- December 16, 2020
- Posted by: admin
- Category: Blog
This is one of the questions on the minds of many entrepreneurs, “Do I need accountant in Turkey”. Because, paying to work with a freelance accountant or hiring an accountant increases costs. Therefore, in this post we will analyze such requirement.
- Do I need an accountant for company registration in Turkey.
- After the company is establish should I work with an accountant
Do I need an accountant for company registration in Turkey
We can classify the answers from 2 point of views. Such points or (i) legally and (ii) practically. From legal point of view, shareholders do not need this. Thus, you can open a company in Turkey without lawyer and accountant. Since, the accountants and lawyers perform this over a power of attorney. However, even for local Turkish people company registration in Turkey is a complex process. The shareholders should follow certain procedures. Additionally, there are relevant government authorities need to be visited. Therefore, in order to complete the process successfully we advise expert consulting. For the complete guide about the process please review our web page.
Do I need an accountant after opening a company in Turkey.
This question has two alternatives as well; (i) in house accountant (ii) having a contract with a certified accountant. Even though there are some exceptions based on detailed criteria, we can briefly say that an investor shall choose one of the options. Since
The accountant is obliged to accurately record the income and expenses of an enterprise in the relevant books.
The accountant must prepare and sign all necessary declarations such as VAT (Value Added Tax) and Corporate Tax that the enterprise is obliged to declare.
Upon request, the accountant conducts examinations and audits based on documents.
One of the duties of the accountant is to negotiate with the tax authorities on behalf of individuals and organizations in case of dispute regarding default interest and penalties.
Companies formed in Turkey should also regulate their relations with the Social Insurance Institution (SGK).
It has to act as an expert witness on issues such as capital increase in Tax Administrative Courts and judicial judiciary and examination of balance sheets submitted to banks.
As a result of the above explanations if you open a company in Turkey you will need an accountant. Accountant can be either in house or outsourced. We advise that the small and mid size companies established in Turkey should choose outsource accountants. However, if the size of the company is big in-house accountant can be employed.
How Much Should I Pay to an Accountant in Turkey
If you are working with an accountant for mandatory services, the basis of the fee will be based on the number of invoices. However, if you are planning to receive unique service from the accountant the deal should be done separately.
Relevant authorities publish the tariffs of the accountants. Therefore, by the law accountants cannot charge lower fees defined in the tariffs.
We answered the question of Do I need accountant in Turkey? in detail
In conclusion, if your planning to establish a company in Turkey we suggest you to work with an accountant. Even though, it is not mandatory, company registration in Turkey is a complex process. On the other hand, after company opened in Turkey working with an accountant is a must.