What are the steps and papers required to open a company in Turkey?
Turkish government provided facilities and laws for those who want to establish a company in Turkey, where Turkish government is keen to attract commercial and economic activities by facilitating the affairs of investors, and provide many features and services that made investment in Turkey something sought by investors and businessmen from all over the world, including laws of Turkish citizenship for investors on easy and simple terms that detailed in the following link Steps of obtaining Turkish citizenship by owning a property in Turkey
What are the types of companies in Turkey?
There are four types of companies in Turkey:
1- Joint Stock Companies:
In this type of company, the company's capital is divided into shares distributed to shareholders/ partners. The liability of the shareholders shall be limited to the proportion of their shares from the capital of the company subscribed as a shareholder.
The number of founding partners must be at least five persons or legal entities, with a capital of at least 50.000 TL/ approximately $ 9.000, a quarter of which is paid before the company is registered.
Joint-stock companies may carry out any commercial or industrial activity permitted by Turkish law, except for certain activities that require special permission from the Ministry of Industry and Trade.
These include a board of directors and a supervisory board.
2- Joint venture companies:
This type of company is established to operate a business, under a certain commercial name, and the liability of all shareholders is limited, with no minimum capital requirement.
All shareholders must be real persons, and the rights and obligations of shareholders are determined by statute.
3. Companies with special / unlimited liability legislation:
Licenses are often difficult for such companies because of their different conditions and the different administrative authority entrusted with issuing the license. These include banks, private financial institutions, insurance companies, financial leasing companies, debt collection companies, holding companies, foreign exchange companies, and companies dealing with storage in Warehouses.
4- Limited Liability Companies:
This typical type of company is for small and medium-sized entrepreneurs and consists of at least one shareholder and a maximum of fifty shareholders. If they are two shareholders, the minimum capital should be 12.500 TL.
Limited liability companies are not allowed to operate in the fields of banking, insurance and currency exchange, and are managed by two bodies: managers and the board of directors. The company's shares cannot be sold or offered for subscription, and the partners are the guarantors of public debts and taxes levied on the company.
Partners' liability is limited by the proportion of their shares in the share capital.
Most investors and SMEs prefer to establish this type of company.
No more than one person or legal entity is required to establish a limited liability company in Turkey. This company can be managed by foreigners (with a work permit), and the ownership percentage in the company can be 100% for foreigners.
Starting a company does not take much time and effort, as a new company can be established in just one week or less.
What are the required documents when opening a company in Turkey?
1- A photocopy of the passport translated into Turkish language and certified by the "Noter", and that the validity of the passport exceeds 6 months, in addition to the presence of the entry stamp to Turkey.
2- The tax number document "vergi numarası" can be easily extracted from any tax center in Turkey.
3- Three personal photos.
What are the steps to open a company in Turkey?
1. Preparing the articles of association for the incorporation of the company, and its ratification from the Noter.
2- Deposit 25% of the capital value in the bank. Therefore, it is always advised that the capital should be at least 100,000 TL or more, making it easier to obtain a business residence for the owners and employees of the company, and other important benefits. The capital is deposited in a bank account of the company being created. The company receives from the bank a paper deposit of the value of the capital, after which the company's securities can be managed, obtaining approval from the Chamber of Commerce of Turkey, obtaining the land registry, and any other procedures.
3. Submit the original copy of the company's articles of association, in addition to two certified copies thereof, to the Commercial Registry Office within 15 days from the date of notarization.
4. Limited liability companies must comply with Article 279 of the Turkish Commercial Code.
The title of the company must be explicitly stated in the Articles of Association, and it should be noted that the Articles of Association of the Company will be published in the Official Gazette.
After the company is established in the Commercial Registration Office, the company must be registered at the local tax office, where the tax certificate is received, which must be clearly displayed and placed in the workplace, where the local tax officer visits the office of the company or store within a few days to verify The information mentioned is from the tax certificate.