Turkey is a well-known resort with stunning nature, but it is also a rapidly developing economy that provides excellent conditions for non-resident entrepreneurs who flock here to set up a company. Istanbul is a large hub between Europe and Asia that accounts for 27% of the country’s GDP, and it is a popular place for non-resident company registration.
Our experts will help you set up a company here (along with a local corporate account) in a matter of 15 days or less without much hassle on your part. What is more, the whole thing can be done remotely! You can stay where you are, order the service, collect the documents, and let us take care of the rest. And bingo – you will be able to start your business operations very shortly!
We are happy to invite you to our portal where you can read a more detailed Istanbul Business Setup Guide and discover Turkey and other well-known destinations for business, banking, citizenship by investment, tax optimization, asset protection, and so on. Do not hesitate to book a free session with our expert to discuss the details of your future business and make sure your choice is correct (or take a look at other existing options if it is not). If you decide to use our help with company establishment online, we will be glad to complete the procedure at a reasonable fee. Click on the link now!
Company Establishment in Turkey: Main Advantages
Let’s look at the main takeaways for a foreigner who decides to form a company in Turkey:
- Established cooperation with many European and Asian countries
- An extensive list of government-supported programs for entrepreneurs and low tax rates
- An advantageous geographical location close to the crossroads of trade routes between Europe and Asia
- Non-residents have the same rights as the locals in terms of business
- The Turkish government is interested in attracting foreign capital to the country, so it constantly develops new incentive programs for non-resident entrepreneurs
- Company establishment is a pretty straightforward procedure, and it gives you an opportunity to relocate to this summer resort and obtain a permanent or temporary residence permit
- Entrepreneurs seeking to import/export goods to different destinations will be able to use well-established international channels
- The country has a favorable investment climate, making it just as recommendable as many leaders in this area.
Istanbul has even more to offer as you will benefit from discounts for exporters, VAT reimbursements, customs benefits for the import of raw materials and heavy machinery, a secure banking sector, accessible loan programs, and so on.
Sounds interesting? Do not hesitate to click on the above link to ask our expert any questions you may have.
Limited Company (Limited Sirket) in Istanbul: Details
Limited company (or Limited Sirket in Turkish) is not the only legal form available, of course: you can also take advantage of business company, joint-stock company, as well as cooperative and collective business. However, a limited company is the most popular one, and we recommend it to most entrepreneurs as well. However, if you have any doubts, you can discuss the choice of a proper legal form for your business with our experts.
Meanwhile, here are the main features of a Limited Sirket:
- You can have one or several directors, and there may be founders or employees at the same time.
- There is a minimum share capital threshold of 10, 000 Turkish Liras.
- As soon as you have registered your limited company in Istanbul, you are required to pay at least one quarter of the share capital. The remaining amount can be deposited in the account over the next 2 years.
- The initial payment can be made in cash or property. If the latter option is chosen, the amount must be credited to the account within 3 months from the company registration date.
- The number of founders may range between 1 and 50.
- You can open a corporate account for your company only if you have a work visa.
- The founders are required to make their own contribution, with no relation to the shares of other members.
- Limited companies cannot make insurance or banking business.
- The limited company name should be unique.
If you need a Turkish bank account but you are not planning to get a work visa, you can appoint a Turkish citizen as general director. In this case, you will need to form a board of directors that includes no less than one founder.
If you need any other tips like that, please get in touch with our experts.
Company Establishment in Istanbul: Steps Required
Let’s look at what you will have to do to set up a limited company:
- Draft the Memorandum and Articles of Association and have them registered with MERSIS.
- All documents are required to be translated into Turkish, with apostille and certification by a notary.
- Get a Tax Identification Number from the local Tax Office to open a Turkish corporate account and deposit share capital.
- Deposit 25% of the share capital in your bank account and pay 0.04% of the total amount to the Anti-Monopoly Directorate of the Turkish Central Bank (this is a mandatory step!).
- Register your limited company with the local Trade Registry.
- Finally, register the company books with a notary.
Mistakes do occur in the process, and it means that you will have to start the whole thing all over again. This is the reason why we strongly recommend contacting us and using the services of our Turkish partners to set up a company quickly at first go and simply concentrate on your business rather than on the peculiarities of local administrative procedures.
Safe Non-Resident Company Formation
Dealing with our experts will be a much quicker process than dealing with Turkish red tape, so you can simply follow the above link and get in touch with us to launch the following procedure:
- We will discuss all the issues with you and give you recommendations on collecting a package of documents.
- You will sign an agreement with us to get the services you need.
- Pay at least 50% of the amount set in the agreement to remunerate our services (you can pay in any currency, including crypto).
- The remaining amount has to be paid at the time you sign all the documents.
The company registration in Istanbul will take from 1 to 3 days, and you will need to be present in Turkey during this time (along with all founders).
Follow the above link to start a company setup in Istanbul or get more information!