Turkey's regulatory environment is extremely business-friendly. You can establish a business in Turkey irrespective of nationality or place of residence.
Company Establishment in One Day
It is possible to establish a company in just one day by applying to the relevant trade registry office with the required documents. The company gets its “legal entity” status upon registration with the trade registry.
Types of Companies
Incorporated companies such as:
• Joint-stock company (A.S)
• Limited liability company (Ltd.)
• Commandite company
• Collective company
Unincorporated companies such as:
• Business association
Companies with Special Legislation
Banks, private finance institutions, insurance companies, financial leasing companies, factoring companies, holding companies, companies operating foreign currency exchange offices, companies dealing with public warehousing, publicly held companies subject to the Capital Markets Law, companies that are founders and operators of free zones are subject to a permit from the Ministry of Industry and Trade.
• Joint Stock Company
The company’s stock capital is divided into shares and the liability of the shareholders is limited to the capital subscribed and paid by the shareholder. At least five shareholders (real persons or legal entities) and a minimum capital of TRY 50,000 are mandatory. The mandatory company organs include a general assembly, a board of directors and a supervisory board.
• Limited Company
It is the company established with at least two and at most fifty real persons or legal entities and the liability of the shareholders is limited to the capital subscribed and paid by the shareholder. A minimum capital of TRY 5,000 is mandatory. Unlike joint stock companies, no stock certificate is issued.
• Commandite Company
It is the company established to operate a commercial enterprise under a trade name. Whereas the liability of some shareholders is limited to the capital subscribed and paid by the shareholder (commanditer), for some shareholders there is no limitation of liability. Legal entities can only be commanditer. No minimum capital is required. The rights and obligations of the shareholders are determined by the articles of association.
• Collective Company
It is the company established to operate a commercial enterprise under a trade name and, the liability of none of the shareholders is limited only to the capital subscribed and paid by the shareholder. No minimum capital is required. It is mandatory that all the shareholders be real persons. The rights and obligations of the shareholders are determined by the articles of association.
Company Establishment Procedures
Three copies of articles of association (one copy original) which are notarized are prepared. Following the notarization of articles of association, within 15 days at the latest, application to the relevant trade registry office with the documents set below is needed.
Documents for the Company Establishment
• A company establishment petition and a notification form, duly filled in and signed by persons authorized to represent the company. The list of the documents to be procured, and forms to be filled can be downloaded at www.sanayi.gov.tr and www.hazine.gov.tr
• Notarized signatures of persons authorized to represent the company together with the company trade name
• A letter of commitment in accordance with Article 29 of the Trade Registry Regulation
• The bank receipt indicating that 0.04% of the company capital has been deposited to the account of the Turkish Competition Authority at a state bank or the Central Bank of the Republic of Turkey
• Certified copies of the ID certificates of the real person founders and their residence certificates (if they have Turkish citizenship)
• In case there are any real persons of foreign citizenship among the founders of the company, the xerox copy of his/her passport to be presented together with the passport itself or its notarized copy
• In case the foreign shareholder(s) is a legal entity; the original copy of the certificate of activity issued by the competent authorities and approved by the relevant Turkish Consulate or apostilled and its notarized translation
• In case there are any rights and movable and immovable assets to be put in as capital for a company to be established; expert report of the assessment made to ascertain the value of these and the related court decision for the expert assignment
Source: Republic of Turkey Prime Ministry Investment Support and Promotion Agency
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