- July 20, 2020
- Posted by: admin
- Category: Blog
As a result of the geostrategic position, Turkey is an attractive location for the entrepreneurs all over the world. Therefore, the question “Can I Open a Company in Turkey Without Turkish Partner?” is frequently asked. Some countries have a regime on company law which does not allow opening a company without a local partner. However, in Turkey an entrepreneur can open a company without a Turkish Partner.
Is there Any Difference Between Foreigners and Turkish Citizens in Terms of Opening a Company?
Opening a company in Turkey is explained in detail in earlier articles. The process can be classified from several perspectives such as, (i) types of the companies in Turkey (ii) opening a company remotely or visiting Turkey (iii) real person shareholder company or legal entity shareholder. In terms of opening a company in Turkey in principle there are no difference between foreigners and Turkish Citizens. However, when the above classifications are considered there are minor differences especially about the documents.
As a Foreigner Real Person Which Documents Do I need For Opening a Company in Turkey ?
The required documents for foreign real persons for opening a company are;
1- Passport Copy of the shareholder
2-Power of Attorney
3-Passport Size Picture
All the above documents are required to be notarized by either Turkish Consulate or Notary Public in Turkey. Additionally, the documents should be translated in to Turkish officially. Such phase of the process is different from the Turkish Citizens, since for the foreigners the required documents should be translated into Turkish.
Once those documents are collected a foreigner can open a company in Turkey as a single shareholder and director without the requirement of a Turkish partner.
As a Foreign Legal Entity Which Documents Do I need For Opening a Company in Turkey ?
A Foreign legal entity can open a company in Turkey as well. In order to achieve this The required documents for legal entities and real persons are different for opening a company in Turkey.
- Certificate of activity of the investor company (which will show the current active status of the company and its signature executives.)
- Power of Attorney from the shareholder company
- Passport copy of the designated board member
- Proof of residence of the board member
- Shareholders’ assembly resolution which includes two decisions a- Being a shareholder of Turkish company b- Decision for choosing the board member (board member=company director does not need to be a shareholder)
As similar to the documents for real persons those documents are required to be either notarized. Different from the real persons shareholder, the corporate documents of the company required to be either apostilled or notarized by Turkish consulate since the notary public in Turkey does not have power to notarize foreigner corporate documents.
When the above process is completed, a foreign legal entity can be a single shareholder of Turkish company without the requirement of Turkish partner.
In conclusion, the answer of, Can I Open a Company in Turkey Without Turkish Partner ? is simply yes. However, the foreigners require some translation work different from Turkish citizens during the process of opening a company in Turkey.