STARTING A BUSINESS IN TURKEY

 

 

        Turkey is a country preferred by many entrepreneurs due to its economic potential, geographical location, qualified labor resources and more affordable labor supply compared to European countries.

 

       According to Turkish law, foreign entrepreneurs have the same rights and obligations as Turkish citizens. Foreign entrepreneurs are free to establish companies and invest in Turkey. They have equal conditions with Turkish citizens.

 

       Additionally, foreign entrepreneurs in Türkiye are actively supported. Legal procedures regarding investing and establishing a company in Turkey are kept very easy and simple.

 

 

How to start a business in turkey as a foreigner ?  Where should I start to set up business in Turkey?

 

1- To set up a business in Turkey, you should first find  an expert team experienced in foreign investors. You should agree for the company's formation process and monthly accounting & bookeeping services.

 

2-  You need a company/business adress to company establishment in Turkey. If you don't need an office or a work place you can rent a virtual office adress witl low charges.

 

   Note: We offer holistic services as a package to meet all the legal needs of entrepreneurs who want to establish a company in Turkey.

 

     The holistic services we offer; Company establishment, monthly accounting & bookkeeping services, tax services, virtual office services, payroll services, trademark registration services and consultancy services.

 

     With our holistic solutions, we prepare the company of the foreign entrepreneur who comes to our office with his passport within 3-4 days. We prepare all the necessary documents. And we complete all official procedures.

 

 

Can a foreigner start a business in Turkey?

 

Of course. Foreign citizens are free to establish companies and invest in Turkey. Foreign entrepreneurs and Turkish citizens have the same rights. They are treated equally.

 

Regardless of which country they come from, Türkiye supports all foreign entrepreneurs. It is facilitated by law for foreigners to establish a business and engage in commercial activities in Turkey.

 

 

What is the minimum capital to set up business in Turkey?

 

     When a company is established in Turkey, capital requirements vary depending on the type of company. The capital obligations of limited companies and joint stock companies, which are most preferred by foreign entrepreneurs, are as follows.

 

      LLC - Limited libality company; Minimum capital is 50.000 TL.

When establishing a limited company, there is no requirement to block this capital in a bank account. In other words, in the first place, the capital fee is only included in the articles of association. Once the company is established, you can open a bank account for the company within two years by law. And you can deposit the company capital into the company's bank account.

 

       JSC - INC joint stock company ; Minimum capital is 250.000 TL.  During the company formation, at least twenty-five percent of the capital have to be ready and blocked in the bank.

 

 

Can a legal entity (company) registered in another country set up a business/company in Turkey?

 

Of course. Legal entities can set up company in Turkey.

 

In order to establish a company as a legal entity, all official documents in the country where the legal entity is registered are notarized and apostilled. In countries where apostille approval cannot be made, alternatively, approval can be obtained from the embassy of the Republic of Türkiye.

 

On the other hand, in order to establish a company as a legal entity, a real person representative is appointed to complete the transactions in Turkey. The natural person can be a citizen of any country.

 Establishing a company for legal entities in Turkey is complicated and the legal procedures are a bit complicated. And the company's start-up costs are a bit high.

Therefore, it is important to work with an experienced team in establishing a legal entity company in Turkey.

 

 

How much company set up cost in Turkey 2024 ?

 

The basic expenses encountered when establishing a company in Turkey are as follows; Chamber of commerce registration expenses, notary fees, translator fees and company establishment service fees.

 

1- Trade registry fees ;  These fees will pay to the chamber of commerce.  It can vary based on busines area, the company type, compny main contract and company capital.  How much the trade government charges of establish a company in Turkey in 2024 ? The total amount of the trade registry of establishing a company in Turkey is   ₺7.750 (245$ around).

 

2- Notary fees; There will be notary charges for documents such as passport translation, company representative signature circular, power of attorney for accountant. Notary charges vary depending on criteria such as the number of documents and translation.

 

3- Company set up service fees: The company formation service fee is determined depending on the legal status of the partners, the number of partners and the number of transactions to be carried out. You can request a offer.

 

4- Virtual office service charges - If you want :  Virtual office service fees are determined within the scope of the requirements of the company.

 

 

Citizens of which countries can start a business in Turkey?

 

     There are no restrictions or obstacles on a country basis to establish a company in Turkey. Citizens of every country can establish a company in Turkey.

 

     People from every country in the world are free to establish a company in Turkey. And they have the same rights as Turkish citizens.

      Additionally, in some special and strategic sectors, special regulations and permits may be required for foreign entrepreneurs.  Some examples of sectors with special regulations for foreign entrepreneurs are; We can list the health sector, pharmaceutical sector, banking sector and private security sector.

 

 Can foreigners establish a company and open a bank account in Turkey?

 

             There are no legal restrictions on opening a bank account for a company to be established in Turkey. After establishing a company in Turkey, foreigners can open a bank account for their company.

 

    There are more than fifty banks registered in Turkey. Some of these banks may not be very willing to open accounts for foreign entrepreneurs due to their own internal decisions. Or bank employees may not be very willing due to communication problems with foreign entrepreneurs who do not speak Turkish.

 

      For this reason, it would be beneficial to choose benches where there will be no problems with communicatio

 

      Which documents reqired to open bank account in Turkey? Official founding documents of the company, signature circular, company stamp. After the company is established, all of these documents are prepared by our expert team.

 

 

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

 

       Establishing a company in Turkey is completed in approximately three or four business days. This period is the minimum period and may be extended by a few days due to the characteristics of the company and necessary additional obligations.

    A team experienced in these matters will complete the establishment of your company in the shortest time and in a healthy way. For this reason, it is important to determine the correct address to receive service.

   

     We ensure that your company is established as soon as possible with our team who is highly experienced in establishing all kinds of companies. We ensure that your company is established on a solid legal basis and complete all official procedures for you.

 

 

 Is it mandatory to be in Turkey to establish a company in Turkey?

 

        It is not compulsory to be personally present in Turkey to establish a company in Turkey. If you submit the necessary documents, a company can be established in Turkey with a power of attorney.

 

     However, establishing a company without being personally present in Turkey takes a little longer and costs a little more.

 

    In order to establish a company without being personally present in Turkey, the documents you need to obtain in your own country and send to us are as follows;

 

1- Passport copy of founders - Notarized and aposstilled.

2- Power of attorney for company establish - Notarized an apostilled.

3- Three photo of every founders- Background white.

 

    Documents must be obtained from the notary in your country. And also apostille approval must be made. If your country is not a party to apostille, you can alternatively have it approved by the embassy of the Republic of Turkey.

 

     As a recommendation; The fastest and most cost-effective way to establish a company in Turkey is for the founder to come to Turkey himself. The procedures for establishing a company in Turkey without being present in Turkey are a bit more and the costs are a bit higher.

 

How much the monthly charges of a company in Turkey?

 

     A company established in Turkey will have fixed expenses every month. These costs are approximately:

 

1- Stamp tax on VAT declaration - 308 TL around. every month

2- Stamp tax on income tax return - 610 TL around. every three months

3- Withholding tax -Stoppage tax - 1.200 TL around. every three months

4- Accounting service charge - every month

5- Virtual office service charge - every month

6- Approval expenses of company accounting books - once a year.

 

 

You can always contact us to complete your company establishment process in Turkey smoothly and safely.

 

 

 

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