Establishing a Company in Turkey is Quick

Establishing a company in Turkey involves meticulous planning and adherence to legal procedures. The choice of company type, such as a limited liability company (LLC) or joint-stock company (JSC), determines the structure and operational framework.

Finlexia Accounting Firm, a prominent Istanbul-based accounting firm assisting clients since 2017, provides comprehensive guidance on establishing a company in Turkey.

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Drafting and notarizing the articles of association are crucial steps, outlining the company’s purpose, shareholder details, and management structure. Registering with the Trade Registry Office requires submitting these documents along with proof of initial capital deposit.

Obtaining a tax identification number, opening a bank account, and registering for social security are essential for legal compliance. Additionally, acquiring relevant licenses and permits is necessary to commence operations.

Ongoing responsibilities include compliance with local laws, financial reporting, tax obligations, employee management, and regulatory filings. As a leading accounting firm in Turkey, Finlexia Accounting Firm provides expert guidance throughout the company establishment process, ensuring clients’ compliance and success in the Turkish market.

What Is Establishing a Company in Turkey?

Establishing a company in Turkey involves legally creating a business entity recognized by Turkish law. It allows entrepreneurs and investors to operate within the Turkish market, benefiting from its strategic location and dynamic economy. The process ensures that the company complies with Turkish regulations and can engage in various commercial activities.

How Is a Company Established in Turkey?

Establishing a company in Turkey is a structured process that involves several key steps:

1. Choose the Company Type: Decide on the type of company to be established, such as a limited liability company (LLC), joint-stock company (JSC), or branch office.
2. Prepare Articles of Association: Draft the articles of association, outlining the company’s structure, purpose, and operational guidelines. This document must be notarized.
3. Register with the Trade Registry Office: Submit the notarized articles of association and other required documents to the Trade Registry Office. This includes proof of identity for shareholders and managers, address details, and the company’s initial capital.
4. Obtain a Tax Identification Number: Register the company with the local tax office to receive a tax identification number, necessary for tax purposes.
5. Open a Bank Account: Open a bank account in the company’s name and deposit the initial capital. Obtain proof of the deposit, which is required for the registration process.
6. Register for Social Security: Enroll the company and its employees with the Social Security Institution (SGK) to ensure compliance with Turkish social security laws.
7. Obtain Necessary Licenses and Permits: Depending on the business activity, acquire the necessary licenses and permits from relevant authorities.

Responsibilities of Establishing a Company in Turkey

Once the company is established, several responsibilities must be adhered to:

1. Compliance with Local Laws: Ensure ongoing compliance with Turkish commercial, tax, and employment laws. Regular updates and legal changes must be monitored to maintain compliance.
2. Financial Reporting and Taxation: Maintain accurate financial records and submit periodic tax returns. This includes corporate income tax, value-added tax (VAT), and other applicable taxes.
3. Employee Management: Adhere to labor laws, ensuring fair treatment of employees, timely payment of salaries, and compliance with social security contributions.
4. Annual General Meetings: Conduct annual general meetings to discuss and approve financial statements, distribution of profits, and other significant business decisions.
5. Regulatory Filings: Submit necessary filings to the Trade Registry Office, including changes in company structure, board members, or address.

Roadmap to Establishing a Company 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 the 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 Establishing a Company in Turkey?

Our services for establishing a company in Turkey and opening bank accounts and getting online banking in 1-2 days if partners are in Turkey and the company formation process will be faster and cost less.

We can establish a company 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 Establishing a Company in Turkey

Establishing a company in Turkey involves a series of well-defined steps and adherence to regulatory responsibilities. Finlexia Accounting Firm offers expert assistance throughout the process, ensuring smooth company formation and compliance with Turkish laws.

By following these guidelines and leveraging our expertise, establishing a company in Turkey becomes a streamlined and efficient process. Finlexia Accounting Firm is dedicated to providing the necessary support to ensure your business thrives in the Turkish market.

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