Turkey is now one of the most sought-after locations for foreigners to set up businesses. Its location, ease of registration procedure, and sea-side roads are among the main reasons some business owners consider when deciding to open an office in Turkey.
There are some actions that anyone who wants to establish a company in Turkey should follow.
How to open the company in Turkey
Submit the memorandum and article of agreement online to the MERSIS. MERSIS can be described as an online registry for legal organizations.
Execute and notarize documents for the company.
– Request a possible tax identity number
Follow the tax office regarding the Trade Registry Directorate’s announcement of the establishment.
You must deposit at least 25 percent of your startup capital at an institution and get the evidence.
Apply for registration through the Trade Registry Directorate
Certify the legal books
Signature circulars are issued.
Transfer certain documents to electronic format using the E-TUYS system
Do you have the option of registering a business through the Internet in Turkey?
To register a business in Turkey, certain documents must be uploaded online, and others must be delivered in physical form. The documentation required to register an entity in Turkey is contingent upon whether shareholders or shareholders are corporations or individuals. Some prefer to work with law firms to take the burden off their shoulders, making the process simple for anyone who wants to establish a company. Make sure you choose the right law firm or legal expert to assist you in this procedure. It is essential to conduct thorough research. But you can make it your own. Learn about the places where you need to file your application in advance.
Companies of various types in Turkey
Turkey’s Foreign Direct Investment (FDI) law allows international and local investors the same treatment, rights, and obligations. This law, known as the Turkish Commercial Code (TCC), is in accordance with EU laws and in line with the EU process of accession. TCC is compatible with corporate and non-corporate structures. Choose a business model that fits your company’s network. Two company models are covered under TCC;
Corporate Forms
— Joint Stock Company (JSC)
— Limited Liability Company (LLC)
Non-Corporate forms
General Partnership
– Limited Partnership
” Partnership Limited by Shares
How do I set up a Business in Turkey
Foreign investors have been attracted to Istanbul because they believe it to be the capital of business, but various regions in Turkey have unique strengths in the kind of business.
Turkey is divided into seven regions and the business owner’s responsibility is to pick the most suitable for their specific business. In this article, we will examine the top four areas entrepreneurs prefer to the greatest extent in Turkey.
Marmara Region
The Marmara Region’s cities include Istanbul, Bursa, Erdine and Iznik. The region is famous for its production of cement, paper products, petrochemicals, processed wine, food, and olive oil, this region shines, and it takes home the prize for the manufacturing of a variety of products that are produced in the area and exported to other regions as well as exported to the world. The region also has good soils and sources seventy-three percent of the nation’s sunflower cultivation.
Black Sea Region
Chemicals, medical products, and auto components are concentrated in the region of the black sea. Samsun has the biggest black seaport, which can be a major advantage for exporting its products from Turkey.
Central Anatolian Region
The region is the source of producing a third of the country’s grain. It is the heart of trade and the nation’s largest industrial park, the OSTIM industrial zone, a specialist in small business trade, is situated in this region. It is home to over 5.000 companies employing more than 50.000 employees.
Aegean Region
There is a superb transportation system that is perfect to trade. It is the most important destination in Turkey and is ideal for all kinds of businesses.
How much does it cost to establish a company in Turkey?
The cost of establishing the company in Turkey is extremely low and inexpensive. However, it is important to consider the cost of a notary, registration fees, and honorary charges of the Turkish law firm that handles the entire process. Eryilmazcpa states that the typical price for establishing a limited company could be as high as 400 USD. The process can take about three weeks for the company to begin operating.
Benefits of establishing a business in Turkey
Fantastic Opportunities for Business and Potential Possibilities for Growth range of industries where many foreign investors have expressed an interest in Turkey in the past few years. Manufacturing, auto construction, energy, construction, and tourism. Tourism has a lot of potential thanks to the location of the country and the right climate for the country, which hotels, accommodation options, and luxurious structures characterize. Certain cities have shown an increased desire for medical aesthetics, including hair transplants, and there are been a rise in foreign investment in this area.
Easy Registration Process: Company incorporation in Turkey is simple and takes little time. A majority of investors work with accredited attorneys or legal companies. A limited liability company is the best company structure.
A fantastic Tax Structure Turkey’s tax structure is favorable to investors and has an attractive tax structure for business owners.
Great Geographical Position – Turkey is situated on two continents: Europe and Asia, and is home to sea exits such as the Black Sea and Aegean sea, which are vital for import and export business operations. Many multinational companies have their regional and headquarters centers in Turkey.
Investment incentives in Turkey
There are two kinds of incentives investors profit from in Turkey Super incentives and center of attraction incentives. Super incentives were designed to promote the research and development field and all technology fields. This is designed to draw foreign investors into regions that need to be developed through a focus on employment and exports.
The Turkish government is empowering both local and foreign investors by decreasing venture-related costs and establishing a more investor-accommodating climate.