Business in Turkey – FAQ ( Setup Company in Turkey‎);

  • Are there any legal barriers during the establishment of a company in Turkey for foreign citizens or companies? (Such as a local partner/manager required)
    • There are no legal barriers for foreign citizens or companies.
  • What are the rates for corporate tax / income tax in Turkey?
    • Corporate Tax: %22
    • Income Tax: Up to 18.000 TL %15, 18.000 TL –  40.000 TL %20, 40.000 TL – 98.000 TL %27, 98.000 TL and over %35
  • What is the rate for VAT?
    • VAT Rates: 1%, 8%, and 18%
  • Is it possible to setup company in turkey with a virtual office service? Do you have a partner for this service? Please note example rates.
    • It is possible and also a common choice in Turkey. We have a partner. And the average price for a virtual office service is 50,00 USD per month.
  • What is the minimum wage in Turkey?
  • Are there any restrictions on bank transfer in Turkey?
    • We dont have any restrictions in Turkey.
  • Are there any government incentives for foreign investor in Turkey?
    • Turkey has incentives for foreign investors both in establishment of a company and afterwards.
  • After the setup process do you offer a service (Bookkeeping and other tax related obligations)? Or do you have a partner for that? What is the average rate?
    • Our company has accountants in our team also. We offer this service for average 200 USD per month + 18 % VAT
  • Do partners and managers need a working permit? What are the terms of getting a working permit for them?
    • According to the new law, the working permit requirement is abolished in case directors of incorporated companies do not reside in Turkey and in case foreign partners of limited companies are not the authority in these companies. In order to get one company should have 100.000 TL stock capital and for every work permit company should have 5 Turkish employees for every foreigner (in 6 months after the establishment).
  • Do you need the presence of partners/managers to open a bank account and establish the company?
    • In order to open a bank account partners or manager have to come Turkey.
  • We usually work with foreign trade or construction companies. Do you have any regulations regarding these business?
    • For foreign trade business companies need registration from Exporters Association. Average registration fee is 250 TL. There are no special conditions for  construction companies.
  • If there’s something you want to add about foreigners establishing a company in your country, please specify.
    • We recommend Limited Company for companies with foreign partners.

If you have any questions about  work permit in Turkey Turkey Work Permit,  Setup Company in Turkey,‎ Company Formation in Turkey,Company registration in Turkey please contact us.