Do I Need to Renew My Company in Turkey?

The investors planning to company registration in Turkey frequently ask this question. Especially, when they ask the cost of company formation in Turkey such question arise; Do I need to renew my company in Turkey. Differently, they ask what is the cost of company renewal in Turkey. Since such question is very common in this post we plan to address this question. Additionally, we will clarify the reason of this question.

Do I Need to Renew My Company in Turkey ?

The basic answer of this question is no. Since, in Turkey the companies are established for an indefinite term. However, many consultants giving this service in their offer add this as a separate unit. Furthermore, the cost is given almost same as the company formation in Turkey. Probably, the main reason for those offers are the maximizing the profit by consultants. For the reason that,  if such fee is requested for one time the profit will be very low besides the connection with the client will be lost for further years. On the other hand, there is one type of cost for the companies arise yearly which is the notarization of the commercial books of the companies. Such notarization is done by notary public in Turkey and the accountant of the company follows up this process in Turkey.

Which Cost Shall I Expect for My Company in Turkey ?

We will analyse the answer of this question more deeply in the following posts However, in this post we will make few points in order to address our main heading.

We can classify the establishment of a company in Turkey into 2 sections;

• Pre-company formation in Turkey costs
• Post-company formation in Turkey cost

Pre-Company Formation in Turkey Costs

For company registration in Turkey, the below costs you can expect;

• Notary costs for Power of Attorney for company in Turkey
• Translations costs for notarization. Since all official documents in Turkey must be in Turkish language
• The cost for trade registry in Turkey.
• General accounting power of attorney costs
• The cost to be paid to a bank for bank account opening
• Virtual office fee if you do not have any legal address in Turkey
• The service fee you are going to pay for the accountant or lawyer

Post Company Formation in Turkey Costs

Such costs may vary based on the business activities. However, you may expect the below costs after opening a company in Turkey.

• Accounting cost for the follow up taxes of your company
• Taxes of your company
• If you are going to do export activities expenses for customs and customs brokers
• If you are going to make employment salaries will be expenses for your companies in Turkey

In conclusions, for the questions of do I need to renew my company in Turkey, the answer is no. However, there are certain expenses you may expect both before and after company registration in Turkey. We advise you review such costs before taking action.