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Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Turkey
You’ve been presented with a perfect opportunity to take advantage of a booming and dynamic market in Turkey as a foreign investor. Company incorporate in Turkey like any other European Union nation allows Foreign Direct Investment thanks to the foreign reforms laws in 2003.
Under the new ratified Commercial Code, company registration is now more than ever streamlined with more government incentives on offer. For new investors that may not be aware of the regulations, you can get in touch with 3E Accounting Indonesia—a consultant firm that with not only take you through the process but also advise you accordingly.
You stand to benefit from the following processes:
- Legal and corporate secretarial services.
- Accounting and auditing services
- Human resource and payroll services
- Taxation services
- Business permit renewal.
Contact our service line today and experience professional services at your disposal.
Company Incorporate in Turkey Requirements
The company incorporate in Turkey requires you to begin by preparing your Articles of Association (AoA). Now, when making an application with the Turkish Trade Registry Office, you must submit the following documents:
- A registration form allotted by the Trade Registry duly completed.
- Certified copies of the Articles of Association and company’s by-laws.
- Copies of the incorporation notification form that must be certified
- A proof document attesting to the deposit of the initial share capital in the Turkish bank.
- A document verifying the persons sanctioned to represent your company. (Power of Attorney).
- The owners’ declaration that verifies to the decision of registering the company.
- A proof document showing to the payment of the registration fee to the Competitive Authority.
- Current passport-sized photos of the owner(s)/founder(s) of the company.
The moment you have submitted the documents above to the Registry you must ensure that your business name is approved and reserved which is free.
Two Types of Limited Liability Companies in Turkey
Generally, there are two types of Limited Liability companies in Turkey; Joint Stock Company (“AS”) and Limited Liability Company (“LS”). For a Limited Liability company the following requirements must be met:
- A minimum paid-up capital of YTL10, 000.
- A minimum of one shareholder.
- The number of shareholders should not exceed fifty members
Company incorporate in Turkey requires that every business be tax compliant. And, therefore, you must apply for a potential Tax Identity number for non-Turkish shareholders and directors from the Tax Office. The Tax Identity number will assist you in the opening of the corporate bank account to deposit the capital of the company. Some of the documents to submit for tax registration purposes include the following:
- A request application for registration.
- An original copy of the Articles of Association.
- A copy of the tenancy contract indicating the registered address for the company.
- In the event the process is under a representative, then a Power of Attorney must be submitted specifically indicating the authority on behalf of the company.
3E Accounting Services
If in any case, you may find it time-consuming going through the process, you might seek the services of 3E Accounting on matters relating to taxes and regulations.
In the event you’re a foreign investor and one of your foreign partners is a natural person, you must submit the following documents:
- Two copies of passport (interpreted and notarized by the notary public).
- A certificate of Activity prepared by the relevant authority containing the information on the current active status
- Power of Attorney showing the title of the company and the names of the authorized person for presentation.
Besides that, the company incorporate in Turkey requires that you register for the Social Security number. This applies when you have employees in your business where you’ll go even further to register with the health insurance and the pension authorities.
Opening a bank account is one mandatory requirement that you must accomplish. Before you do so, you must ensure that you have the relevant documents and searched for the right bank that suits your need.
3E Accounting is at your service whenever you’re in need. Contact us today!