Establishing a company in Turkey

 

The idea of ​​establishing a company in Turkey at first glance seems difficult, but the opposite is true. Turkey provides the easiest ways to establish companies in the world, and it is worth noting that the simplicity of the procedures for establishing a company in Turkey indicates the commitment of the Turkish government to the policies of attracting foreign investments; The Turkish government does not impose any restrictions on companies owning on its territory.

Establishing a company in Turkey

The economy in Turkey during the past sixteen years has witnessed remarkable growth due to the government's vision and adoption of economic and financial strategies that work on reform in both the public and private sectors. Hence, Turkey has become one of the primary investment destinations in the region.

Those wishing to establish a company in Turkey can seek the assistance of one of the agency companies in this field; Where these companies complete all the necessary transactions for the establishment of the company completely, and in a short time.

Establishing a company from abroad in Turkey

Turkish law and the amendments thereto are always in the interest of business owners and investors.

The latest amendments included setting up a mechanism for establishing a company in Turkey from outside it, without the presence of the owner himself, through what is known as a power of attorney.

Also, the owner of the company, after its establishment, can obtain a residence permit despite his absence in Turkey, through the agency, and then the agent sends it to the owner of the company by mail to his place of residence.

It also makes it easier for you to obtain this document to obtain a visa to easily enter Turkey legally; Thus, he has achieved two important things, namely, establishing a company in Turkey and obtaining a work permit, and entering the country without a visa.

Obtaining citizenship when establishing a company in Turkey

Turkey's laws allow an individual to claim citizenship, after obtaining a residence permit, and then a five-year work permit.

In most cases, a person obtains Turkish citizenship in this case legally, for any nationality residing in Turkey.

Procedures for establishing a company in Turkey

A company can be established in Turkey for a person who resides outside it, by seeking the assistance of a company that, on his behalf, performs all the incorporation procedures on his behalf.

In this case, the data is sent to the agent company after communicating with it, and these data include the company’s name, the capital determined for it, as well as the number of partners..etc, and then the remaining steps for establishing the company are as follows:

  • Send a copy of the passport of the owner of the company with a copy of his residence document in the country in which he resides, in addition to a personal photo of him.
  • Accordingly, the agent prepares the initial articles of incorporation for the company and acts on behalf of its owner in the incorporation procedures.
  • Then the agency sends the original papers to the owner of the company by mail.
  • Therefore, the owner of the company receives the papers and then goes to the Turkish embassy in his country of residence; In order to submit and approve the papers after auditing.
  • Hence, the papers, after being approved, must be sent back to the Agency; Whereby, the agency has obtained a power of attorney to represent its owner in the incorporation procedures.
  • Thus, the agency terminates the rest of the transactions in the Chamber of Commerce as well as the Tax Department, in addition to the notary public.
  • Upon completion of all procedures, the owner of the company must go to the headquarters of a Turkish embassy to approve the company's signature.
  • Thus, he has become a legal company registered in Turkey.
  • Finally, the owner of the company, after receiving all his papers, can extract his own work permit, and he can also do this by proxy.

Advantages of establishing a company in Turkey

When you start establishing a company in Turkey, you get many advantages, the most prominent of which are the following:

  • Working in a market that has been ranked among the top twenty economic markets in the world, in addition to a large purchasing power.
  • As well as the ease of marketing products and services in all European Union countries through Turkey.
  • In addition to the ease of export due to the Turkish government's decisions to exempt exports from all kinds of taxes; Which makes investing in Turkey the best.
  • You can also easily obtain a work permit in Turkey once the company is established.
  • In addition to health insurance for you and your family; Where treatment is free of charge in all hospitals in Turkey.
  • Schools and universities for all family members are free of charge.
  • And also Social Security, which gives you the right to disburse a sum of money from the Turkish government in the event that the company is closed due to a loss, but provided that the company has actually worked for a minimum of two years, and is not just a fictitious company.
  • She also receives a pension from the Turkish government, after spending a certain period of time working on Turkish soil.
  • You can also obtain support from the Turkish Ministry of Economy in the case of marketing Turkish products, with holding events and exhibitions for your company outside Turkey.
  • You also get a merchant card in Turkey, according to which you get information on all tenders and exhibitions held in the country.

Types of companies in Turkey

Before you set up a company in Turkey, you need to decide what type of company you want to establish.

It is worth noting that Turkish law stipulates that there are only 4 types of companies that can be established in Turkey.

The appropriate type of company is also determined according to several factors, the most important of which are the capital allocated to the company, and the size of the company to be established. The following are the types of companies in Turkey:

  • Limited Liability Companies (LTDs).
  • Also joint stock companies.
  • And also simple recommendation companies.
  • And finally, partnerships.

 

1- Joint stock companies

The capital of joint stock companies is divided into shares of a number of shareholders; Where the liability of the partner (the shareholder) is limited to the ratio of his shares to the capital subscribed to in his capacity as a contributing partner.

It is also required for this type that the founding partners number five, real or legal, and the company’s capital should not be less than 50,000 Turkish liras, which is approximately $9,000, provided that a quarter of the amount is paid before registration.

Joint stock companies can also specialize in any type of commercial or industrial activities permitted within Turkey.

2- Partnership companies

These companies are established for commercial projects, where the liability of the shareholders is limited, and their required capital is not a minimum.

Also, all shareholders must be real people.

3- Simple liability companies

Obtaining a license for these companies is difficult; This is due to the different conditions and administrative reference for issuing licenses.

This type of company includes banks and private financial institutions, as well as insurance companies, financial leasing, holding companies, and money exchange.

4- Limited liability companies

This type of company is typical for owners of small and medium enterprises, where the company consists of at least one shareholder, and at most fifty shareholders, and its establishment in Turkey costs a minimum capital of 10,000 Turkish liras, while in the event that the number of shareholders is two; The capital for them must be a minimum of 12,500 Turkish Liras.

 

It is worth noting that limited liability companies are not allowed to work in the fields of exchange, banking and insurance. The company is also managed by two parties: the directors and the board of directors. This company cannot sell shares or offer the company for subscription, and also the partners are the guarantors of any debts. And taxes on the company, and the liability of the partners is determined according to their percentage in the company’s capital. It is worth noting that most investors who own small and medium-sized projects prefer this type of company.

Documents needed to establish companies in Turkey

Establishing a company in Turkey requires the submission of a set of documents, the most important of which are the following:

  • A photocopy of the entrepreneur's passport, with a certified translation into Turkish, and attested by the notary public.
  • It is also required that the passport be valid for more than 6 months, in addition to the presence of a Turkish entry stamp on the passport.
  • In addition to the tax number document, which can be easily extracted through any tax center in Turkey.
  • Three personal photos.