Company Formation in Turkey
How to register a new Company in Turkey
Foreign enterprisers who want to open Company in Turkey are required to complete a few steps before starting operating. These steps consist of:
- Choosing the type of company they want to establish and have the incorporation documents drafted and notarized in accordance with the Companies Law;
- Open the corporate bank account and deposit the share capital required by the law;
- Appoint the company’s directors or managers, as prescribed by the legislation;
- Submit the incorporation documents and the details of the shareholders and managers with the Trade Register;
- Obtain the tax and VAT numbers, as well as registering for social security purposes with the tax office.
Documents needed to open a company in Turkey
One of the most important way in opening a company in Turkey is the medication of the documents demanded to register the business with the Trade Registrar. The main set of documents which need to be drafted and notarized is the Articles of Association which need to contain all the details of the shareholders – their names, their resenditial addresses, their contribution to the share capital of the company and the number of shares they own in the business. The Articles of Association must also contain information about the directors of the company, including their name, the way in which they’re appointed and can be abandoned and their duties and scores.
The same document must easily state the Turkish company’s trade name, its address in this country and a description of the object of activity. The Articles of Association can also contain other clauses, related to the amendments which can be brought to the company and disagreement resolution method if any problems appear between the shareholders. It’s veritably important for the Articles of Association to be drafted in agreement with the Provision of the Commercial Code. However, our Setup in Turkey can help you with the preparation of these documents, If you’re a foreign entrepreneur and want to open a company in this country.
An important aspect which should be considered is that in the case of setting up a sole procurement, a simple operation form needs to be filed with the Trade Register. In the case of partnerships which in Turkey are known as commandite companies, the cooperation deed stands at the base of their creation.
Obtaining a business license in Turkey
Opening a company in Turkey is not expensive, however, the business owner must consider the company registration fees, the notary fees and the honorary of the Turkish law firm handling the procedure (if one is appointed).
It takes about 3 weeks to set up a company in Turkey. The procedure takes longer in the case of a branch office. If you need further information on the procedures applied by the Turkish authorities at the incorporation of a company, please contact our team of lawyers in Turkey. We can help with personalized company registration services in Turkey