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Are you a foreign entrepreneur eyeing the dynamic business
landscape of Turkey? Registering a company in Turkey as a foreigner
can be a lucrative endeavor, but navigating the legalities and
procedures can be daunting. Fear not! This guide will walk you
through the essential steps to set up your business in Turkey
smoothly.
Understanding Company Formation in Turkey
Why Turkey for Foreign Entrepreneurs?
Turkey, strategically located at the crossroads of Europe and
Asia, offers a thriving market with ample opportunities for foreign
investors. Its strategic location, robust economy, and favorable
business environment make it an attractive destination for company
formation.
Legal Requirements and Documentation
Before diving into the registration process, familiarize
yourself with the legal requirements. As a foreigner, you’ll
need to engage with a Turkish lawyer specializing in company
formation. A Lawyer Turkey can guide you through the legal
intricacies and ensure compliance with Turkish laws.
Step-by-Step Guide to Registering Your Company in Turkey
Choose Your Company Type
Decide on the type of company structure that best suits your
business needs. Options include a Limited Liability Company (LLC),
Joint-Stock Company (JSC), or Branch Office.
Reserve Your Company Name
Select a unique and distinguishable name for your company.
Ensure it complies with Turkish naming regulations and is not
already in use.
Prepare Necessary Documents
Gather essential documents such as passport copies, notarized
signatures, and a power of attorney if needed. Your Immigration
Lawyer Turkey can assist you in preparing and verifying the
required paperwork.
Deposit Share Capital
As per Turkish law, you’ll need to deposit a minimum share
capital into a Turkish bank account. The amount varies depending on
your chosen company type.
Draft Articles of Association
Work with your lawyer to draft the Articles of Association
outlining your company’s internal regulations and governance
structure.
Obtain Tax Identification Number
Apply for a tax identification number (Vergi Kimlik
Numarası) from the Turkish tax authorities. This is essential
for conducting business and fulfilling tax obligations in
Turkey.
Company Formation Costs and Considerations
Calculating Expenses
Company formation costs in Turkey vary based on factors such as
company type, share capital, legal fees, and notary expenses.
Budget accordingly to avoid any financial surprises.
Hiring a Turkish Lawyer
While it’s possible to navigate the registration process
independently, hiring a Turkish Citizenship Lawyer can streamline
the process and ensure compliance with Turkish laws and
regulations. Consider it an investment in the long-term success of
your business.
Finalizing the Registration Process
Submitting Your Application
Once all necessary documents are prepared, submit your company
registration application to the Trade Registry Office (Ticaret
Sicil Müdürlüğü) in the province where
your company will operate.
Obtaining Work Permits
As a foreign business owner, you may need to obtain work permits
or residency permits to legally reside and work in Turkey. Your
lawyer can guide you through the immigration process and assist
with permit applications.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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