Documents required to establish a company in Turkey

 

 

 Information about registering a company in Turkey

 

There is no doubt that the increasing international competition in the world plays an important role in deciding the establishment of companies and foreign investments.

In this regard, Turkey is very suitable for encouraging the establishment of companies and investment and following up on globalization and legal plans in the formation of companies in Turkey.

 

 

Important points before investing in order to establish a company in Turkey

 

Before forming a company in a field or region, we must examine its economic conditions well. The Turkish economy is a mixture of local and industrial industries that are increasing in size every day. It is interesting to know that the American intelligence classified Turkey among the developed countries, and in the latest classifications, Turkey was among the Among the 20 countries known to be leaders in industry, agriculture, various industries, telecommunications, construction, tourism, financial and banking services are among the most important areas of economic activity in which Turkey has achieved good results in recent years.

Of course, we should not ignore the current developments in the Turkish economy, which have caused the depreciation of the Turkish lira against the US dollar.

 

Turkish economy

Why establish a company in Turkey?

 

This question can have different answers than others, Turkey is a country that has experienced tremendous economic growth over the years and can confidently invest in its political and economic stability, but with some slight differences, you can also do this, you do not need to reside in Turkey to register a company in Turkey, But after five years of extension, you will get permanent residency.

 

Basic steps for registering a company in Turkey

 

Company registration in Turkey or company registration process in Turkey:

  • Locate the company
  • Establishing the company's articles of association
  • Receipt of company registration forms in Turkey
  • Obtaining a tax number from the Turkish Treasury
  • Obtaining approval of the company's articles of association from the official office of Turkey
  • Company registration in the Turkish Chamber of Commerce
  • Official Gazette printing
  • Obtaining the power of attorney and the signature form from the official office of Turkey
  • Turkish treasury model processing
  • Refer to the Turkish Finance Office and submit the previous step form to review and approve this form and the address of the company’s office by this office
  • Treasury inspectors will come to your address to confirm the address
  • Obtaining the company's tax number after final approval and review
  • Get a business card
  • Accreditation of accounting firms
  • Open a company bank account
  • Providing an official financial advisor

These are all the above-mentioned steps for company incorporation in Turkey and can be completed in just 5 working days.

 

Documents required to register a company in Turkey:

 

  • The original passport of each partner (valid for more than 6 months)
  • Two 4 * 3 photos (colour with a light background)
  • Several appropriate company names
  • The company’s field of activity in Turkey (Articles of Association)
  • Determine the proportion of the shares of each of the company's partners
  • Appointment of the director of the company (or both partners)

 

 

Company registration in Turkey

What types of legal entities can I register in Turkey?

 

The basic features of legal entities changed recently when the new Turkish Commercial Code was ratified, although the business forms remained unchanged, their characteristics may differ from their predecessors.

The new commercial law recognizes the following forms of Turkish legal entities: Limited Şirket , Joint Stock Companies ( Anonim Şirket ), Subsidiaries and Collective Companies.

Besides the above types of companies, other legal entities recognized under Turkish law are business partnerships ( Kollektif Sirket and Komandit Sirket ).

Ordinary partnerships are not considered legal entities although their existence is not prohibited. 

 

AS (Joint Company) requires at least one shareholder and can be closed or opened A closed joint stock company must provide a minimum share capital of 50,000 TL and an open joint stock company must provide a minimum share capital of 50,000 TL and a registered capital of 100,000 TL .

Open joint stock companies may offer their shares to the public by registering them in the stock exchange, unlike closed joint stock companies. All the shares of the joint stock company may be cash or in kind and must have a nominal value (minimum 1 KR ).

 

Joint stock companies can issue preferred shares with a maximum of 15 voting rights. However, these rights cannot be applied in certain situations, such as choosing transaction auditors or agreeing to waiver procedures or amendments to articles of association.

The joint-stock company is managed by a board of directors that can be formed from one member. There is no need for you to be a shareholder in the company to be part of the board of directors.

 

 

A Turkish Limited Company (Limited Liability Company) is formed by at least one shareholder with a capital of at least 10,000 Turkish liras, the minimum capital must be deposited in one go, no installments are allowed, the total number of shareholders cannot be above 50.

The management of an LLC can be guaranteed by a director or board of directors, who may not be a shareholder in the company. The obligation to maintain a website was recently introduced for LLCs under the new Commercial Code.

 

The Comandite Corporation is a trading company formed by the leaders (legal members with responsibilities determined by subscribed capital) and unlimited members. There is no need to subscribe to a minimum share capital for this type of business.

 

Collective is a form of business established with no minimum share capital, members' liability limited to their share capital.

All shareholders of the collective company must be real persons.

 

An ordinary partnership (a consortium) consists of a group of businessmen under an agreement, in particular, ordinary partnerships have no trade name and do not appear in the Trade Register or Title Deeds Register. All partners are responsible for all debts and obligations and have equal rights. 

 

The two forms of business partnership are general ( Kollektif Sirket - when all members are fully responsible for debts, obligations and equal rights)

or limited ( Komandit Sirket - formed by a general partner who is fully responsible for debts and obligations but with decision-making powers and limited partners, who are liable for debts and obligations to the extent of their capital contributions)

 

 

 

Benefits of registering a company in Turkey

 

  • Doing business without the restrictions that exist for Iranian individuals and legal entities
  • Working and investing in a context where there is room for growth and success internationally
  • Taxes in Turkey are much lower than in Europe and the United States
  • Low start-up costs
  • Having special registration facilities for foreign companies in Turkey
  • You pay less for a living than other European countries
  • You get a residence permit for a year in Turkey, and after 5 years you will get a permanent residence
  • After the establishment of the company you can get a bank account and get a credit card and debit card

 

important note:

In some cases, it has been observed that someone has registered and established a company in Turkey in order to obtain a residence permit in Turkey, but it must be emphasized that this is one of the most difficult and costly ways to obtain a residence permit in Turkey.