MOST ASKED QUESTIONS ABOUT ESTABLISHING A COMPANY IN TURKEY

 

 

            Turkey has become a center of attraction in terms of business opportunities in the international arena with its geographical location, transportation infrastructure, economic size and qualified workforce potential.

 

            The Turkish government encourages foreign entrepreneurs to do business in Turkey. The processes of establishing a company in Turkey for foreign business people have been simplified and made simple by laws. Thanks to this, it is one of the countries preferred by many entrepreneurs and companies operating internationally to do business.

 

            There are many questions that foreign entrepreneurs who want to establish a business and engage in commercial activities in Turkey are curious about. These questions are especially about the establishment processes of the company, the establishment costs of the company and banking transactions.

 

            We have prepared an article with the questions most frequently asked by foreign entrepreneurs to our company establishment consultants. We hope that you will find the answers to most of your questions in this article.

 

            Apart from these, you can always contact us for other questions or to get support in establishing a company.

 

 

 

FREQUENTLY ASKED QUESTIONS ABOUT COMPANY FORMATION IN TURKEY

 

1- Can foreigners establish a company in Turkey?

            Yes. Foreign nationals can establish a company in Turkey. Turkey is a country that supports foreign investors. Foreign entrepreneurs who establish a company in Turkey have the same rights as Turkish citizens.

 

 

2- What documents are required for foreigners to establish a company in Turkey?

            The documents required for foreigners to establish a company in Turkey are a passport, a notarized Turkish translation of the passport, a personal tax number obtained in Turkey, and 3 photographs.

 

            To establish a company in Turkey, it is sufficient to come to our office with your passport. All necessary documents are prepared by us. All establishment procedures and official notifications are carried out by us.

 

 

3- Is it necessary to obtain a work permit to establish a company in Turkey?

            It is not mandatory to obtain a work permit to establish a company in Turkey. Namely; a company to be established in Turkey is a separate legal entity according to the laws. The company can engage in commercial activities as a separate legal entity from its founder. It can buy goods, sell goods, import and export.

 

            In other words, the company operates as a legal person registered in Turkey, separate from its founder. Therefore, the founder is not required to obtain a separate work permit in order for the company to conduct commercial activities.

 

 

4- Is it easy for foreigners to establish a company in Turkey?

            Yes. Foreigners are legally considered easy to establish companies in Turkey. The most important issue here is that foreigners determine the right address to receive support for establishing a company in Turkey. An experienced and dynamic team will follow all official processes and establish your company as a turnkey.

 

            Getting service from an inexperienced and inadequate address will do more harm than good to your business. The right team will always guide you in the right direction. It protects your business and guides you to avoid falling into cost traps.

 

 

5- Is it necessary to have a workplace to establish a company in Turkey?

            In order to establish a company in Turkey, it is mandatory to have a workplace address. A company cannot be established without a workplace address. Therefore, if you are going to operate in a physical workplace, you should first rent your workplace.

 

            If you do not need a physical workplace for your commercial activities, you can also use a virtual office address at affordable costs. The use of a virtual office is legal in Turkey.

 

            If you want to establish a company in Turkey with a virtual office address, contact us. In this case, all you have to do is come to our office with your passport. We will have your company ready in a few days, including the provision of a virtual office.

 

 

6- What types of companies can foreigners establish in Turkey?

            Foreigners can establish a limited company or a joint stock company in Turkey.

 

            When establishing a limited company, there is no obligation to block capital in a bank account. After the company is established, a bank account can be opened and the company capital can be deposited within two years. For this reason, foreign entrepreneurs mostly prefer a limited company.

 

 

7- How much does it cost to establish a company in Turkey?

            The cost of establishing a limited company in Turkey starts at approximately 550 USD. All establishment expenses are included in this cost. Company establishment service fee, sworn translator, notary expenses, chamber of commerce registration fees, tax office registration fees are included.

 

            If you want in a virtual office, we establish your company as a turnkey with a total cost of around 600 USD.

 

            Costs may vary slightly depending on the number of partners, capital amount, and number of fields of activity. Ask for a price to learn about current costs specific to your business and get a quote.

 

 

8- What are the monthly expenses of a company in Turkey?

            In Turkey, a limited company has accounting service fees and stamp duties on tax returns every month. For a company with no activity, you can think monthly costs to be around 130 USD.

 

 

9- Can foreigners establish a company in Turkey and become company managers?

            Yes. Foreigners can be managers and legal representatives of the companies they establish in Turkey. They can carry out the activities of the company.

 

 

10- Is it necessary to obtain a residence permit to establish a company in Turkey?

            You do not have to get a residence permit to establish a company in Turkey. You can come with just your passport and establish your company.

 

 

11- Is it possible to establish a company in a virtual address in Turkey?

            Yes. Using a virtual office is legal in Turkey. You can establish your company at a virtual office address at affordable costs. Later, if you wish, you can move the company address to a different address.

 

 

12- How much does it cost to establish a company in a virtual address in Turkey?

            Including virtual office fees, the establishment cost of a limited company starts from approximately 600 USD.

 

 

13- Is an accountant or lawyer required to establish a company in Turkey?

            Yes. In order for foreigners to establish a company in Turkey, they are required to work with an accountant. A minimum one-year contract is made for the accounting procedures of the company.

 

            If a one-year contract is not made with an authorized accountant, foreigners cannot establish a company. The authorized accountant prepares all tax returns of the company.

 

            We offer company establishment, accounting, tax, virtual office and consultancy services as a package to foreigners who come to establish a company.

 

 

14- How many days does it take to establish a company in Turkey?

            Unless there is a special situation, all transactions are completed within three to four business days.

 

 

15- Can I establish a company in Turkey without being there?

            Yes. It is possible to establish a company in Turkey without being in Turkey. However, the process takes a little longer. And the costs are a little higher. We can establish the company with a power of attorney sent to us.

 

 

16- Is capital required to establish a company in Turkey?

            The minimum capital to establish a limited company in Turkey is 50,000 TL. However, we recommend 200,000 TL for foreign entrepreneurs. Because the more capital a company has, the more prestigious it is in banking and commercial transactions.

 

            It is not necessary to block the capital in a bank account to establish a company. You can open a bank account after establishing the company. And you can deposit the company capital into the company's bank account within two years.

 

 

17- Can I establish a company in Turkey and open a bank account?

            Yes. After establishing in Turkey, you can open an account in Turkish banks in your company's name. There are more than fifty banks registered in Turkey. You can apply to any bank after establishing the company.

 

            As a recommendation, it would be useful to find a banker who speaks your language to open a bank account. Also, some bank employees may not be very willing to open accounts for foreign entrepreneurs. Finding a banker who speaks your language will make the process easier.

 

 

18- Can I establish a company in Turkey and import and export?

            Yes. After establishing a company in Turkey, you should contact a customs consultancy firm to import and export and make an agreement for import and export transactions. The customs consultancy firm will follow all official processes related to foreign trade transactions.

 

 

19- Can I establish a company in Turkey and provide services to different countries?

            Yes. Establishing a company in Turkey and providing services to countries outside of Turkey is very advantageous in terms of taxation. 80% of the income obtained from the services provided by companies in Turkey to individuals and companies outside of Turkey is exempt from tax.

 

            In other words, if a service is provided to another country with a company in Turkey, income tax is not collected on 80% of the money you earn.

 

 

20- What are the tax rates for companies in Turkey?

The corporate tax rate for companies operating in Turkey is 25%

 

The corporate tax rate for companies that import and export is 20%

 

The corporate tax rate for companies that export services is 20%

 

 

 

21- Which countries' citizens can establish a company in Turkey?

            Citizens of all countries, regardless of where they are from in the world, can establish a company in Turkey with their passports. There are no restrictions for this.

 

 

22- How many days does it take to open a company bank account in Turkey?

            Opening a bank account is normally completed within one business day. However, some banks may request additional information for foreign entrepreneurs. Therefore, the process may take a little longer.

 

 

23- Is it easy for foreigners to open a bank account in Turkey?

            Some banks and bank employees in Turkey may not be very willing to open accounts for foreigners. The main reason for this is the communication problem. If foreigners find a banker who speaks their language, all transactions will be easier.

 

 

24- Are there any restrictions on banking transactions in Turkey?

            There are no restrictions on banking transactions. According to the law, there are no restrictions on money transfers to any country. However, some banks may impose restrictions at certain times due to their own internal policies. These vary from bank to bank.

 

 

25- I want to establish a company in Turkey. Where should I start?

            If you want to establish a company in Turkey, contact us. In the first stage, we will prepare a detailed cost table specific to your business, free of charge.

 

            We are very experienced in establishing companies in Turkey for foreigners. We offer services that will meet all your needs as a package.

 

 

 

 

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