Starting a Business in Turkey: Tips for Success

Starting a business in Turkey can be a complex process, but with the right support, it can be a rewarding endeavor. At Finlexia Accounting Firm, we specialize in assisting entrepreneurs and businesses in navigating the complexities of Turkish business laws and regulations.

Whether you’re a local entrepreneur or an international investor looking to establish a presence in Turkey, our team of Turkish accountants is here to help.

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From company formation and tax planning to legal compliance and business advisory services, we provide comprehensive support tailored to your specific needs. Contact Finlexia Accounting Firm today to learn more about how we can help you start and grow your business in Turkey.

Starting a Business in Turkey: A Comprehensive Guide

If you’re considering starting a business in Turkey, you’re on the right path to tapping into a dynamic market with a strategic location bridging Europe and Asia. Turkey offers a wealth of opportunities for entrepreneurs, but navigating the process of starting a business here can be complex without the right guidance. That’s where we come in.

Understanding the Basics

Before diving into the specifics, it’s crucial to understand the basic requirements and steps involved in starting a business in Turkey.

1. Decide on Your Business Structure: Choose between a limited liability company (LLC), joint-stock company (JSC), or branch office, depending on your business needs and goals.

2. Choose a Business Name: Select a unique name for your business and check its availability with the Turkish Trade Registry Gazette (Türkiye Ticaret Sicili Gazetesi).

3. Draft Articles of Association: Prepare the articles of association (ana sözleşme) detailing your company’s internal regulations and structure.

4. Obtain a Tax Number: Apply for a tax number (vergi numarası) from the tax office (vergi dairesi) where your business will be located.

5. Open a Bank Account: Open a corporate bank account in the name of your business to manage financial transactions.

6. Register Your Business: Register your business with the Turkish Trade Registry Gazette and obtain a registration certificate (ticaret sicil gazetesi).

7. Obtain Necessary Permits and Licenses: Depending on your business activities, you may need to obtain specific permits and licenses from relevant authorities.

Our Role in Your Journey

At Finlexia Accounting Firm, we understand the complexities of starting a business in Turkey. Our team of expert consultants is here to guide you through every step of the process, ensuring compliance with Turkish laws and regulations.

1. Company Formation: We assist you in choosing the right business structure and handle all aspects of company formation, from drafting articles of association to registering your business with the relevant authorities.

2. Tax and Accounting Services: Our experienced accountants provide comprehensive tax planning and accounting services to help you navigate Turkey’s tax system efficiently.

3. Legal Compliance: We ensure that your business complies with all legal requirements, including obtaining permits and licenses, and provide ongoing support to keep your business in compliance.

4. Business Advisory: As your trusted advisors, we offer strategic guidance and business advisory services to help you make informed decisions and achieve your business goals.

Why Choose Finlexia Accounting Firm?

With our years of experience and in-depth knowledge of Turkish laws and regulations, we are committed to helping you start and grow your business in Turkey. Contact us today to learn more about how we can assist you in starting your business journey in Turkey.

How to Start a Business 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 Starting a Business 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 formed 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 for Starting a Business in Turkey?

We can start a business 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 start a business 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 Starting a Business in Turkey

Embarking on a business venture in Turkey can be a challenging yet rewarding experience. With Finlexia Accounting Firm by your side, the journey becomes smoother and more manageable.

Our specialized expertise in Turkish business laws and regulations enables us to offer tailored support to entrepreneurs and businesses, whether local or international. From assisting with company formation and tax planning to ensuring legal compliance and providing strategic business advisory services, our dedicated team is committed to helping you succeed.

You may reach our accountants and lawyers to start a business in Turkey by visiting our Contact page.