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Open a Company in Turkey

Company Formation 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

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?

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.

Is 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.

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 10.000-TL 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

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 which is very cheap 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

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. 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 ?

If your company is a joint stock company 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 Turkey. On the other hand, the initial name can be in foreign language. Also, such name should not be registered in Turkey before.

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.

Company Registration in TurkeyCompany formation in Turkey is easier than you think. Please find below the infographic about the process.

Company Formation Process in Turkey - Fo Consultancy

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.

You want to form a company in Turkey, but the procedures are unclear for you. Please contact us for free consulting

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

  1. Power of Attorney for Company Formation in Turkey, 2 original pcs
  2. Fill the form of address declaration and sign it (for partners/founders 1 person is sufficient)
  3. Passport photo of the partners/ shareholders4 pcs (1 person is sufficient)
  4. 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

For Company Registration in Turkey

You want to form a company in Turkey, but the procedures are unclear for you. Please contact us for free consulting.

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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.

Establish A Company In Turkey
The requirement of a resident permit after company formation in Turkey

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.

How to Get work permit after company formation in Turkey
Capital for Company Formation in Turkey

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.

Company Formation in Turkey at Free Zones

Company Formation in Turkey

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;

  1. a) Operator: The public institution and organization, local and foreign real or legal persons that operate the free zone,
  2. 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.

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.

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.

Commercial Bank Account Opening in Turkey
Personal Bank Account Opening in Turkey

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.

8 Comments

  • Danie

    Do I need to renew my company in Turkey every year ?

  • Peter

    Do I need to come to Turkey for bank Account opening ?

    • Fo-Consultancy

      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.

  • Alex

    When Can I get my resident permit after I establish the company in Turkey ?

  • Faisal Hussain

    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?

    • admin

      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.

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