Starting a business, whether it be small or large, is not an easy process regardless of where you are. Foreign regulations regarding the business setup process may be different from those in your own country. The initial stage in this approach should be to examine the business environment in which you wish to establish a company. Finding a reliable consulting firm before and during the setup process would be advantageous for a foreign business owner.
Benefits of starting a business in Turkey
There are many advantages for business owners in starting a small firm. Being your boss gives you independence and the power to decide anything that will affect your company’s success. One of the most significant advantages of beginning a small business is financial gain. Although having your own business might provide you with a chance to make more than working for someone else, doing so carries a high level of financial risk. Being in charge of your firm opens up opportunities for learning because you are involved in every stage of running it. You have more awareness and creative freedom as a result.
Turkey offers many benefits to foreigners, including low operating costs, a skilled labor pool, reliable consumer spending, and government-sponsored incentives. Another advantage is the robust consumer spending and the local manufacturers who help and support business owners. Turkey is one of the most popular locations for foreign investors due to its low operating expenses and high revenues.
Steps to start a business in Turkey
It can be difficult to start a business here, but you and your company would benefit from the advice of a Turkish business partner.
Obtaining a prospective tax number from a tax office
A prospective tax number is required for all official processes. Getting a potential tax number from a tax office should be your initial move. Getting expert assistance from a consultant at this stage might be advantageous for you.
Settling the location of your company
Only using your company’s legal address will allow you to open a business in Turkey. You should choose a site for your business and hire a space, whether it’s a virtual or actual office. You will require a prospective tax identification number during the rental process, and you should pay the rent from your company’s bank account rather than your one.
Deciding the type of your corporation
The corporate company (JSC) and the limited liability company (LLC) are the two primary corporate structures available to international investors. A limited liability company would be the ideal choice for small business operations. A limited liability company could be formed quickly, inexpensively, and easily.
Choosing an accounting outsourcing firm for the company formation procedure
All investors need a qualified and reliable partner in their foreign country. You will require an accounting outsourcing company that will serve as your long-term business partner for all the details of your organization. Your accounting firm will initiate the creation process and handle the master agreement preparation, trade registry appointment applications, tax office document preparation, and power of attorney preparation tasks.
Registering your company legally
Your accountant would submit an application to the trade registry, tax office, and other relevant government offices on your behalf to register your company. It would take two or three days to finish this process. Once you have the necessary paperwork from the trade registry office, you should go to the notary to get your company’s signature circular. Throughout the procedure, a sworn translator should be available as well.
Opening a bank account
All financial operations for your firm must be done through a bank account. Although it is a straightforward process, you should be aware of Turkish banks’ requirements and seek your accountant’s counsel.
You may also find these articles helpful
Start IT business in Bangladesh
Start IT business in Bhutan
Start IT business in Brunei
