In this article, you will learn about the costs of establishing a small business in Turkey. If you reside in Turkey and find it difficult to find a good job, or if you are thinking of traveling for residence and stability without obtaining a work contract or a specific job, you can Simply work to save money for the costs of setting up a small business in Turkey and you can earn 2200 dollars (about 8250 Turkish liras) from investing in a successful project in Turkey, thus earning 615 dollars (about 2300 dollars) per month and maybe more, which is enough to support an entire family in the following Presentation of the project creation cost idea.
Costs of establishing a small business in Turkey
Below we will share with you all the information related to the costs of establishing the small project that the owner wants to establish in Turkey:
- A relatively large store can be rented, converted into youth housing for about 20 people, and then rented to others who have difficulty finding housing in Turkey due to the conflict, as most real estate owners turn to rent for young people who come alone, as they prefer to rent, and the reason is to visit their families between now and then.
- In the project, it is preferable to have a shop with an area of 100 meters in a safe and quiet residential area, preferably on a side street or branching from the main street, and of course the lowest price (about 1,000 pounds on average) and to be painted in white because it is the color that gives a sense of spaciousness and psychological comfort.
- Assuming that each person will pay only 300 liras per month for the bed and accommodation on the site, which is the lowest price in Turkey, it is worth noting that the space can accommodate only 15 people for 20 beds, for example, 300 liras x 15 people = 4500 liras.
- To get the net profit of the project we subtract the operating costs (monthly expenses) of $2200 from the project’s monthly revenue of $4500, which means that the project’s net profit per month is $2300, and the profit will increase if the whole family is working in the field of investment in Turkey.
Read: Buying an apartment in Istanbul
The most important things required to establish a small business in Turkey
- After the costs of establishing a small project in Turkey have been clarified, it is worth noting that in general, the youth housing project, in general, is considered a successful project in Turkey, but the project owner must check its accuracy before implementing it first, as he must determine the city in which his project will be located, and then specify all The requirements carefully, then go to the stores and markets and find out the costs of establishing a small business in Turkey.
- The owner of the project is the one who sets the price and does the calculations to reach the monthly net profit. If he is satisfied with that, he can implement the project, also, he can increase his income by increasing his capital to get a bigger place.
- young people can always search for a successful project in Turkey, away from a residential project.
The following are the important steps for establishing a company:
First steps before setting up a company
- Study the market carefully to see what is needed and what is currently missing.
- Choose the type of company or business that best suits your abilities.
- Ask for a feasibility study from a specialized company to know the project details.
- Determine the available capital on which the project will be implemented.
- Connect with specialized companies to start the project.
Legal process stage
- Preparing the official documents required for the establishment of the company.
- Writing a legal contract to start the company with a chartered accountant.
- Preparing a sheet for the company's tax number.
- Go to the bank and open a bank account in the name of the company and deposit the capital.
- Obtaining a valid commercial registration for the company.
- Head to the Turkish Chamber of Commerce and get approval for the project.
- Obtaining official approval of the articles of association of the future company.
- Searching for a place as the company’s headquarters in line with the nature of the activity.
- Perhaps it will help you to read How to set up a company in Turkey Your guide to the best planning experts.
Steps after the establishment of the company
- official opening of the project.
- Selection of suitable personnel and conditions of residence in Turkey.
- Work on office equipment, including furniture, decorations, and essentials.
- Create a web page for the current project.
- Start marketing the project with the latest methods to ensure its success.
10 Conditions for opening a business in Turkey
Opening any project in Turkey requires many procedures and steps, also it is important to check out the steps for renewing the site’s license and its activity, as well as the idea of how to open a project in Turkey, which begins with an attempt to choose an attractive and appropriate name for the project. The conditions for starting the project in Turkey include the following:
- Issuance of a building permit for the premises where the commercial activity begins.
- Bring proof of identity of the project owner.
- Provide an investment license for a person holding Turkish citizenship.
- If the person is not Turkish, they provide official proof of their nationality and identity.
- Bring a commercial shop rental contract valid for at least six months.
- Consolidation of warehouse contents and project financiers in Turkey.
- Photographing the shop's security cameras to prove its presence.
- A building certificate must be completed for commercial construction.
- The commercial activity is registered through the commercial registry.
- Determine the identity of the agent, if any.
Required documents to open a small business in Turkey
Turkish law states that a company must be established in Turkey to allow the opening of any business such as a restaurant, supermarket, or cafe, but due to the high cost of establishing a company in Turkey that exceeds the cost of establishing a supermarket in Turkey; There are two ways to get the lowest costs of setting up a small business in Turkey:
- The first way: receiving services from a Turkish person or a foreigner holding Turkish citizenship to help you easily obtain the required license and assistance up to a certain amount of about 100 thousand Turkish liras.
- The second method: partnering with several people to reduce the cost of establishing a company and establishing a specific project, such as supermarkets, etc.
Read: Apartment prices in Istanbul
How to prepare a company incorporation contract in Turkey
After knowing the costs of establishing a small business in Turkey, it is necessary to see How to prepare a company incorporation contract in detail:
Legal Accountant
he must be certified by the Turkish government and his responsibility to represent the company before the government, and his job differs from the responsibility of the company’s internal accountant, where the authorized accountant receives invoices, expenses, and purchases at the end of each month belonging to the company and registered in the Turkish government offices, in addition, Turkish law accepts the presence of a certified accountant as a prerequisite. In the absence of this, it is considered a violation that may lead to the dissolution of the company. The fee of a certified public accountant is not less than 400 Turkish liras per month, and the value of the amount given to the accountant varies according to the nature and size of the company.
Company Books
It is in which all the company’s accounts are registered in Turkey and periodically delivered to the certified government offices at the end of each year, and the annual cost of these books is only about 1100 Turkish lira, and after agreement with a legal accountant a “consulting” for the company and preparing the company’s books, it becomes possible Start preparing the company charter in Turkey and moves to other stages.
Extracting the company's tax number
In cases where the company in Turkey is considered a legal person and has a tax number, companies in Turkey have quarterly taxes, in addition to rental taxes, and their total average ranges between 1500 and 3000 Turkish liras, and after preparing and approving the company’s articles of association and completing all transactions related to the company in cooperation with the agency Or the intermediary, the tax office is directed to the process of registering the company in Turkey and obtaining a tax number for the company.
so, you have the opportunity to learn how to open a business in Turkey, and the relevant tax departments where you can pay company taxes periodically.
In this article, we have shown the costs of establishing a small project in Turkey, and it should be noted that the law allows the establishment of a company without the need for a partner with Turkish citizenship, that is, foreigners can open a company in their country in the name or with other foreign partners, and this is done in the ways, procedures and conditions that we previously explained.
