Foreign nationals and investors interested in forming a company in Turkey have the full support of the Turkish government. As per Turkish law, all foreign investors have similar rights to domestic investors. Bureaucratic procedures are simple and lenient for company formation in Turkey.
Establishing a Company in Turkey
As a Turkish investor, you can establish a company or firm within the limits of the Turkish free trade zone. This free zone can be advantageous to companies in many ways. Companies incorporated through this zone can get tax incentives and other advantages from the government. Investors can return monetary funds back to their home country through the free trade zone.
FO Consultancy is one of the trusted names among consulting firms that focus on foreign law in Turkey. You can connect with their expert consultants for your business needs related to company formation services near you. First-time consultation with them is absolutely free.
The Detailed Company Registration Process in Turkey
To establish a company in Turkey, you may have to follow the following steps:
- Online Entry – You can sign up for online systems like MERSIS, wherein trade registry transactions are allowed to be conducted. The system is accessible to all applicants. Foreign nationals need to submit a tax ID to register for MERSIS.
- Creating Tax ID – You can create the tax ID by entering the necessary company formation documents for the application. The system can also help gather details regarding the signing of contracts for authorisation. Some businesses have to follow the rules set by the Trade Registry Directorate.
- Notary & Capital Deposit – When the procedure reaches the Notary approval stage, then certain requirements must be done through the correct notary. After the notary process, signatures are duly checked and individuals can prepare the date for declarations. For the capital deposit, your bank account must have a minimum of 0.04 percent of the total sum of authorised capital. The account is controlled by a body known as ‘share competition authority’. Twenty-five percent of the cash has to be deposited in the Joint Stock companies, which is needed to register for business.
Several types of companies can be selected for forming a company in Turkey:
- A joint stock company that is set up by investors for building mega operations in Turkey.
- A limited liability company, which is public or private. The private company is mostly favoured by foreign enterprises.
- The commandite company is similar to the limited partnership companies in other countries. It is essentially a non-corporate business formation.
- A non-corporate company structure called the collective company is to be registered by specific natural persons only (i.e. a person having his own legal personality.
- A cooperative company is one of the most trusted and popular types of organisations in Turkey
The Turkish government grants permission to register your company in Turkey with at least one director and one shareholder. As a businessman wanting to start a company in Turkey, you can even register online or without your physical presence. You can approach established local company formation service providers in Istanbul.