How to Set Up a Company in Turkey?
Setting up a company in Turkey involves several steps and adherence to local laws and regulations. Here is a comprehensive guide to establishing a business in Turkey:
Choose a Trade Name
Select a unique trade name for your company that is not already in use by another business. You can verify the availability of the name through the Turkish Trade Registry.
Decide on the Company Type
Determine the type of company structure that best suits your business needs. Common types include:
- Limited Liability Company (LLC): Preferred for small to medium-sized businesses.
- Joint Stock Company (JSC): Suitable for larger businesses with plans to go public.
- Commandite Company
- Collective Company
Obtain a Tax Number
Foreigners must first acquire a tax number from the local tax office. This number is necessary for the next steps in the registration process.
Gather Required Documents
The documents required for company formation in Turkey include:
- Identification documents of shareholders and directors.
- Articles of association (prepared in accordance with Turkish Corporate Law).
- Lease agreement or proof of business address.
Register with MERSIS
MERSIS is a central information system for carrying out electronic registration processes of companies in Turkey. You need to register your company with MERSIS to proceed.
Notarization of Documents
Certain documents, such as the articles of association, must be notarized by a Turkish notary.
Deposit Capital
Depending on the type of company, a minimum amount of capital may be required. This capital must be deposited into a bank account in the name of the company.
Apply to the Trade Registry Office
Submit all the required documents to the local trade registry office to officially register your company. This step also involves getting your company’s trade registry gazette, which is proof of company formation.
Obtain Necessary Permits
Depending on the nature of your business, you may need specific permits and licenses. This can include health and safety, environment, and industry-specific permits.
Register for VAT
Register your company with the local tax office to obtain a VAT number. This is crucial for tax purposes and to commence business operations.
Social Security Registration
Register yourself and any employees with the Turkish social security institution to ensure compliance with local labor laws.
Open a Bank Account
Opening a corporate bank account in Turkey is necessary for effective financial management.
Additional Tips
Legal and Financial Advice
It’s advisable to consult with local legal and financial experts to ensure all aspects of the company formation comply with Turkish laws.
Timeframe
The whole process can take around 3 weeks, but this may vary depending on the complexity of your business structure and the specific needs.
Setting up a company in Turkey requires many steps. By following these steps, you can effectively set up your company in Turkey. Make sure to stay informed about any changes in local regulations that may affect your business operations. Please feel free to contact us for your questions ve requests about company setup in Turkey.
