Turkey’s regulatory environment is very business-friendly for foreign investors. You can establish a business in Turkey with any nationality, place of residence.
When you are moving to Turkey for permanent residence, or want to open your business in Turkey, you may ask yourself various questions about the procedure how to open a company in Turkey. In this article we have tried to outline for you the main points concerning the procedure for opening the Registered Company in Turkey.
Types of Companies
Joint-stock company (A.Ş.)
Limited liability company (Ltd. Şti.)
Joint Stock Company
The company’s stock capital is divided into shares and the liability of the shareholders is limited to the subscribed capital and paid by the shareholder. At least one shareholder (real person or legal entity) and a minimum capital of TRY 50,000 are mandatory. The mandatory company shall include a general assembly and a board of directors.
Limited Liability Company
It is a company established with at least one shareholder (real person or legal entity) and the liability of the shareholders is limited to the subscribed capital and paid by the shareholder. A minimum capital of TRY 10,000 is mandatory.
It is the company established to operate a commercial enterprise under a trade name. Whereas the liability of some shareholders is limited to the capital subscribed and paid by the shareholder (commanditer), for some shareholders there is no limitation of liability. Legal entities can only be commanditer. No minimum capital is required. The rights and obligations of the shareholders are determined by the articles of association.
It is the company established to operate a commercial enterprise under a trade name and, the liability of none of the shareholders is limited only to the capital subscribed and paid by the shareholder. No minimum capital is required. It is mandatory that all the shareholders be real persons. The rights and obligations of the shareholders are determined by the articles of association.
To open a Ltd Company you need at least 1 foreign citizen, registration lasts about 2 weeks:
1. 2-3 days you need for the collection of primary documents: translation of documents from a licensed translator, notary, obtaining a certificate of registration of a foreign citizen at the place of residence; 2. 2-3 days registration of the LTD Company in the Chamber of Commerce; 3. Within 8 days comes the answer from the Trade Registry Office after applying with the required documents.
Documents for the Company Establishment
1- A company establishment petition and a notification form, duly filled in and signed by persons authorized to represent the company.
2- Articles of association including notarized signatures of founders and notary certification proving that all shares constituting the registered capital have been subscribed by the founders in the articles of association
3- Founders’ statement signed by the founders
4- The bank letter proving that the share capital has been deposited
5- The bank receipt indicating that 0.04% of the company capital has been deposited to the account of the Turkish Competition Authority at a state bank
6- Permit or letter of compliance for companies whose corporation is subject to the permit or letter of compliance issued by the relevant ministry or other official institutions
7- Notarized copy of signatures of persons with the authority to represent and bind the company
8- Application number indicating that the trade name to be used has been checked and confirmed by the Trade Registry Office
9- Company establishment statement form (3 original copies)
10- Certificate of residence of founding partners
11- Notarized translation of passport in case the foreign shareholder is a real person; apostilled and notarized translation of registry document issued by the competent authority in case the foreign shareholder is a legal entity
Costs of setting up a company in Turkey
To open a company in Turkey, it costs in average 2000 euro to set up a limited company.
Annual fees for the company amount are in average 700 euro per year and this price includes registry submissions and accounting fees.