Starting a Company in Turkey: A Comprehensive Guide for Entrepreneurs

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Starting a company in Turkey offers numerous advantages for entrepreneurs, thanks to the country’s strategic location, growing economy, and business-friendly policies. In this comprehensive guide, we’ll explore the essential steps to establish your business in Turkey while keeping search engine optimization in mind to help your article reach a wider audience.

Choose the Right Business Structure
Selecting the most suitable business structure is the first step when starting a company in Turkey. There are four main types of companies:

a. Sole Proprietorship (Individual Company)
b. Limited Liability Company (LLC)
c. Joint Stock Company (JSC)
d. Branch or Liaison Office

Each type of company has its own legal requirements, benefits, and drawbacks. For most foreign entrepreneurs, an LLC or JSC is the preferred choice due to their limited liability and flexible management structure.

Register Your Company Name
Before you can establish your business, you’ll need to choose and register a unique company name with the Turkish Trade Registry. This process involves submitting an application form, paying the registration fee, and obtaining a tax identification number. Make sure to check the availability of your desired company name beforehand to avoid any delays.

Prepare and Notarize Articles of Association
Drafting the Articles of Association is a crucial step in starting a company in Turkey. These documents outline the company’s organizational structure, share capital, management, and other essential details. After preparing the Articles of Association, you’ll need to have them notarized by a Turkish notary public.

Open a Bank Account and Deposit Share Capital
You must open a bank account in Turkey and deposit the minimum required share capital for your chosen business structure. For an LLC, this is usually 10,000 TRY, while a JSC requires a minimum of 50,000 TRY. A bank letter confirming the deposit will be necessary for company registration.

Register with the Trade Registry
With your notarized Articles of Association and bank letter, you can now register your company with the Turkish Trade Registry. The registry will review your documents and, if approved, issue a registration certificate. Your company is now officially established.

Obtain Necessary Permits and Licenses
Depending on your business activities, you may need to obtain additional permits or licenses. These could include permits for importing goods, operating in certain industries, or employing foreign workers. Consult with a local legal expert to ensure you obtain all necessary documentation.

Register for Taxes and Social Security
Finally, you’ll need to register your company for tax purposes and enroll in the Turkish social security system. This involves applying for a tax identification number and registering with the local tax office and Social Security Institution.

Conclusion

Starting a company in Turkey involves several steps, from choosing the right business structure to registering with the necessary authorities. By following this guide and seeking the advice of local experts, you can successfully navigate the process and establish your business in this promising market.