How to open a business in Turkey as quickly as possible and with minimal financial investment? We are ready to answer all your questions, as well as provide support for the formation and registration of a legal entity in any organizational and legal form on the territory of the Republic of Turkey.
The basics and nuances of the legislation of the Republic of Turkey is the first thing a future entrepreneur who plans to open a business in this country needs to get to know.
Foreigners are provided with ample business opportunities in Turkey. The most attractive forms of doing business are:
- Individual entrepreneur, or GerÇek Kişi Tacir;
- Simple Partnership, or Adi Ortaklık;
- Cooperative – Kooperatif;
- Branch of a foreign company – Yabancı Şirket Şubesi;
- Representation in the form of a contact office, or a liaison office – İrtibat Bürosu;
- Limited partnership – Komandit Şirket;
- JSC, joint stock company – Anonim Şirket;
- LLC – limited liability company – Limited Şirket or Ltd. Şti.
A foreign citizen can choose any of these forms for their business in Turkey.
Foreigners are allowed to work in various directions. Among the most promising and popular are:
- The property;
- Travel business;
- Service sector.
To start your own business, you need to meet several organizational requirements. For example, certain criteria are set for the name of the company:
- It should indicate the type of activity of the company;
- The name must be unique and must not be the same as the name of another company for at least the first three words;
- To use the words “Turkey”, “Turkish”, “republican” in the name of a company, it is necessary to obtain the appropriate permission from the Council of Ministers;
- It is possible to use foreign words in the name of the Council of Founders of this company including citizens of other states.
One of the most popular and low-cost forms of business is LLC (limited liability company). We will figure out what this is, how the procedure for registering an LLC in Turkey by a foreign citizen goes through, and how much the total costs of opening a company will result in according to the new rules.
The authorized capital in the total amount of at least 10,000 liras and an initial contribution of at least 25% must be paid in the following order:
- 25% of the amount of the authorized capital during the first year of operation;
- the remainder within 2 years of activity;
- In the case of a work visa, the authorized capital is paid in full before the registration of the LLC.
Registration of a company in Turkey takes place through the Chamber of Commerce.
Without a work visa, residence permit, or Turkish passport, it will not work to open an account with a legal entity in Turkish banks. You can get a residence permit, which will take 2-3 weeks, and also choose an alternative solution to the problem – to appoint a nominal executive director of a Turk.
To register your own business in Turkey, you will need:
- Passport with translation, certified by a notary;
- Turkish INN;
- Certificate of registration, extract from the Unified State Register of Legal Entities and permission from the authorized body to approve participation in a Turkish company if the company is opened by a foreign legal entity;
- Power of attorney.
The founders or their official representatives must personally sign the Articles of Association at the notary’s office with certification of the signatures. After registration in the chamber of commerce, it is necessary to draw up accounting books and register with the tax chamber, then open a bank account and order a seal. Immediately before starting a business, you need to prepare receipts and expenditures, and invoices.
Usually, this preparation is enough to get started. The exception is companies that want to carry out activities that are subject to licensing. To get started, they need to obtain an appropriate license or permit.