How to Open a Business in Turkey
Foreign citizens have the opportunity to register their business in the Republic of Turkey. The Turkish government supports foreigners who invest in business.
The most common areas of doing business in the resort areas of Turkey are tourism, the beauty industry, health care, the entertainment/leisure industry and, of course, trade. Such areas as currency exchange, banking, insurance are under state control, therefore, permission from the Ministry of Trade and Industry is required to work in these areas.
Registration of a business in the Republic of Turkey is usually much easier and faster than in most of the former CIS countries. The fact that the costs of renting commercial premises, wages of employees and other operating expenses are much lower makes it even more attractive to open a case for foreigners in Turkey.
The most common forms of doing business are:
IP - Individual Entrepreneur (Real Person Trader)
Simple Partnership (Ordinary Partnership)
Cooperative (Cooperative)Branch of a foreign company (Branch of a Foreign Company)
Representation in the form of a liaison office or a communication office (Liaison Office)
Komandit Partnership (Komandit Company)
Joint Stock Company (Joint Stock Company)
Ltd - Limited Liability Company (Limited Liability Company or Ltd. Sti).
A foreign citizen can choose any of these forms for his business in Turkey.
COMPANY NAME REQUIREMENTS
It should indicate the type of activity of the company;
The title should be unique and not identical to the name of another company, at least in relation to the first three words;
Permission from the Council of Ministers is required to use the words "Turkey", "Turkish", "Republican" in the title;
It is possible to use foreign words if citizens of other countries are included in the Council of Founders of the Company.
COMPANY REGISTRATION DOCUMENTS
A transfer passport certified by a Turkish notary;
If the company opens a foreign legal entity, the registration certificate, the registry statement and the authorization certificate from the competent authority for the approval of participation in the Turkish company;
In the event that the founder cannot be present in person, the power of attorney belongs to the official representative.
BUSINESS REGISTRATION PROCEDURE IN TURKEY
1. Prepare the bylaws, the manifesto, the founders' decision, the company's name in Turkish.
2. Sign all documents with proof of signatures at the notary's office. All founders or their officials are required to have the right to sign by proxy. The maximum number of founders is 50 people. The citizenship of the founders does not matter.
3. Register the company with the Chamber of Commerce and industry.
4. Be registered with the Tax Office.
5. To organize notebooks.
6. Open a bank account.
7. Place an order and get a seal.
8. Prepare invoices and invoices for arrival and expenses.
9. If the activity of a company means that it has a license, then you need to obtain a license or permission for an activity other than the above.
10 Invest 25% of the authorized capital within 3 months. The remaining amount can be deposited within 3 years. The minimum registered capital is 10 thousand TL.
The registration process will take about 5 working days.
Customs clearance will cost about 2 thousand 500-5 thousand TL. Exactly how much money will be needed depends on how many documents need to be translated into Turkish and notarized.
According to the law, you can register a company in Turkey only with the help of an officially accredited chartered accountant, which includes subsequent record-keeping, writing statements, issuing any accounting documents.The cost of the services of an experienced accountant can be very different, on average, from 250-1000 dec per month, depending on the amount of work they do.