Establishing a Limited Company in Turkey

Establishing a limited company in Turkey involves several detailed steps to ensure compliance with local regulations and smooth operations. First, shareholders must determine the amount of capital to be contributed, with a minimum requirement of 50,000 TL.

Next, they must choose a unique company name and draft the Articles of Association, specifying the company’s management structure and shareholder rights.

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The Articles of Association must be notarized before a Turkish notary public. Shareholders also need to obtain a tax identification number and open a bank account for the company, depositing the minimum capital.

Finally, they must apply to the Trade Registry Office with the notarized Articles of Association, tax identification number, and bank account details to register the company officially.

Our team at Finlexia Accounting Firm provides comprehensive support throughout these steps, ensuring a seamless and compliant company formation process for your business in Turkey.

Establishing a Limited Company in Turkey: What You Need to Know

Are you considering establishing a limited company in Turkey? Understanding the process and requirements is crucial for a smooth and successful setup. At Finlexia Accounting Firm, we specialize in assisting businesses like yours in navigating the complexities of Turkish company formation.

What is a Limited Company in Turkey?

A limited company, known as “Limited Şirket” in Turkish, is a popular business structure due to its flexibility and limited liability. It requires at least one shareholder and can be established with a minimum capital requirement.

How to Establish a Limited Company in Turkey

1. Determine Shareholders and Capital: Decide on the shareholders and the amount of capital to be contributed. The minimum capital requirement is 50,000 TL.
2. Choose a Company Name: Select a unique company name that complies with Turkish regulations. The name should not be similar to any existing company names.
3. Prepare the Articles of Association: Draft the Articles of Association, which includes details about the company’s management, operations, and shareholders’ rights.
4. Notarize the Articles of Association: The Articles of Association must be notarized before a Turkish notary public.
5. Obtain a Tax Identification Number: Apply for a tax identification number (Vergi Kimlik Numarası) from the tax office.
6. Open a Bank Account: Open a bank account for the company and deposit the minimum capital.
7. Register the Company: Apply to the Trade Registry Office (Ticaret Sicil Müdürlüğü) with the required documents, including the notarized Articles of Association, tax identification number, and bank account details.
8. Obtain Approval: Once the application is approved, the company is officially registered, and a registration certificate is issued.

Responsibilities of a Limited Company in Turkey

1. Accounting and Financial Reporting: Maintain accurate accounting records and prepare financial statements in accordance with Turkish accounting standards.
2. Tax Compliance: Comply with Turkish tax laws and regulations, including corporate income tax, VAT, and social security contributions.
3. Legal Compliance: Adhere to all legal requirements for operating a business in Turkey, including labor laws and commercial regulations.

At Finlexia Accounting Firm, we offer expert guidance and support to help you establish and manage your limited company in Turkey. Our experienced team ensures that your company formation process is smooth, efficient, and compliant with Turkish laws and regulations.

How to Establish Limited Company in Turkey?

According to the Turkish Commercial Code, a limited company (LLC) requires a minimum of one partner and it can be a legal entity or a real person, there can be a maximum of 50 shareholders. The partner/partners can be Turkish or foreign as well. Foreigners can own 100% of a company and transfer their profit out of Turkey without any problems.

The minimum required capital for a limited liability company is 50,000. -TL (Turkish lira). The capital of the company shall be paid in two years and up to four installments.

Roadmap to Establish Limited 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 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

Establishing a Limited Company in Turkey

We have established more than 260 companies 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 Needed to Establish Limited Company in Turkey?

We can establish limited company 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 establish limited 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 to Establish Limited Company in Turkey

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 Limited Liability Company in Turkey

Navigating the complexities of establishing a limited company in Turkey requires expert guidance to ensure compliance and efficiency. At Finlexia Accounting Firm, our team of experienced professionals specializes in providing comprehensive support for businesses looking to set up in Turkey.

From assisting with shareholder agreements to handling tax compliance and legal requirements, we offer tailored solutions to meet your specific needs. Contact us today to learn more about how we can help you establish and manage your limited company in Turkey effectively.

You may reach our accountants and lawyers to establish a limited company in Turkey by visiting our Contact page.