HOW TO SET UP A COMPANY IN TURKEY?

How to set up a company in Turkey. Setting up a company in Turkey involves several steps, including deciding on the business structure, registering with the Trade Registry Office, and obtaining the necessary permits and licenses. The process typically includes:

1. Choosing the business type (e.g., Limited Liability Company – LLC, Joint Stock Company).
2. Drafting the Articles of Association.
3. Registering with the Turkish Trade Registry.
4. Opening a local bank account and depositing the required capital.
5. Obtaining a tax identification number and registering with the tax authorities.
6. Securing any industry-specific licenses or permits.

By partnering with legal experts, such as Ongur Partners, the process can be streamlined and efficient.

Can a Foreigner Set Up a Company in Turkey?

Yes, foreigners are allowed to establish companies in Turkey without requiring local shareholders. Turkey’s investment-friendly policies make it easy for foreign entrepreneurs to start businesses. However, they must comply with Turkish legal requirements and may need assistance from experienced legal advisors to navigate the process smoothly.

What is the Minimum Capital for a Company in Turkey?

The minimum capital requirement depends on the type of company:

• LLC (Limited Liability Company): 50,000 TRY.
• JSC (Joint Stock Company): 250.000 TRY.

This capital must be deposited into a Turkish bank account before the company is registered.

How Much is Business Tax in Turkey?

Corporate income tax in Turkey is 25% as of 2024. Additionally, businesses must pay VAT (Value Added Tax), which ranges from 1% to 20%, depending on the sector and services provided.

How Long Does It Take to Set Up a Company in Turkey?

The company formation process in Turkey typically takes 5 to 10 business days, provided all required documents are prepared and submitted correctly. Delays may occur if additional permits or approvals are needed.

Which City is Best to Start a Business in Turkey?

• Istanbul: Ideal for international trade and finance.
• Ankara: Best for government-related businesses.
• Izmir: A hub for export-oriented industries.
• Bursa: Suitable for manufacturing and automotive sectors.

The choice depends on your industry and target market.

Is Turkey Good for Startups?

Yes, Turkey is an excellent choice for startups. The country offers:

• A large domestic market.
• Strategic access to Europe, Asia, and the Middle East.
• Affordable labor and operational costs.
• Government incentives for innovation and technology-based ventures.

Is Turkey a Good Country to Start a Business?

Turkey’s growing economy, young population, and strategic location make it an attractive destination for business. The government also provides incentives for foreign investors, including tax benefits and subsidies.

How Do I Register My LLC in Turkey?

To register an LLC in Turkey, follow these steps:

1. Draft and notarize the Articles of Association.
2. Obtain a tax identification number.
3. Deposit the minimum capital in a Turkish bank.
4. Register the company with the Trade Registry Office.
5. Apply for a tax certificate and open a business bank account.

What is the Foreign Ownership Limit in Turkey?

Turkey allows 100% foreign ownership for most businesses. However, certain industries, like energy or media, may have restrictions or require additional permits.

What Business Can a Foreigner Do in Turkey?

Foreigners can engage in various business activities, such as:

• Tourism and hospitality.
• Real estate and construction.
• Import/export businesses.
• Manufacturing and retail.

Technology and startups.

What Type of Business is Profitable in Turkey?

Profitable sectors in Turkey include:

• Real estate development.
• E-commerce and technology startups.
• Tourism and hospitality.
• Agriculture and food processing.
• Renewable energy projects.

How Much Does It Cost to Open an LLC in Turkey?

The costs for opening an LLC include:

• Trade Registry Fees: Approximately 1,000-2,000 $.
• Notary Fees: Around 500-1,000 $.
• Legal and Consultancy Fees: Varies based on services required.

On average, the total cost ranges from $2,000 to $5,000 USD.

What is LLC in Turkish?

In Turkish, LLC is referred to as “Limited Şirketi (Ltd. Şti.).”

What is the Equivalent of LLC in Turkey?

The equivalent of an LLC in Turkey is the “Limited Liability Company” (“Ltd. Şti.”), which offers limited liability to its shareholders.

Can I Register a Company in Turkey?

Yes, both Turkish citizens and foreign nationals can register a company in Turkey. The process involves meeting legal requirements, preparing documents, and registering with the Trade Registry Office.

How Long Does It Take to Register a Company in Turkey?

The registration process usually takes 5 to 10 business days, provided all documents and requirements are in order.

Is it Hard to Do Business in Turkey?

While Turkey offers a business-friendly environment, navigating the legal and administrative processes can be challenging for newcomers. Partnering with experienced consultants, like Ongur Partners, can ease the process.

Can I Be Self-Employed in Turkey?

Yes, foreigners can be self-employed in Turkey by registering a sole proprietorship or establishing a company. However, they must comply with tax and labor laws.

How to Incorporate a Company in Turkey?

To incorporate a company in Turkey:

1. Select the type of business entity.
2. Prepare incorporation documents.
3. Register with the Trade Registry.
4. Open a bank account and deposit the capital.
5. Obtain tax and operational licenses.

How Do I Verify a Turkey Company?

To verify a company in Turkey:

• Check its registration details with the Turkish Trade Registry.
• Request a copy of its Articles of Association.
• Consult legal experts for additional verification.

Company Formation Procedure in Turkey & Istanbul

The procedure includes:

1. Selecting the company type and name.
2. Drafting and notarizing documents.
3. Registering with the Trade Registry in Istanbul or other cities.
4. Obtaining tax and social security registrations.
5. Complying with industry-specific regulations.

How to Obtain Turkish Residency and Working Permits?

To obtain Turkish residency and work permits:

1. Apply for a residence permit via the Directorate General of Migration Management.
2. Secure a job offer or start a business to apply for a work permit.
3. Submit the required documents, including your passport, company registration (if applicable), and application forms.

Legal experts, such as Ongur Partners, can provide assistance throughout the process.

Set Up a Company in Turkey with Ongur Partners

Setting up a company in Turkey is an exciting venture, offering access to a dynamic market and a strategic location bridging Europe and Asia. Whether you’re an entrepreneur or an established business looking to expand, Ongur Partners is here to guide you through the complexities of company formation in Turkey. In this article, we delve into the step-by-step process, costs, legal requirements, and the unique benefits of partnering with Ongur Partners for a seamless setup experience.

Why Choose Turkey for Your Business?

Turkey’s rapidly growing economy, young population, and advantageous geographic location make it a prime destination for businesses. Key benefits include:

• Access to a market of over 80 million people.
• Proximity to Europe, Asia, and the Middle East.
• Government incentives for foreign investors.
• Affordable operational and labor costs.

Why Partner with Ongur Partners?

Ongur Partners is a leading law firm in Turkey specializing in company formation, legal compliance, and business consultancy. With years of experience and a client-centric approach, Ongur Partners offers:

• Expert Guidance: Comprehensive knowledge of Turkish laws and regulations.
• Tailored Solutions: Customized strategies for every business type.
• End-to-End Support: Assistance from planning to execution.
• Multilingual Services: Fluent communication for international clients.
  

  Step-by-Step Guide to Setting Up a Company in Turkey with Ongur Partners

  1. Choose Your Business Structure

  The first step is selecting the most suitable business structure. Common options include:

  • Limited Liability Company (LLC): Ideal for small to medium-sized enterprises.
  • Joint Stock Company (JSC): Suitable for larger businesses requiring significant capital.
  • Branch Office: For companies looking to expand operations in Turkey.

  Ongur Partners evaluates your goals and advises on the best structure to meet your needs.

  2. Draft and Notarize the Articles of Association

  The Articles of Association outline your company’s objectives, shareholder information, and operational guidelines. Ongur Partners ensures that your documents comply with Turkish regulations and assists with notarization.

  3. Obtain a Tax Identification Number

  All businesses in Turkey require a tax identification number. Ongur Partners manages the application process to ensure a swift and accurate issuance.

  4. Deposit the Minimum Capital

  The minimum capital requirement depends on your business type:

  • LLC: 50,000 TRY.
  • JSC: 250,000 TRY.

  The funds must be deposited into a Turkish bank account, and Ongur Partners facilitates account opening and capital deposit procedures.

  5. Register with the Trade Registry Office

  Your company must be registered with the Trade Registry Office in the location where it will operate. Ongur Partners handles the preparation and submission of all necessary documents.

  6. Obtain Required Licenses and Permits

  Depending on your industry, specific licenses or permits may be required. Ongur Partners identifies these requirements and assists in obtaining approvals.

  7. Register with Tax and Social Security Authorities

  Finally, your company must be registered with the tax authorities and social security administration. Ongur Partners ensures compliance with all tax and labor laws.

  Costs of Setting Up a Company in Turkey

  The costs involved in company formation include:

  • Trade Registry Fees: Approximately 1,000-2,000 $.
  • Notary Fees: Around 500-1,000 $.
  • Legal and Consultancy Fees: Varies based on services required.

  Ongur Partners provides transparent pricing and customized packages to suit your budget.

  How Long Does It Take to Set Up a Company in Turkey?

  The entire process typically takes 5 to 10 business days, depending on the completeness of the required documents and approvals. With Ongur Partners, delays are minimized through efficient planning and execution.

  Additional Services by Ongur Partners

  Beyond company formation, Ongur Partners offers:

  • Legal Compliance: Ensuring adherence to Turkish laws.
  • Business Consultancy: Market analysis and strategic planning.
  • Residency and Work Permits: Assistance with obtaining permits for foreign investors and employees.
  • Ongoing Legal Support: Continuous guidance to support your business operations.

  Why Work with Ongur Partners?

  Ongur Partners stands out due to its:

  • Proven Expertise: Decades of experience in company formation and legal advisory.
  • Client-Focused Approach: Personalized services to meet unique business needs.
  • Strong Network: Connections with Turkish authorities and institutions for seamless processes.
  • Comprehensive Services: Covering all aspects of starting and managing a business.

  Conclusion

  Setting up a company in Turkey offers immense opportunities, but navigating the legal and administrative requirements can be challenging. Ongur Partners is your trusted partner, providing expert guidance and comprehensive support to ensure a hassle-free experience.

  With Ongur Partners by your side, you can focus on your business goals while leaving the complexities of company formation to the experts. Contact Ongur Partners today to take the first step toward establishing your business in Turkey.