Quick Company Establishment in Turkey

The process of company establishment in Turkey is a multi-step procedure that ensures your business is legally recognized and operationally ready. To start, choosing the right type of business entity, whether it be a Limited Liability Company (LLC) or a Joint Stock Company (JSC), is crucial. Following this, assembling and submitting essential documentation, such as the articles of association and notarized signatures, to the Trade Registry Office is necessary.

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After registration, obtaining a tax identification number and setting up a corporate bank account are imperative steps. Compliance with Turkish labor laws through registration with the Social Security Institution and securing relevant business licenses are also required.

Post-establishment responsibilities include ongoing compliance with local laws, precise financial reporting, managing employee-related obligations, and meeting all tax requirements, including corporate income tax and VAT.

Our services for company establishment in Turkey include liaison office formation, branch office formation, free trade zone company formation, joint stock company, limited liability company formation, holding company formation, and company management and governance.

Steps for a Company Establishment in Turkey

Establishing a company in Turkey is a straightforward process that offers numerous opportunities for both local and international entrepreneurs. The Turkish market is dynamic and strategically positioned between Europe and Asia, making it an attractive destination for business ventures.

What is Company Establishment in Turkey?

Company establishment in Turkey refers to the legal process of forming a business entity within Turkish jurisdiction. This process includes choosing a suitable business structure, registering the company with relevant authorities, and fulfilling necessary legal requirements.

Common types of business entities in Turkey include Limited Liability Companies (LLCs), Joint Stock Companies (JSCs), and Branch Offices.

How to Establish a Company in Turkey

1. Choose a Business Structure: The first step is selecting the appropriate business structure. LLCs are popular for small to medium-sized enterprises, while JSCs are suitable for larger businesses with multiple shareholders.
2. Prepare Required Documents: Gather necessary documents such as articles of association, notarized signatures, and identification documents of shareholders and directors.
3. Register with the Trade Registry: Submit the required documents to the local Trade Registry Office. This step includes registering the company name, submitting the articles of association, and paying the registration fees.
4. Obtain a Tax Identification Number: After registration, obtain a tax identification number from the local tax office. This is essential for conducting any business activities in Turkey.
5. Open a Bank Account: Open a corporate bank account in Turkey. This account will be used for all financial transactions related to the company.
6. Register for Social Security: Register the company and its employees with the Social Security Institution to comply with Turkish labor laws.
7. Obtain Necessary Licenses and Permits: Depending on the nature of the business, additional licenses or permits may be required from various governmental agencies.

Responsibilities of Company Establishment in Turkey

1. Compliance with Local Laws: Ensure the company complies with all local regulations and laws, including tax laws, labor laws, and commercial laws.
2. Financial Reporting: Maintain accurate financial records and submit periodic financial reports to the relevant authorities. This includes annual financial statements and tax returns.
3. Employee Management: Adhere to employment laws, including employee contracts, payroll management, and social security contributions.
4. Corporate Governance: Implement proper corporate governance practices, including regular board meetings, shareholder meetings, and maintaining minutes of these meetings.
5. Tax Obligations: Fulfill all tax obligations, including corporate income tax, value-added tax (VAT), and other applicable taxes. Ensure timely payment to avoid penalties.
6. Renewal of Licenses and Permits: Regularly renew any necessary business licenses and permits to ensure continuous compliance with Turkish regulations.

Roadmap to Company Establishment in Turkey

• Partners’ passport translation and notarization
• Obtaining tax ID numbers for the partners
• Getting Power of Attorney from the partners for company formation before the Notary Public
• Determining and reserving the company title
• Signing a lease contract for the company address
• Preparing online company establishment procedures
• Filing company details at Istanbul Chamber of Commerce online
• Filing company Articles of Incorporation online and getting it approved
• Filing all the documents at the Istanbul Chamber of Commerce and paying official company registration fees
• Obtaining a company registration certificate from the Istanbul Chamber of Commerce
• Getting signature circular notarized at Notary Public
• Giving Power of Attorney to an accountant on behalf of the company
• Opening company bank account

We have established more than 260 companies in Turkey for our foreign clients including Spain, UAE, Ukraine, Russia, UK, Morocco, Lebanon, Syria, S. Korea, Germany, Italy, Jordan, Vietnam, Poland, France, Pakistan, China, Hong Kong, USA, Malaysia, Iran, Portugal, Norway, Canada, Saudi Arabia, Iraq, and Kuwait.

How Many Days for Company Establishment in Turkey?

We can perform your company establishment in Turkey and open bank accounts and get online banking in 1-2 days if partners are in Turkey and the company formation process will be faster and cost less.

We can perform your company establishment in Turkey remotely if you are not in Turkey, however, the setup process will be longer and cost more.

We Need the Following Documents 

From Real Persons;

• 2 Translated and notarized passport copies
• 2 Passport photos
• Power of Attorney to us for incorporating the company from each shareholder

Bank Account Opening for Your Company

We open bank accounts for a limited company in Turkey. Nowadays, there is a huge demand for bank account opening by foreign companies in Turkey. We assist you in opening company bank accounts.

We need the below documents for the company bank account:

• Company articles of incorporation.
• Shareholders’ and directors’ passport copies and their addresses prove documents such as a utility bill.
• Turkish tax id number for each shareholder (we will get it).
• Signature circular for the company.
• Company stamp.

Reach us for Company Establishment in Turkey

Establishing a company in Turkey offers significant potential for growth and expansion in a vibrant economy. By understanding the process and responsibilities involved, entrepreneurs can effectively navigate the complexities of company formation and leverage the opportunities available in the Turkish market.

For personalized assistance and detailed guidance, partnering with a reputable accounting firm like Finlexia can ensure a smooth and compliant company establishment process in Turkey.

For more information or to get started with your company establishment in Turkey, contact Finlexia Accounting Firm. Our team of professionals is ready to assist you with all your business needs.

You may reach our accountants and lawyers for company establishment in Turkey by visiting our Contact page.