisers who want to open businesses in Turkey are required to complete a few steps before starting operating. These steps consist of:

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Our Turkish lawyers can assist with the process of opening a business here. Our lawyers invite you to watch a video about the company incorporation process in Turkey:

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One of the most important steps in opening a company in Turkey is the preparation of the documents needed to register the business with the Trade Registrar. The main set of documents which need to be drafted and notarized is the Articles of Association which need to contain all the details of the shareholders – their names, their places of residence, their contribution to the share capital of the company and the number of shares they own in the business. The Articles of Association must also contain information about the managers of the company, including their name, the way in which they are appointed and can be revoked and their duties and obligations.

The same document must clearly state the Turkish company’s trade name, its address in this country and a description of the object of activity. The Articles of Association can also contain other clauses, related to the amendments which can be brought to the company and dispute resolution methods if any problems appear between the shareholders. It is very important for the Articles of Association to be drafted in accordance with the provisions of the Commercial Code. If you are a foreign entrepreneur and want to open a company in this country, our law firm in Turkey can help you with the preparation of these documents.

An important aspect which should be considered is that in the case of setting up a sole proprietorship, a simple application form needs to be filed with the Trade Register. In the case of partnerships which in Turkey are known as commandite companies, the partnership deed stands at the base of their creation.

Steps To Set Up A Business In Turkey

The shareholders are the founders of the company, or better said the owners of the business. These can be natural persons or companies and have various rights, but also duties in the company. The minimum number of shareholders a Turkish company can have is one in both private and public companies. These can be Turkish citizens or residents; however, foreigners can also act as sole shareholders when opening a company in this country.

One of the main responsibilities of the shareholders is to contribute to the share capital of the business. Based on their contributions, they will acquire more or fewer rights in the company. The greatest advantage of the shareholders is that their liability towards the company’s debts and other obligations will be limited to the amount of money they invested in the company in the case of limited liability companies. In the case of partnerships, the role of shareholders is completed by the partners or members.

One of the most important roles in a Turkish company is taken on by the managers of the company. The shareholders are required to appoint at least one company director in the case of a private company. A board of managers must ensure the management of a public company in Turkey.

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The same type of company must have at least one auditor appointed. In the case of private companies, the auditor will be an independent one and will be called only when the financial documents of the business need to be audited. It should be noted that no matter the type of company, at least one of the shareholders must be a company director. The manager role can also be fulfilled by another company with the conditions that it appoints a natural person as a company representative.

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Immigration to Turkey is a straightforward process that can be supervised by our lawyers. You will benefit from specialized legal advice for the preparation of the necessary documents. You can also be helped to obtain a residence permit to be able to live and work in accordance with the immigration legislation in Turkey. Get in touch with us to find out about the benefits offered if you collaborate with our team.

The first step for registering a business in Turkey is finding a suitable trade name for the business. The name must be unique and must not be offensive. In order to make the company name is unique, the applicant can file for validation 3 different names, out of which he or she will choose the appropriate one based on the company’s requirements. We remind investors that branch offices need to bear the same name as the parent company. Another important requisite for the company to be considered a Turkish resident business is for it to have a local address. The registered address must be in the city where the company will operate. For this purpose, we can help with virtual office services. Plus, if you want more details about immigration to Turkey, contact us today.

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If thenewly founded company in Turkeyis interested in hiringforeignpersonnel, the procedure can be performed only in the situation in which theforeign employeesreceive aworking permit, issued by theTurkish authorities. There are two ways of obtaining work permits for foreign employees: with the Ministry of Labor and in the country of the resident of the foreign worker through the Turkish embassies or consulates. The necessary documents for theTurkish Consulateor Embassy are the following:

In the situation in which acompanyhires aforeign employee, theTurkish employermust submit to theMinistry of Labor and Social Securityan online application and the following documents:

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The online application must be submitted in a maximum of ten working days at theTurkish Consulateafter theforeign employee has applied for the position.Foreign employeescan be hired inTurkeyunder the regulation regarding theEmployment of Foreign Nationals within the Framework of Foreign Direct Investments.Foreign direct investmentrefers tocompanies set up in Turkeyor to abranch of a foreign company; under the law no.4875, acompany set up in Turkeymay hireforeign personnelas long as theforeign shareholdersown a minimum of TRY 1, 062, 691 of thecompany’s capital.Our Turkish lawfirm can provide you with further information on the provisions set up under this law. The residents must fill out an online application to the Ministry. The decision of granting the work permit is released in maximum one month.

Opening A Business In Turkey

Otherincentives offered to the foreign investorsare granted by thedouble tax treaties(which provide the release of paying the same taxes in the country of residence and in Turkey) and by the Free Trade Agreements (signed with Albania, Bosnia and Herzegovina, Chile, Croatia, Egypt, Georgia, Iceland, Israel, Jordan, Lebanon, Liechtenstein, Mauritius, Macedonia, Montenegro, Morocco, Norway, Palestine, Serbia, South Korea, Switzerland, Syria, Tunisia) which allow the trade between each of these countries and Turkey with no custom taxes.

Opening a company in Turkey is not expensive, however, the business owner must consider the company registration fees, the notary fees and the honorary of the Turkish law firm handling the procedure (if one is appointed). On the other hand, our immigration lawyers in Turkey can manage the visa requirements for staff in your firm.

It takes about 3 weeks to set up a company in Turkey. The procedure takes longer in the case of a branch office. If you need further information on the procedures applied by theTurkish authoritiesat theincorporation of a company, pleasecontact our team of lawyers in Turkey. We can help with personalized company registration services in Turkey.Turkey is a dynamic and prosperous country with a vibrant economy. She is among the 20 largest economies in the world. Furthermore, thanks to its young workforce, robust domestic demand and access to international markets, starting business in Turkey is attracting more foreigners every other year. In this article, we will share an essential piece of information about how to start a business in Turkey and steps that are needed to take in that quest.

How

Turkey Tr: Cost Of Business Start Up Procedures: % Of Gni Per Capita: Female

Turkey presents a very favorable environment for foreign investors. Especially for Gulf and other Arabic speaker countries, Turkey’s proximity and bilateral trade relation with EU countries is an important advantage. Moreover,

Turkey’s membership to Customs Union with EU enables her to access to one of largest and wealth markets in the world free of any tariff.

Taking into account the good exchange rates, relative convenient labor cost and well-trained local population, any investment in Turkey would yield very profitable results with its opportunity to export to the EU.

Start A Business In Istanbul, Turkey

One good feature to keep in mind that equal right of opening a business and transferring shares are enshrined in Turkish Commercial Code. So regardless of where the investor is from, everyone is treated

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