How to Set up a Business in Turkey?

To set up a business in Turkey offers numerous opportunities due to its strategic location, dynamic economy, and business-friendly environment. Whether you are an entrepreneur or an established company looking to expand, understanding the process and requirements is essential.

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Finlexia Accounting Firm, a leading Turkish accounting firm assisting clients since 2017, provides a detailed guide on how to set up a business in Turkey and the roles involved in the process.

How to Set up a Business in Turkey Fast?

Our Turkish accountants are experienced in establishing a limited company, joint stock company, holding company, branch office, liaison office, free zone company, management, and governance in Istanbul.

Maximize profitability with insights into tax optimization and incentives while ensuring compliance with labor laws for a harmonious work environment. With Finlexia by your side, not only will you navigate the complexities of company formation seamlessly, but you’ll also gain ongoing legal support to safeguard your interests.

Steps to Set up a Business in Turkey

Start your success story in Turkey today and watch your business flourish in this dynamic and vibrant economy. Finlexia guides on how to set up a company in Turkey, covering various company types, procedures, and essential requirements.

Understanding Company Types in Turkey:

Before diving into the company registration process, it is crucial to select the appropriate company type that best suits your business needs. In Turkey, several types of companies are available, each with distinct characteristics:

Limited Liability Company (LLC): This is the most common form of company in Turkey, offering limited liability protection to its shareholders. It requires a minimum share capital, and the liability of each shareholder is limited to their capital contribution.

Joint Stock Company (JSC): A JSC is suitable for larger businesses seeking to raise capital through the stock market. It requires a higher minimum share capital compared to an LLC and is governed by more stringent regulations.

Branch Office: If you already have an existing foreign company and wish to establish a presence in Turkey, a branch office can be a suitable option. However, keep in mind that it does not constitute a separate legal entity from its parent company.

Liaison Office: A liaison office is established for non-commercial activities, such as market research, promotion, and communication. It is prohibited from conducting commercial activities.

Free Zone Company: A Turkish Free Trade Zone is a specially designed production site that aims at increasing export-oriented investment and production in Turkey, accelerating the entry of foreign capital and technology into Turkey. There are 19 Free Trade Zones in Turkey and their annual trade volume increasing rapidly.

Business Set up Procedures:

Once you have decided on the company type, the registration process involves several steps:

Choose a Company Name: Select a unique and suitable name for your company that adheres to Turkish naming regulations.

Obtain Tax Identification Number (TIN): Before proceeding with the registration, all shareholders and directors must obtain a TIN from the local tax office.

Prepare Required Documents: Gather the necessary documents, which may include passport copies, address proof, articles of association, and a notarized signature circular.

Apply for Company Registration: Submit the required documents to the Trade Registry Office in the province where the company will be based.

Obtain Work Permits: Non-Turkish employees need to obtain work permits to work in Turkey.

Essential Requirements to Set up a Business in Turkey

To successfully set up a business in Turkey, you must meet certain requirements:

Minimum Share Capital: The amount of minimum share capital required varies depending on the company type. For example, an LLC typically requires a minimum share capital of TRY 50,000.

Shareholders and Directors: An LLC must have at least one shareholder and one director, while a JSC requires a minimum of five shareholders.

Legal Representative: If the shareholders are non-residents of Turkey, the company must appoint a legal representative who is a Turkish resident.

Physical Address: The company must have a physical address in Turkey where official documents can be served.

Summary of Setting up a Business in Turkey

Starting a business in Turkey offers great potential for growth and expansion, but the process requires careful consideration of company types, procedures, and legal requirements.

By selecting the appropriate company structure, following the necessary procedures, and adhering to the legal prerequisites, aspiring entrepreneurs can set the foundation for a successful business venture in Turkey.

Engaging professional legal assistance can also simplify the process and ensure compliance with Turkish laws and regulations, further contributing to the business’s long-term success.

Contact us to Set up a Business in Turkey

Establishing a business in Turkey requires navigating several critical steps, including selecting the appropriate legal entity, such as a Limited Liability Company (LLC) or Joint Stock Company (JSC), and ensuring the chosen company name is registered through the Central Trade Registry System (MERSIS) to meet Turkish Commercial Code standards.

For personalized guidance and expert assistance in setting up your business in Turkey, contact Finlexia Accounting Firm. Our experienced team is dedicated to providing comprehensive support tailored to your specific needs.

You may reach us to set up a business in Turkey through our Contact page.