After establishing the desired type of business (limited liability companies, joint stock companies, commandite companies, collective companies or commercial partnerships), the registration process doesn’t take longer than a week. The foreign investor must also benefit from a certain amount of capital before starting a business; for example, the limited liability company requires a minimum share capital of 10,000 TRY, while the joint stock company must deposit at least 50,000 TRY. Our attorneys in Turkey can offer assistance with respect to all the procedures required at the incorporation process and can also help you to submit the documents at the Turkish authorities. Plus, those who want to relocate the business can call on our immigration lawyers in Turkey.
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How to register a new business in Turkey
- choosing the type of company they want to establish and have the incorporation documents drafted and notarized in accordance with the Companies Law;
- open the corporate bank account and deposit the share capital required by the law;
- appoint the company’s directors or managers, as prescribed by the legislation;
- submit the incorporation documents and the details of the shareholders and managers with the Trade Register;
- obtain the tax and VAT numbers, as well as registering for social security purposes with the tax office.
Documents needed to open a company in Turkey
Shareholders in a company in Turkey
Company management in Turkey
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The trade name and legal address when opening a company in Turkey
How easy is it to hire personnel in Turkey?
- the passport of the applicant which must be in its validity period;
- a work visa application which will be handed to the applicant at the time;
- one recent passport-size photo; and one copy of the work contract – the future employer must send the copy;
- letter of assignment, which confirms the appointment of the future employee.
- work permit application letter;
- foreign personnel application form;
- a balance sheet;
- the latest profit/loss statement.
What are the main points of interest for foreign investors?
- the free zones (20 zones especially designed to increase the number of export investments, with 100% exemption for custom duties, corporate income tax for the manufacturing enterprises, VAT, income tax on the personnel’s salary for companies which exports at least 85% of the goods produced here, the possibility to deposit goods free of charge unlimited and with the possibility to transfer the profits abroad and to Turkey);
- organized industrial zones (276 zones with low costs on natural gas, water, telecommunication, no municipality tax on construction or on solid waste - the last one, if the zone doesn’t benefit from the municipality service, no VAT on land acquisition, exemption from the real estate duty for five years from the construction);
- technology development zones (50 zones with major exemptions until 2024 on corporate and income taxes on the revenue coming from software development, VAT on software application sales, salaries of R&D personnel - but without exceeding 10% of the number of employees);
- at the moment, only 34 technology development zones are functioning, while the others are still under construction. Also, you should know that a highly developed industry in Turkey is hair transplantation. This business sector is highly competitive and attractive for investors, as there are many customers that are in need of these types of medical aesthetic services.
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How much does it cost to open a company in Turkey?