The Decision on Increasing the Minimum Capital Amount for Joint Stock and Limited Companies (Decision Number: 7887) (Decision) was published in the Official Gazette No. 32380 dated 25.11.2023. The decision will enter into force on the date of its publication, effective from 01.01.2024. In accordance with the decision, minimum capital amounts will be as follows:
The minimum capital amount for joint stock company registration in Turkey, 50,000 TL to 250,000 TL,
The minimum capital amount for limited registration in Turkey, 10,000 TL to 50,000 TL,
The minimum initial capital amount for non-public joint stock companies that have accepted the registered capital system has been increased from 100,000 TL to 500,000 TL.
According to the announcement dated 27.11.2023 published by the Ministry of Trade, existing companies with capital below these amounts are not obliged to increase their capital. However, the Ministry of Commerce stated that it is beneficial for companies to increase their capital at least in the mentioned amounts in order to strengthen their equity structures.
What are the Necessary Steps for Company Registration in Turkey in 2025?
The most important change about company formation in Turkey before 2025 is the minimum capital amounts. Minimum capital amount for Joint Stock Company registration in Turkey is now 250.000-TL. On the other hand, in order to setup a LLC in Turkey the minimum capital is 50.000-TL. We can say that there are no other major changes for 2025 for business registration in Turkey. Now, please read our page for further details.
Step-by-Step Process: How to Register Your Company in Turkey Hassle-Free
Are you considering expanding your business to Turkey? Registering your company in a new country can often be a challenging and time-consuming process. However, it doesn’t have to be that way. In this step-by-step guide, we will walk you through the process of registering your company in Turkey hassle-free.
Whether you are a small startup or an established multinational corporation, understanding the local regulations and legal requirements is essential to ensure a smooth and successful company registration. From choosing the right business structure to obtaining necessary permits and licenses, we will cover everything you need to know to get your business up and running in Turkey.
Our expert team has compiled a comprehensive guide that outlines each stage of the registration process and provides valuable tips and insights along the way. With a user-friendly approach and clear instructions, you’ll be able to navigate the complexities of Turkish company registration with ease.
Stay tuned for our step-by-step guide on how to register your company in Turkey hassle-free and make your expansion dreams a reality.
Understanding the legal requirements for company registration
Setting up a business in Turkey requires adherence to specific legal requirements. Understanding these requirements is crucial to ensure a smooth and hassle-free registration process. The legal framework for company registration in Turkey is governed by the Turkish Commercial Code, which outlines the rules and regulations that businesses must follow.
To register your company in Turkey, you need to be familiar with the different business structures available. The most common types of companies in Turkey are Joint Stock Company (JSC), Limited Liability Company (LLC), and Branch Office. Each structure has its own advantages and considerations, so it’s important to choose the one that best suits your business needs.
When registering your company in Turkey, you’ll also need to consider the industry-specific regulations that may apply to your business. Certain sectors, such as finance, healthcare, and energy, have additional licensing requirements that you need to fulfill. It’s important to research and understand these regulations to ensure compliance from the start.
Choosing the right business structure for your company
Selecting the appropriate business structure is one of the most important decisions you’ll make when registering your company in Turkey. Each structure has its own legal and tax implications, as well as varying levels of liability for the shareholders.
- Joint Stock Company (JSC): A JSC is suitable for larger businesses that plan to raise capital through the stock market. It requires a minimum capital of 50,000 Turkish Lira (TRY) and is subject to more stringent reporting and auditing requirements.
- Limited Liability Company (LLC): An LLC is a popular choice for small and medium-sized businesses. It offers limited liability protection for shareholders and requires a minimum capital of 10,000 TRY. An LLC can be established with a single shareholder and has more flexibility in terms of management and decision-making.
- Branch Office: A branch office is a suitable option for foreign companies looking to establish a presence in Turkey without creating a separate legal entity. It operates as an extension of the parent company and is subject to the same regulations and liabilities.
Consider your business goals, capital requirements, and liability preferences when choosing the right business structure for your company in Turkey. Consulting with a legal professional or business advisor can help you make an informed decision.
Decide your company name
Before starting company registration process, you need to check a unique name for your company. The name checking process in Turkey is handled by the Central Registry Gazette (MERSIS). To check your planned company name, you’ll need to provide basic information about your business. If you can send us your ideas we can both structure and check the planned name.
It’s important to choose a name that accurately represents your business and complies with the naming rules set by the relevant regulations. The reservation of the name is not possible before the registration of business in Turkey. However, you can plan name a name by checking the existing company names in the database.
Prepare the necessary documents for registration
To register your company in Turkey, you’ll need to prepare several documents. The specific requirements may vary depending on the business structure you choose, but the following documents are generally required:
- Articles of Association: This document outlines the internal regulations and governance structure of your company. It includes information about the shareholders, board of directors and company objectives.
- Notarized Signatory Circular: This document designates the individuals authorized to represent your company and make legally binding decisions on its behalf. This document will be prepared after the company is registered in Turkey.
- Passport Copies: You’ll need to provide passport copies of the shareholders and authorized representatives of your company. Such copies shall be either apostilled or notarized.
- Address Confirmation: Proof of address for the company’s registered office, such as a lease agreement or utility bill, may be required. You can get benefit from virtual offices in Turkey.
- Bank Letter: A bank letter confirming the deposit of the minimum required capital for your chosen business structure. Such requirement is applicable for Joint Stock Companies in Turkey.
- Potential Tax Number: A unique numbers for foreigners to start the company registration process.
Ensure that all documents are accurately prepared and notarized before submitting them for registration. Working with a professional legal advisor can help you navigate the documentation process smoothly.
Public notaries in Turkey or Turkish consulate around the world can notarize the documents for opening a company in Turkey. Furhhermore, Turkey is the party of Hague Apostille Convention. Therefore the documents which have appostile annotation is valid for the business registration process. For details you can read apostille in Turkey.
Open a bank account for your company
To operate legally in Turkey, you’ll need to open a bank account for your company. The bank account will be used for various financial transactions, including paying taxes, employee salaries, and managing business expenses.
Choose a reputable bank in Turkey and provide the necessary documentation to open the account. The required documents usually include your company’s certificate of activity, notarized signatory circular, passport copies of shareholders and authorized representatives, proof of address for the registered office, tax plate of the company and potential tax numbers for the shareholders.
Once your bank account is set up, you can deposit the minimum capital required for your chosen business structure. For limited companies in Turkey, you do not have to deposit the minimum capital amount. However, for the JSC such ¼ of the capital amount must be blocked for starting the company registration process. The bank will issue a letter confirming the deposit, which you’ll need to submit during the registration process.
Submit your application for company registration
With all the necessary documents prepared, it’s time to submit your application for company registration. You shall do this online through the Central Registry Gazette (MERSIS) system to get an appointment. Appointments for company registration in Turkey is given generally in 2 days after the application.
The appointment process typically involves completing an application form, attaching the required documents, you submitted online and paying the registration fees. Once your application is submitted, it will be reviewed by the trade registry office, and if everything is in order, your company will be registered.
The publish of the registration usually takes couple of hours, depending on the workload of the trade registry office. During this time, it’s important to monitor the progress of your application and address any additional requirements or inquiries promptly.
Obtain your tax number and register for VAT
After your company is registered, you’ll need to obtain a tax number. The tax number is used for various tax-related obligations, such as filing tax returns and issuing invoices.
To obtain your tax number, your company registration process need to be finalized. Please do not mix up the potential tax number and company tax number. Potential tax numbers are for the shareholders of companies and the tax number is for the companies registered in Turkey.
Issue Signature Circular
Signature circular is a legal document in Turkey that shows the authorized signatories. You can be eligible for signature circular for your company in Turkey once the registration is published. The process of issuance the signature circular is taken place in notary publics. If you are not in Turkey and need to issue a signature circular such transaction can be done in Turkish Embassies or consulates.
The process is briefly you put your signature specimen in front of notary to prove that such signature really belongs to you.
Register with the relevant authorities
Depending on the nature of your business, you may need to register with additional authorities or obtain specific licenses and permits. For example, if you’re operating in the food and beverage industry, you may need to register with the local health department and obtain a food service permit.
Research the industry-specific regulations that apply to your business and ensure compliance with all necessary requirements. Failing to register with the relevant authorities or obtain required permits can result in penalties or even the suspension of your business operations.
Conclusion: Successfully registering your company in Turkey
Registering your company in Turkey doesn’t have to be a daunting process. By understanding the legal requirements, choosing the right business structure, and following the step-by-step process outlined in this guide, you can register your company hassle-free.
Remember to consult with legal professionals or business advisors to ensure compliance with all regulations and to address any specific requirements for your industry. With the right guidance and preparation, you can navigate the complexities of company registration in Turkey and embark on a successful business venture in this dynamic and vibrant market.
So, what are you waiting for? Start your journey to expanding your business in Turkey today!
Conclusion: Successfully registering your company in Turkey
Now you are ready to embark on a new chapter of your business journey. The process may have seemed daunting at first, but by following this step-by-step guide, you’ve navigated the complexities of Turkish company registration with ease.
Remember, compliance with local regulations and ongoing legal and financial responsibilities are essential for the continued success of your business in Turkey. Stay informed about any changes in laws or regulations that may affect your operations and seek professional advice when needed.
Contrary to fears of legal barriers and an unstable business environment, reality is Turkey’s welcoming stance toward foreign investment, robust economy, and the availability of English-proficient professionals. By debunking myths around lengthy procedures, language barriers, and high capital requirements, company registration in Turkey is an option for entrepreneurs to approach Turkey as a promising destination for business ventures with confidence and informed decision-making. Further details for misconceptions about company registration in Turkey, please read our post.
We hope this guide has provided valuable insights and guidance for registering your company in Turkey hassle-free. Good luck with your expansion plans and may your business thrive in the vibrant Turkish market!
Now for your further questions please read our FAQ section below, check our blog and watch our videos.
FO Consultancy | Company Formation, Legal and Business Consultancy in Turkey
-
Open a Company in TurkeyYou Want To Setup a Business in
Turkey, But The Procedures are Unclear For You.
Please Contact Us For Free Consulting
Company Formation | Registration | Opening | Establishment in Turkey
Company Formation | Registration | Opening | Establishment in TurkeyNumerous entrepreneurs around the world show great interest to Turkey. However, generally the investment process is complex for them. Therefore, as a leader consulting firm we assist investors on those matters. Our major service area is, company formation in Turkey (company registration in Turkey) and related services. Such as, bank account opening in Turkey, trade registration in Turkey and Turkish Citizenship by Investment.
FAQ on Establishing a Company in Turkey
What is company formation in Turkey?
It’s the legal process of establishing a business entity under Turkish commercial laws. In our website, blog posts you can find plenty of information about this service. Further you can reach us through e-mail or whatsapp.
How Can I register a Company in Turkey ?
In our web site, blog posts and videos you can find plenty of information on company registration in Turkey. We can divide our steps in to three sections, (i) trade registry in Turkey (ii) signature circular issuance and (iii) bank account opening in Turkey.
At first we require some information from you, these are as follows;
- Passport of the shareholders
- Business objective of the company
- Capital to be allocated for company registration in Turkey
- Business objective of the company
Also, we help you to obtain potential tax number in Turkey. With those information, we apply company registration in Turkey appointment at Istanbul trade registry. We accompany you with our sworn translator at trade registry. After your company is registered we meet with you at notary public to issue “signature circular”. It is a legal document that shows the signature specimen of the company. Finally, we assist you to open a commercial bank account .
Can Foreigners Open A Company In Turkey?
The shortest and simplest answer to this question is yes. According to the FDI law of Turkey, there remains no difference between a Turkish citizen and a foreigner when it comes to investing in the country. For further details please read our post, Can Foreigners Open A Company In Turkey?
Is company formation in Turkey possible without a Turkish shareholder?
Yes, it is not necessary to have a Turkish shareholder for company formation in Turkey. For further details please read our article, Can I Open a Company in Turkey Without Turkish Partner?
Is Online Company Registration in Turkey is Possible ?
Though, some parts of the process is online, the compaete online company registration in Turkey is not possible as of February 2024
How many shareholders do I need for Company Formation in Turkey?
Company registration in Turkey with a single shareholder is possible. Then, the sole shareholder of the company will automatically be a director.
How Long Does it Take to Register a Company in Turkey ?
If you co-operate with us efficiently the company registraion in Turkey including with bank account opening will be completed in 2-3 business days. Please read our article for further deteails, “How Long Does It Take To Register A Company In Turkey ?”
Are there any limits on the number of shareholders ?
For limited liability company formation in Turkey, the number of shareholders shall not exceed 50.
However, there is no legal consequence when a company exceeds such threshold.
How Much Does it Cost to Register a Company in Turkey ?
There are several components effecting the cost of company registration in Turkey. These are, legal expenses, the service fee of the consultant and the fee of the virtual or real Office. Some consultants when making an offer excludes the legal expenses, notarization, and translation fee. Such situation confuses the investor when collecting offer for company registration. Therefore, please ask the all-inclusive fee from the consultants. It can be around 1300-1500 USD. Such fee does not include the monthly expenses of the company.
Are there any regional or local differences in the company registration in Turkey process across different provinces or municipalities in Turkey?
In Turkey, the company registration process is primarily governed by national laws and regulations, so the fundamental steps for registering a company are consistent across the country. However, there might be some variations or additional requirements depending on the specific province or municipality where the company intends to establish its headquarters or conduct business.
These variations could include differences in administrative procedures, local licensing requirements, zoning regulations, and specific industry regulations that may apply at the local level. Additionally, some provinces or municipalities may have their own economic development agencies or chambers of commerce that offer support services or incentives for businesses, which could impact the registration process.
Therefore, while the core steps of company registration remain largely uniform across Turkey, it’s advisable for investors to research and consult with local authorities or legal advisors in the specific region where they plan to operate to ensure compliance with any local regulations or procedures that may affect the registration process.
Can a Legal Entity be a shareholder for the Company in Turkey ?
Yes a legal entity can be a shareholder for Company Registration in Turkey procedures. Therefore, your company in your country can establish a company in Turkey. Please click to learn more for company establishment in Turkey with legal entity shareholder.
How much capital do I need for company formation in Turkey ?
You need at least 50.000-TL (from 01.01.2023) capital for company formation in Turkey. However, you do not need to deposit amount in advance. For more information please read our article on company’s capital in Turkey.
Can I Establish a Company in Turkey in any type ?
Please review the types of companies in Turkey
Can I Establish a Joint stock company in Turkey?
Yes you can open a joint stock company in Turkey as a foreigner. In Turkey such company type name is Anonim Sirket. Please read our article for more information.
For Company Registration in Turkey do I need to physically be in Turkey ?
No, we can complete the process on your behalf through the power of attorney provided by you. However, after the company formation in Turkey, the presence of an authorized signatory is necessary for some procedures. For furher information please read Should I Come to Turkey for Company Registration ?
Do I need to rent an office for company formation in Turkey?
Yes, however, you can establish a company in a virtual office with very reasonable fees to rent. In order to have deep analyse you can read our article. Please read ; Virtual Office In Turkey And Other Alternatives For Opening A Company in Turkey
For company registration in Turkey how much should I pay for the virtual office?
Our virtual office provider’s offer is the most economic one in the market. It is approx 40 USD/Month
How much does it cost to register a company in Turkey?
The answer of this question can be answered based on the scope service to be acquired. Additionally, there are both government expenses and service fees for company registration in Turkey. Rather than indicating specific cost, the correct comparison should be made. The below are the items for the cost.
- Company Registration Service Fee
- Company Registration Official Expenses
- Notarization Fee
- Translation Fee
- Virtual Office Fee
- Bank Account Opening Service Fee
- Signature Circular Issuance Fee
The above elements are the items for the cost of company registration in Turkey. Please be assured from your service provider which items in the package which are not.
Do I need to have a work permit or resident permit for company formation in Turkey?
No, you do not need any kind of permit for company formation in Turkey.
Can I automatically get a residence permit when I open a company in Turkey?
No, company registration in Turkey and residence permit are completely separate process. Please read for details can I get a resident permit when I open a company in Turkey.
Do I need an accountant when I open a company in Turkey?
Yes, after you establish a company in Turkey, you need to have a certified accountant. Please read our blog post for the further details. Do I need an accountant in Turkey.
Do I need a lawyer for company registration in Turkey ?
After limited liability company registration in Turkey, you do not need a lawyer. However, if your company is a joint stock company which has a certain amount of capital you need to have a lawyer for your company. For types of companies in Turkey, you can review our post.
How much Tax will I pay after company registration in Turkey
For corporate income tax to be paid after company regitration in Turkey please read our post corporate income tax in Turkey.
Can I open a company in Turkey as "Sole Proprietorship"?
Yes, company formation in Turkey can be made in various type. However, details required to be noted earlier. Please read the details How to Establish a Sole Proprietorship (Private Company) in Turkey
Are there any restrictions on the items to be defined in Article of Associations?
Article of associations are mandatory for company formation in Turkey. There are some regulations on drafting. Therefore, an expert shall draft the Article of Associations.
How can I choose the trade name of a LLC in Turkey?
The business objective (such as food, textile etc) and the type of company (LLC) are the mandatory elements of the trade name of the company in Turkey. By complying with these mandatory elements, the shareholders can freely determine the trade name during company formation in Turkey. Additionally, the mandatory elements should be in Turkish language. On the other hand, the initial name can be in foreign language. Also, such name should not be registered in Turkey before. For further information please read “Determining a trade name in Turkey”
Can I change the name of the company after regitration ?
During the company registration in Turkey you decide the name of the company. However, later in compliance with the regulations you can decide new name and register the new name.
Can I open an e-commerce company in Turkey ?
Yes you can. Company formation in Turkey for e-commerce purpose is very popular. However you should make a research about the regulations for your business. For details please read our article How To Set Up an E-commerce Company in Turkey?
Do I need a customs broker in Turkey ?
After company registration in Turkey, if you wish to do export and import activities, you will need customs broker. However, if you are planning to focus on Turkish market you do not need such service.
How can I notarize my required documents for company registration in Turkey ?
You can either apostile or notarize your documents. For further information about notaries in Turkey please visit
Do I need a Tax Number in Turkey?
For company formation in Turkey either as a real person or a legal entity you will need potential tax number.
Is it Possible to Request Company Formation in Turkey Expenses from the Company?
Yes, it is possible. The company shall take a decision about this request. Otherwise, such expenses shall be requested from the founders.
Can I open a Trading Company in Turkey?
Yes, as a foreigner you can open a trading company in Turkey. Please read our article on this for further details, opening a trading company in Turkey.
Can I Get Work Permit After Company Registration in Turkey?
Yes, you can. However, there are some conditions, please read our articl Work Permit in Turkey?
Do I Need an Export License in Turkey ?
In Turkey there is no such license type. However, after company registraion in Turkey you do need to be member of one of the Exporters Associations in Turkey. Please read our article, export license in Turkey
How Can I close my company in Turkey ?
Plesae read our article closing a company in Turkey.
Can I Register My Trademark in Turkey
Yes you can register your trademark in Turkey. Such process does not have any link with company establishment in Turkey. Please read our post Trademark Registration in Turkey.
Are there any advantages for start-up companies in Turkey
Starting a company in Turkey may have some incentives. One of the most important options are for technology companies. For detail please read technology development zones in Turkey.
Are there any government incentives for opening a company in Turkey
There are various government supports in Turkey, especially regarding exports, rather than the company establishment phase. You can read our article on this subject, Turkish government expenses for business, . Additionally, you can see the current supports as of November 2023 on the Ministry of Commerce website.
How can I find a nominee director in Turkey?
Is Nominee Directorship in Turkey is possible for company registration in Turkey?
In Turkey there no nominee concept. There is single type of director. This director will be responsible for the liabilities for arising from the law. For further information please read Nominee director in Turkey.
Can I Open A Branch Office in Turkey
Yes, you can open a branch office in Turkey for a foreigner based company. The legal requirements are different from the new company opening in Turkey. For more detail please visit https://www.fo-consultancy.com/branch-opening-in-turkey/
What is A Subsidiary in Turkey?
A subsidiary in Turkey is a legally independent entity owned partially or wholly by a foreign parent company. For more information please read also Establishing a Subsidiary in Turkey: A Comprehensive Guide
How Can I Choose the Nace Code in Turkey?
Selecting the right NACE code ensures for business registration in Turkey create proper tax classification, eligibility for government incentives, compliance with industry regulations, and accurate business registration, helping to avoid legal and financial issues. For more information please read our guide with this regard; Understanding NACE Codes in Turkey: A Comprehensive Guide
Company Registration in TurkeyCompany formation in Turkey is easier than you think. Please find below the infographic about the process.
Forget the procedures, focus on your business in Turkey. Because setting up a business in Turkey is easier than you think. Besides that, if you want to establish a company in Turkey, initial consulting is completely free. Please feel free to ask us.
How Long Does it Take to Register a Company in Turkey ?
Steps for Company Formation in Turkey
The most advised company type for foreigners is LLC. LLC Company Formation in Turkey can be made with a single partner. To establish a LLC type of Company in Turkey you do not need to come to Turkey physically at the establishment phase. Since the process can be completed by PoA (Power of Attorney) provided by you. Also, the below documents are required for LLC Company Formation in Turkey ;
ALL THE ABOVE DOCUMENTS ARE REQUIRED TO BE APPROVED BY TURKISH CONSULATE OR APPOSTILED
- Power of Attorney for Company Formation in Turkey, 2 original pcs
- Fill the form of address declaration and sign it (for partners/founders 1 person is sufficient)
- Passport photo of the partners/ shareholders4 pcs (1 person is sufficient)
- Passport copy 4 pcs, officially translated to Turkish (the translator at the consulates can do this)
You need to notarize or appostile the above documents
You want to form a company in Turkey, but the procedures are unclear for you. Please contact us for free consulting.
Establish a Company in Turkey
The requirement of an office for your Company
To establish a company a legal address is required. However, virtual office or home office is acceptable by Turkish law. The average monthly fee for virtual office is lower than the other countries. We do not have a virtual office service, however we do let you connect our partner virtual office provider without any markup. Our partner virtual office provider is one of the most economical in the market.
The requirement of a resident permit after company formation in Turkey
If you are going to live in Turkey, you also require to have a resident permit. However, this is a separate process. Company formation does not automatically grant you resident permit, however having a company will make your resident permit process easier. We also give you a service for a resident permit, please consult is with this regard.
The requirement of a work permit after company formation in Turkey
If you are the single shareholder and director of the company, you do not need work permit. However, if you are going to employ a foreigner, you require a work permit.
The minimum required capital for Company Formation in Turkey
The minimum capital required is 50.000-TL for LLC (from 01.01.2024). However, you do not need to make this payment at the beginning. You can make this payment within 2 years.
Company Formation in Turkey at Free Zones
What is a free zone: Free zones are privileged zones subject to special conditions, which are located within Turkey but are excluded from the customs zone in commercial terms. Majority of the foreigner investors are interested in company formation in Turkey at free zones. However, Turkey is not an offshore country, therefore opening a company in Turkey at free zones are subject to some conditions.
Who can establish a company in free zones:
Authority:
Article 2 – The President in Turkey is authorized to determine the locations and borders of free zones in Turkey.
The establishment and operation of free zones by public institutions and organizations, domestic or foreign real or legal persons is permitted by the President of the Republic in Turkey.
Definitions:
Article 3 – In the application of this Law;
- a) Operator: The public institution and organization, local and foreign real or legal persons that operate the free zone,
- b) User: The real or legal person who has an operating license and has a certain workplace in the region,
The company formation in Turkey at free Even the establishment can be done by foreigners.
The Procedures of Company Registration in Turkey for Foreigners at Free Zones
In order to operate in free zones, an Operating License must be obtained from the Ministry of Commerce, General Directorate of Free Zones, Overseas Investment and Services. To obtain an Operating License; The Operating License Application Form and a photocopy of it, which can be obtained from the Internet address of ministry of trade.The Free Zone Directorate or the Zone Operator/Founder and Operator Company will check the documents listed down belows.
Required Steps to be Followed
1-Introductory information about the applicant and the activity to be carried out in the free zone,
2- The authorization certificate of the signatory and the circular of signature,
3- The authorization certificate and signature statement of the company representative
4- İf any the establishment announcement of the applicant company established in Turkey and the Turkish Trade Registry Gazettes in which the last capital and partnership structure is published, and Trade and/or Industry Chamber registration (for foreign companies: a copy of the establishment certificate valid in their country and approved by the Turkish representative in that country)
5- The company’s balance sheet for the last three years, the profit and loss statement, the original and a photocopy of the bank receipt showing that the application fee has been deposited to the Central Bank of the Republic of Turkey.
6-( If any) Documents showing the amount of foreign currency brought to Turkey in the last three years are submitted to the relevant Free Zone Directorate together with a petition.
7-Companies that are deemed appropriate to obtain an Operating License as a result of the examination carried out by the General Directorate, within 30 days; They make an indoor or outdoor lease agreement.
8-In free zones, the land of which is privately owned, it is possible for companies to purchase land or workplaces. In these regions, companies deemed appropriate by the General Directorate to obtain an Operating License, within 30 days; If they are going to buy land or workplace, they make a sales contract or a lease agreement. A copy of the contract approved by the relevant Free Zone Directorate is forwarded to the General Directorate of Free Zones.
Approval Process of Freezones Operating License Applications
Within the period given by the General Directorate, an Operating License is issued on behalf of those who make lease/sales contracts. Investor users, after obtaining the Operating License, apply to the Regional Directorate and obtain a “Construction License” in order to implement the construction projects they have prepared. After completing the construction work, they get their “Settlement License” and start their commercial activities.
The application fees paid for the Operating License are refunded to the companies that are not deemed appropriate to obtain an Operating License. It is obligatory for real or legal persons headquartered in Turkey to carry out their activities in the free zone through their branches. In this case, issues such as capital structure and profitability will be taken into account during the analysis of the balance sheet of the central company for the last three years. In order for the branch to operate in the free zone to start commercial activities, capital allocation and operating expenses should be foreseen. All real and legal entities that will operate in free zones are required to obtain the necessary permits from all public institutions and organizations in our country within the scope of their activities.
Bank Account Opening in Turkey for ForeignersThe main purpose of the many entrepreneurs for Company Registration in Turkey is the bank account opening. However, for personal bank account opening company registration in Turkey is not necessary. In Turkey, both commercial and personal bank account opening is very easy. In this section, we will give information about both types of bank accounts.
Commercial Bank Account Opening in Turkey
For this type of bank accounts, company registration in Turkey is required. Commercial bank account opening in Turkey can be done by an authorized company director. Firstly, the tax number should be obtained for the company. The registered company in Turkey does not need to be operational.
What is Required to open a commercial bank account in Turkey ?
Besides, the company in Turkey does not need an office. So, in order to open a commercial bank account in Turkey, the address is sufficient. The company director should apply the bank with the required documents. Such documents should show the authority of the company director. Besides, the documents should be notarized. The notarization can be done by a public notary in Turkey or Turkish Consulates.
Personal Bank Account Opening in Turkey
Firstly, the applicant should define a notification address. Some banks require resident permit, some banks do not. This requirement depends on the internal policies of the banks. Secondly, the applicant should obtain potential tax number. Finally, with the passport, address and the tax number the applicant can open a bank account.
Above mentioned procedures may vary depends on the banks. In order to get consulting company registration in Turkey and Bank account opening please contact us.
Do I need to renew my company in Turkey every year ?
No, you do not renew your company as long as you fulfil your obligations and your company is active.
Do I need to come to Turkey for bank Account opening ?
Eventhough by the law with Power of Attorney you can open a bank Account, in some cases banks wish to see the client physically. So please consult us.
When Can I get my resident permit after I establish the company in Turkey ?
Company formation does not autamatically grant you a resident permit, it is separete process.
Hello we are from Pakistan and wish to form a LLC company for general trading based on 2 partners, and 3 employees, in turkey. And we are planning to visit turkey in march. I wanted to know the detailed procedure of cost of establishing the company, trade license fees, business visa, your consultancy fees, ownership issues, and time involved. As we would be coming on visit visa and gotta plan it all along so lagging doesn’t occur. Also tell me will our visa would be converted and how long will it be taking?
Hello Mr. Hussain. Thank you very much for reaching us for company formation in Turkey. We will be happy to answer all your questions through an online meeting. Please reach us.