How To Establish A Company In Turkey
March 29, 2019
March 29, 2019
It is possible to set up a company in Turkey and complete registration within one day all you need to do is to do is submit the required documents to the relevant trade office. Turkey is a business friendly country and you can establish a business irresponsible of your place of residence or nationality. The process of registration in Turkey is handled by one ministry and this ministry acts as coordinator between all the authorities. A company that has legal entity and a foreign capital in Turkey has the same rights as domestic companies to own and use land but when acquiring real estates that they must observe the principle of reciprocity.
A company set up in Turkey must have a minimum of five shareholders and it should be formed with a minimum capital of NTL 50,000. The capital should be divided into shares. The liability of the shareholders will be limited to par value of their share capital that they have contributed to for the unpaid public capital.
In order to set up a company in Turkey you are required to have the following documents for registration; an organization establish petition and a notification form filled and signed by a person who represents the company, Notarized signatures of persons who have been given the power by the company to represent the company, a letter of commitment, a bank receipt showing 0.04% of the company capital has been deposited to the Turkish Competition Authority account, certified copies of the ID certificates of the founder members and if they are Turkish citizens a residence certificate will be required, if there are people of foreign citizenship Xerox copy of their passport with the passport itself should be presented and lastly where the foreign shareholders are a legal entity then the original copy of the certificate of authority will be required.
The procedure required in order to set up a company in Turkey you is as follows; first you will have to make sure that you have the company's articles of association and it should be notarized. Secondly, make the application to the ministry of commerce and industry, the Chambers of commerce tax office and the municipality. The company will be registered and notified through the trade gazette. Once the procedure for setting up a company is completed, the share capital should then be transferred to a Turkey Bank. A registration number will be given and it is at this point that the company can start to operate and run its businesses.
It is important to note that there are no restrictions on foreign capital. This has enabled foreign investors to invest in Turkey by having a new company set up or branch or even acquiring the shares of an operating Turkish Company.