Company Registration in Turkey

Tips about Company Registration in Turkey

You don't require a residency to start a business and of course one of the benefits of Turkey is that Visa is not also required. Three Type of companies that can be registered in Turkey are as follows:

• Private Company Registration
• Limited Liability Company Registration
• Cooperative Company (Anonim Şirket) Registration

One of the benefits of a company registration in Turkey is that having a commercial office is not required and the home address (virtual office) can be registered and introduced to the Company Registration Office.

This kind of company you desire to register has been designed for the Turkey citizens, only. It is required for you to present, once, the capital of a company registered in the company account to the government. Related to limited liability company, however, one-fourth of the company capital must be presented to the government as an initial investment and then, the remaining three quarters.

Registration Process in Turkey

The process of company registration in Turkey will take 7 to 10 days. However, investors must also consider the licensing process, which depends on the industry the company will operate in. In this case, the whole registration procedure can take up to 3 weeks. According to Turkey law, the person taking action for the company registration must introduce an accountant for the government to push forward with the tax and official affairs. Understand this, an experienced accountant in the field of accounting can be much helpful in the company.

After the company was registered, you can pay one-fourth of the monthly rental value as taxes to the Turkish Revenue Administration (Tax Administration Office). In case that no invoices were kept, you will be charged with a minimum of 200$ for the common company costs.

Company Capital

Documents Required for Registration

The following documents will be required for the registration of a company:

• The registration form received from the Trade Register must be filled.
• The notarized copies of the articles of association and the company’s bylaws must be provided.
• The copies of the official company advertisement which must be notarized.
• Receipt showing that initial share capital has been deposited in a bank located in Turkey.
• The document attesting the persons authorized to represent the company (power of attorney).
• The founders’ declaration attesting to the decision of registering the company.
• A receipt showing the registration payment for the Competition Authority.
• A colorful 3*4 photo.
• The original passport of each partner (with the validity date of more than 6 months).
• A Couple of names chosen for the company.
• The partnership share for each of the company partners.

Stages of Company Registration

The following stages must be followed for registering a company in Turkey but we recommend you to receive consultations from our experienced advisors:

• Drafting the company’s documents with a public notary.
• Filing the documents with the Trade Register.
• Choosing an official accountant from Turkey.
• Drafting company’s articles of association.
• Applying for a tax and VAT number.
• Drafting and filling the special application for the company establishment.
• Determination of the company office to be registered by the Turkish Revenue Administration Officer.
• Obtaining a commercial card.

Inquiry for Registered Companies

Both individuals and companies are allowed to make inquiries with the Trade Register in Turkey. They can make inquiries for the information of companies registered as follows:

• They can receive information about all types of companies registered in Turkey.
• The date of a company registered and address information.
• Information about the financial statuses of these companies.
• Information about the managers and directors of companies that were registered in Turkey.

Registration Benefits in Turkey

• Granting working Visa by registering a company in Turkey.
• By registering a company in Turkey, you shall be recognized as a foreign investor in the view of government, corporations, companies and even people.
• After your company was registered in Turkey, you will be able to obtain a credit card after 1 year of being active by showing that your business is profitable and useful.
• Lower start-up costs.
• The lower cost in comparison to other European countries.
• Lower taxes in comparison to European and American countries.
• Company registration can be done without the necessity for a Turkish partner.
• The ability to receive a Turkish residence permit after the company was registered.
• The ability to travel to more that 10 countries without a Visa.
• The proper cost required for living and company maintenance.
• Most of the companies that have the ability to be registered under the Iran Commercial Code can also be registered in turkey. The most common and acceptable types of companies that have been registered before in Turkey include limited liability companies and private and privately held companies.

The company Registration Cost in Turkey

Note that the company registration fee will be determined based on the share capital of the new company to be registered. The cost of company registration includes fixed costs and continuous costs. For example, the fixed cost consists of expenses to be received by the registration office, expenses related to purchase or rent of a company office and continuous costs include recruiting an accountant or financial advisor required by Turkish laws, expenses related to insurance, employees’ revenue, taxes, membership fee at the Chamber of Commerce and company rent.

For more information on the exact costs, please contact our senior advisors.