Establishing-a-Business-in-Turkey Establishing a Business in Turkey

Establishing a Business in Turkey

Establishing a Business in Turkey

We provide services in the field of Establishing Business in Turkey.

Service Stages;

  • Preparation Phase:
    1. Based upon the information like your area of activity and number of partner, it’s decided that which kind of corporation is proper for you as taxational and legal. (Limited company, joint comany, Branch or representative office)
    2. Your capital stock is determined based on your area of activity, company type and your possible work permit application. (10.000 TL for limited company, 50.000 TL joint company and 100.000 TL if you request work permit for partner.)
    3. Cost calculation is made for Establishing Business in Turkey and price quotation is offered including consultancy fee. ( The translation expenses are excepted in price quotations.)
    4. In case you accept the price quotation, the required documents for establishing business is demanded and continues with the establishment phase.
  • Establishment Phase of Business:
    1. Articles of Incorporation and being notarised.
    2. Bank account is opened and capital tie up transaction is made. ( Please ask for details)
    3. Tax number of company is taken.
    4. Your company is registered to Chamber of Commerce.
    5. Your official papers of company are notarised.
  • Processes After Establishment
    1. The papers regarding your company’s establishment are committed. Tax Office Document, Registration Document of Chamber of Commerce.

After finalising establishment of business, working with a certified public accountant is legal obligation by Turkish Law. If it is appropriate for you, our company would also provide services in that field.

  • Accounting and Financial Services in Turkey
  • Bookkeeping in Turkey
  • Vat Refund in Turkey
  • Tax Management in Turkey
  • Payroll Management in Turkey

The services are provided above.

After finalising business establishment, it’s possible to get licenses by government agencies considering your field of activity. For example, EPDK for energy sector, Ministry of Communications for transportation and logistics sector, TÜRSAB for tourism sector.

Documents Required for Company’s Establishing a Business in Turkey:

Documents Required for Natural Entity Partners

  • Notarized Turkish translation of the passport of partners – Apostille approved 3 units
  • Partners’ address, phone and e-mail
  • Partners’ 3 passport photos
  • Procuration to obtain Tax Identification Number and establish the company (an example will be sent to you after the agreement.)
  • Signature Statement for the Director prepared by a notary: 3 pieces (an example will be sent to you after the agreement.)
  • Lease contract
  • Agreement you do with us

Documents Required for Legal Entity Partners

  • Company’s activity certificate
  • Company’s committee decision for establishment
  • Director assignment board decision ­
  • Power of attorney (procuration)
  • Lease contract

Note: In case of legal entities as partner, company’s activity certificate, certificate showing the partnership structure and company’s committee decision are requested (an example will be sent to you after the agreement.)

Documents should be notarized translated in Turkish and with Apostille approval. If translation will be done in Turkey only Apostille approval is sufficient.

2017 Cost of Establishing Limited Company in Turkey

The Cost of Company formation in Turkey could vary in terms of number of company partners, capital stock and business segment, but calculation of average cost is as follows. The example is given for establishing company.

Sample Data;

  • Number of company partners: 1 (Person)
  • Number of manager: 1
  • Capital Stock: 100.000 TL
  • Sector: Wholesale

The translation and notary the documents in Turkey cost about 400 USD which are demanding in the process of preparation for establishing. This amount is calculated for each person. The documents regarding translation and notary transactions of legal entities costs about 800 USD.

  • Preparing and notarizing articles of incorporation 70 USD,
  • Tax payable for capital 100.000 *4 / 10,000 = 40 TL ( 11 USD )
  • Registration fee for Chamber of Commerce: 320 USD
  • Fee of notarizing official records: 75 USD
  • Statement of Signature for Company Manager : 70 USD
  • Public Accountant Deputation: 40 USD
  • Preparing Invoices: 50 USD
  • Consultancy fee of Business Establishment: 500 USD

The costs increases 200 USD for each additional partner and 350 USD for each additional manager. For joint companies, the average costs are 25% more than limited companies. The prices include VAT.

In establishing process of business, it’s required to tie up 25% of your capital to bank. After establishing business in Turkey, the tie up will be cancelled and money will transfer your corporate account.

The documents of all payments in the process of business establishment for you will give you, also the invoice will be providing for our consultancy fee.

This text is written for information purposes. Tariffing may be different for each company.

With a procuration we can carry out the company’s establishment and bank operations about the blocked capital. But after the establishment, the director has to come to Turkey to open a bank account and prepare some documents. On average, 1 day will be sufficient for this.

Note: Expenses do not include % 18 Taxes.