Opening a Company in Turkey for Foreigners
Turkey is a country with a rapidly growing economy and a strategic location between Europe and Asia. This has made it an attractive destination for foreign investors looking to establish a business presence in the region. However, starting a company in Turkey as a foreigner can be a complex process with many legal and administrative requirements. This article will provide an overview of the steps and procedures involved in opening a company in Turkey for foreigners.
The first step in opening a company in Turkey as a foreigner is to choose the appropriate legal structure for your business. The most common types of companies in Turkey are limited liability companies (LLC), joint-stock companies (JSC), and partnerships. LLCs are the most popular choice for small and medium-sized businesses, while JSCs are more suitable for larger companies with multiple shareholders.
Once you have selected the legal structure for your company, you will need to register it with the Turkish Trade Registry Office. This requires submitting a number of documents, including the company’s articles of incorporation, a list of shareholders and directors, and proof of address. You will also need to have a Turkish tax number and a Turkish identification number for yourself and any other shareholders or directors.
After the registration process is complete, you will need to obtain a number of licenses and permits to operate your business. These may include a work permit for yourself and any foreign employees, as well as licenses and permits specific to your industry. It’s important to note that some activities are restricted or prohibited for foreign investors, such as those related to national security, public health, and environmental protection, and it’s important to check the law and regulations in Turkey before starting your business.
Finally, you will need to open a bank account in Turkey for your company. This requires submitting a number of documents, including the company’s articles of incorporation and a resolution of the board of directors authorizing the opening of the account.
In conclusion, starting a company in Turkey as a foreigner can be a complex process with many legal and administrative requirements. However, with the right guidance and support, it is possible to navigate the process and successfully establish a business presence in this dynamic and rapidly growing economy.
Another option for foreign investors looking to establish a company in Turkey is to use nominee director services. A nominee director is a local individual who acts as the official director of the company on paper, while the foreign investor retains control of the company’s operations and decision-making. This allows the foreign investor to manage the company remotely and avoid the need to be physically present in Turkey.
Using a nominee director service can also provide added protection for foreign investors, as the nominee director will take on legal responsibility for the company’s actions and decisions. However, it is important to note that nominee director services can be legally complex and it is essential to work with a reputable and experienced lawyer who can help you find a reputable nominee director company and conclude a contract that meets your needs and protects your interests. As a lawyer we can help you in that regard and make sure that you have a smooth establishment of your company in Turkey.