Understand the Jurisdictions Setup Requirement Before Proceed Your Turkey Company Formation
Turkey is a gateway to Central Asia, the Middle East, and Europe thus having a growing economy, rich region to invest and many tax benefits for the start-ups. The government encourages FDI, and therefore you can execute Turkey company formation smoothly.
Two critical things while setting up a company in any other country are Infrastructure facilities and smart labour force. Both of them become a base to start a business in Turkey.
Different Types of Business Entities
The common form of business entity in Turkey is a Limited Liability Company, and the rest are as follows:
- The joint stock company which is set up by investors jointly between the foreign investor and a local person. It applies when foreigners invest in larger operations in Turkey.
- Limited liability company is the most popular one which requires at least one shareholder in the company. An LLC can be both private and public enterprise
- Commandite company is a type of non-corporate business firm which arises between partners
- Collective Company is also a type of non-corporate business firm which is registered by natural people.
- A parent company can also set up branch offices in Turkey.
Documents Necessary for Turkey Company Formation
Following is a list of documents essential to start a business in Turkey:
- If the shareholders in the company are individuals, then they must submit their passport copies at the time of registration.
- The article of Association must be in Turkish and notarize the same.
- The certificate of registration of the foreign company must be in Turkish and notarize the same.
- Details about the investors and the company’s director.
- Details about the manager of the company along with his passport copy.
Turkey Company Formation Steps
The business registration process is simple and fast. The time required to start a business in Turkey is a week if all the documents are in place. The steps of registration are:
- Drafting AoA which must be signed by the directors of the company. Notarise the same.
- Depositing the minimum capital required in the local bank account of Turkey.
- Submit the registration document along with a fee at the Commercial Registry Office.
- You will then receive a certificate, and the incorporation of the business will be published in Turkish Gazette
- Apply for tax certificate by submitting all the necessary documents such as AoA, power of attorney, company’s registered address proof, request form obtained from the tax office.
- Some industrial sectors such as trading, manufacturing and financial industry require special business licenses and permits which must be applied.
At 3E Accounting United Kingdom, we assist you to start a business in Turkey by setting up all the necessary documents along with translation and notarization, an opening of local bank account and deposition of the capital amount, tax registration, business permits. Contact us now for more information.