FAQ on Company Formation 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
How many shareholders do I need for Company Formation in Turkey?
You can establish a LLC (Limited Liability Company) by a single partner.
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.
Do I need to come to Turkey to complete the company establishment process?
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.
Do I need to rent an office for company formation in Turkey?
Yes, however, you can establish a company in a virtual office which is very cheap to rent.
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
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 establish a company in Turkey and residence permit are completely separate process.
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.
Infographic ProcessCompany 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.
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 LL Company Formation in Turkey ;
ALL THE ABOVE DOCUMENTS ARE REQUIRED TO BE APPROVED BY TURKISH CONSULATE
- Power of Attorney for Company Formation, 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 want to form a company in Turkey, but the procedures are unclear for you. Please contact us for free consulting.
The Legal Requirements Of The Company
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. 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 10.000-TL for LLC. However, you do not need to make this payment at the beginning. You can make this payment within 2 years.
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.
Besides, the company in Turkey does not need an office. 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.