Knowledge of Turkish trade law and foreign investor law is essential for anyone looking to start a company.
In addition to the advantages of registering a company in Turkey, it is necessary for you to be familiar with its disadvantages.
In some special circumstances, you can improve your stay with your family by establishing a company in Turkey with a specific purpose. With a dynamic and growing economy, this country is an attractive destination for foreign investment.
According to statistics, the Turkish economy is among the top 20 economies in the world. If you are looking to immigrate to Turkey, you should know that you have chosen a safe place to invest.
In this article, all the details of company registration in Türkiye are discussed.
Company registration rules in Turkey for foreign nationals
The last changes that have taken place in this field are related to the year 1382. Based on those rules, unlike the past, foreign nationals could register a brand if they had a partner who was a Turkish citizen.
Meanwhile, in the new laws, citizens of foreign countries can establish a company on their own, without needing a Turkish partner.
This means that a foreign functionary can register a company in Turkey that ther owns 100% of.
Companies registered in Turkey under the laws of this country can operate according to their specific letter and earn income. Turkey is a very law-abiding, orderly and precise country in the field of legal and registration affairs.
کشور ترکیه نسبت به اعمال مقرارات حقوقی بسیار سخت گیر بوده و بدون اغماض با افرادی که این قوانین را رعایت نمی کنند برخورد می کند.
If you have reached a final decision in the field of brand registration and investment in Turkey, it is definitely recommended that you seek the help of trusted legal advisors familiar with legal and registration issues in Turkey who can help you in this field in a limited time and without To help and guide you to pay exorbitant fees.
How long does it take to register a company in Turkey?
This question may arise for you, how much time do you need to start a company in Turkey? It should be noted that you do not need to spend a lot of time if you are familiar with the routine and steps.
The maximum time for limited liability companies in Turkey is 3 working days, while the time for different limited liability companies is different and the time and steps depend on the approval of the Turkish Ministry of Industry and Trade.
This means that this time can vary from 5 to 30 days. Of course, what you should pay attention to is knowing where to go to do this and what documents you should bring.
In many cases, what causes the waste of time and money is not being aware of the administrative system and the work process of establishing a company in Turkey.
The first step is to register a company in Turkey
The first step is to determine what kind of company you intend to open because companies in Turkey are divided into three types:
- Register a personal company
- Registration of a limited liability company
- Registration of a cooperative company in Turkey
Obtaining residence by registering a company in Turkey
Of course, it is necessary to keep in mind that in order to register a company, it is not necessary to have a long-term residence in Turkey, ie you can live outside Turkey, but in Turkey you have a company that is established and operating.
After going through all the steps and formalities of the company, you can take the necessary steps to obtain a work permit in Turkey for yourself and then refuse insurance for yourself.
Denial of insurance is important in the sense that you can apply for permanent residence in Turkey after 5 years and then obtain Turkish citizenship. Keep in mind that zero to one hundred brand registrations take between 5 to 10 business days.
Tips on registering a company in Turkey and obtaining a residence permit in Turkey
Of course, it is necessary to mention that if you intend to stay in this country along with the registration of the brand, your capital must be at least 100,000 Turkish lira.
Of course, the value of each share can not be less than 25 Turkish lira. In the meantime, you must have 25% of the mentioned amount in your account in the steps of doing the work, but after these steps and receiving the official newspaper, you can withdraw those amounts.
Company registration process in Turkey
- Official Turkish translation of all company partners and approval of translations at the Civil Registry Office
- Adjust the company’s articles of association based on the type of company you intend to register in Turkey.
- Hiring a chartered accountant in Turkey (According to Turkish law, hiring a chartered accountant is a basic requirement for the company’s financial and administrative affairs. Depending on the type of company, you can use inexperienced or experienced accountants in Turkey).
- Filling in the forms for establishing a company
- Obtain a tax code for all shareholders of the company from the Tax Office in Turkey
- Fill in the forms of the Chamber of Commerce
- Prepare forms related to announcing the address of the company in the Chamber of Commerce
- Get a business card for the company
- Official registration of the signature of the CEO in the Registry Office
- Approving the articles of association of the company in the document registration office
- Opening an account in the name of a company in a Turkish bank
- Deposit a percentage of the capital, which is usually a quarter, to the company’s account, which has already been declared as the company’s official account.
- Print company profile in official Turkish newspapers
- Arranging a company lease
- Announcement and publication in the official newspaper in Turkey
- Print the official newspaper of the company
- Confirmation of your declared address by the tax and property officer
- Approval of the company’s accounting offices
- Prepare the economic code of the company
Necessary documents to register a company in Turkey
- At least two 3*4 color photos with a light background
- Original passport of all partners (passport validity should not be less than 6 months)
- Determine the amount of shares of each partner
- Specify the subject of the company’s activity
- Specify the address, postal code and telephone number of the company
- Select multiple names for the company (specify at least 5 names)
- Appoint the members of the board of directors and the managing director and determine the person who has the right to sign
- Granting power of attorney to perform company registration tasks
- The minimum declared capital should not be more than 10,000 Rials for starting work, which will be about a quarter of the amount in the account of the blocking company for one month.
Types of company registration in Turkey
As mentioned above, registering a company for Iranians is completely different from Iran. In Turkey, most Iranians set up limited liability companies. For example, in Turkey there are some companies that as international companies are not subject to the laws of the Republic of Turkey, while in Iran no foreign company can start operating except under Iranian law.
Limited Liability Company (Limited / LS) This company can be registered in Turkey with a minimum of two people and a maximum of 50 partners (of course, according to the new rules of registration of a limited liability company in Turkey, even with one shareholder can work To begin).
These shareholders can be natural or legal persons. And be wholly foreign nationals or citizens of Turkey. Of course, it should be noted that the person that the shareholders choose as the manager of the company can be either a shareholder or someone other than the shareholders.
In fact, this part of the work is determined according to the company’s articles of association. The minimum capital to be able to register your company is 10,000 Turkish lira. And all official work related to the company must be done in the official office.
Shareholders of Limited Liability Company (Limited / LS)
The liability of the shareholders in a limited liability company (Limited / LS) is determined according to the amount of capital they have announced. Therefore, this means that the amount of liability in this type of company is not considered equal and the amount of liability in debts or even taxes to be paid based on the amount of their shares in the company is specified. Turns.
Of course, any transfer must be registered in a notary public office and also approved by 3/4 of the members and shareholders. Share capital in limited liability companies If you are a foreign national who wants to register a company, the following assets can be declared as your capital for investment:
- equipment and machinery
- Non-cash instruments and goods with financial value
- Non-financial assets such as patents; Brand and …
- Rights to exploit natural resources
- Interest on foreign loans or interest on bank loans
- Company stocks
Articles of Association of Limited Liability Company (Limited / LS)
The following items must be mentioned in detail in the company’s articles of association.
- Company Name
- Company activities
- The amount of company capital
- Number of company shareholders
- Name of company shareholders
- The amount of capital pledged by each shareholder
- Duration of the company
- How to announce company announcements
- CEO
- Company inspector (if the number of shareholders is more than 20)
Liquidation of Limited Liability Company (Limited / LS)
If you have registered a company in Turkey but could not operate for any reason, you should know how you can dissolve the company? In order to be able to liquidate a limited liability company (Limited / LS), you must pay attention to the following points.
- Decided to dissolve the company at the shareholders’ meeting
- Expiration of the period stated in the articles of association
- Submit a request for liquidation of the company to the court
- The court decision is based on the request of the shareholders
You should also keep in mind that if the following things happened to you during the work, you should submit the request for liquidation of the company to the relevant authorities.
- Reduce the number of shareholders to less than 2
- Loss of 2/3 of the initial capital
- The reasons given in the articles of association as the reason for dissolution.
- Bankruptcy of the company
The liquidation of the company must be done by legal authorities and the time required can vary between 12 to 18 months. Of course, it should be noted that all tax matters must be settled during the period.
Cost of a Turkish Certified Public Accountant Hiring an accountant is required to start any company with any type of activity. The cost of a certified public accountant in Turkey depends on the size of the company. The minimum wage of a chartered accountant in Turkey is $ 400 per month.
Things to keep in mind
Keep in mind that you do not have to consider an office or business unit as your company location, but you can rent a desk from a company or your home address as your workplace. Announce that in Turkey it is called home office.
It should be noted that at the time of registration you must pay a quarter of the rent you have to pay on a monthly basis to the Turkish Tax and Property Office as tax. Income tax in Turkey Income tax in Turkey is equal to 20% of the annual net profit of the company that must be paid.
Registration of companies in free trade zones of Turkey
These types of companies can be considered as industrial companies operating in industrial estates in Turkey. In these towns, foreign investors who intend to invest in Turkey can buy land at a very low price, in addition to which the government provides a lot of facilities for them.
For example, they are subject to tax exemptions for a long time or the government pays the employees’ insurance for a long time.
Of course, it should be noted that this type of company is used for import, such as production and export, that is, in fact, the company’s services should lead to the production of goods and exports should be done in the name of Turkey. Renting a place To register a brand at the time of this step, it is necessary for you to announce a specified address as the address of your company and place of work.
Familiarity with company registration rules
To register a brand, study and review the laws of Turkey, knowledge of Turkish trade law and study of foreign investment law in Turkey, is a priority for applicants to immigrate to Turkey. Investing in Turkey after registering a company under certain conditions will lead to residency. Investing in Turkey after registering a company under certain conditions will lead to residency.
Turkey is one of the second largest sending countries in Europe. Turkey’s location in the dynamic economies sector has made it a destination for foreign direct investment.
The cost of official offices and its sealing in Turkish assets The cost of official offices and its sealing in the Turkish Treasury is about $ 450 per year, which you have to pay to the Turkish government.
Benefits of registering a company in Turkey
- Obtaining work residence in Turkey for yourself and your family members
- Low company registration costs
- Opening a bank account in Turkey in the name of the company
- Ability to trade with European countries
- You alone can own 100% of the company
- It is not necessary to have a partner.
- The cost of hiring an accountant is very low.
- Income tax is levied, and if your company has a low income, you have to pay the same amount of lower tax.
