- May 20, 2020
- Posted by: admin
- Category: Blog
Since Turkey is a hub point as a result of its geostrategic position, all countries around the world show interest for opening a company in Turkey. However, Pakistan has relatively stronger ties with Turkey and therefore such interest is higher for Pakistani entrepreneurs.
Though Turkey and Pakistan geographically separate from each other as a result of the common religious and cultural heritage, both countries have close relations and cooperation in various fields such as economy and defense.
Turkey was one of the first countries that recognized Pakistan in 1947. Such recognition established close friendship and brotherhood between these two countries. The affairs developed with high level visits after the establishment of Pakistan. The relations have deepened with the support of the two countries in their most difficult times such as natural disasters.
As a result of those strong ties between those two countries, the investors from both countries started to build the economic bridge.
According to the data of the Ministry of Commerce of Turkey; a large part of Turkey’s imports from Pakistan are cotton fabrics. Other major products imported: cotton thread; ethyl alcohol; polyacetals, other polyethers, epoxide-alkyd resins; clothing of leather and leather; knitted gloves and apparel products.
As it is seen, the majority of the import from Pakistan is about textile industry. The success of Pakistani businessmen in textile industry motivated them open a company in Turkey to directly sell their products in Turkish market. Therefore, the number of companies opened by Pakistani citizens in Turkey are dramatically increased.
Also, compared to other countries where Pakistani people tend to live such as Saudi Arabia opening a company in Turkey is relatively easy.
How to Open a Company in Turkey by Pakistani Businessmen
Firstly, it is possible to open a company in Turkey without the requirement of any Turkish partner.
At first the type of the companies in Turkey should be determined. Briefly, it can be said that for the small and mid size enterprises LLC is more appropriate in Turkey. For the larger enterprises joint stock companies should be chosen.
Even though it is not mandatory working with an accountant or a lawyer through the process of opening a company in Turkey will minimize your risk.
The commercial title of the company to be established in Turkey should be selected. The commercial title should include the main business objective and type of the company such as ABC (Textile Import and Export LLC). The name part can be in English language, however the type of the company and the business objective should be in Turkish.
Power of attorney and the required documents should be given to the lawyer to follow up the process of opening a company in Turkey. For real person shareholders passport copy, passport size pictures will be sufficient. Such documents should be either notarized in Turkey or Turkish Consulate abroad.
The lawyer will draft the Article of Association of the company and make the registration of company in Turkey at relevance chamber of commerce.
In order to register a company in Turkey a legal address is required. Virtual offices are possible.
After the registration of the company, the tax opening should be made in order to issue an invoice and generate a revenue.
It is mandatory to work with certified accountant to keep the commercial records of the company established in Turkey. Therefore, after registration of the company a power of attorney should be given to a certified
When the company is registered and tax opening is made with the required documents opening a commercial bank account in Turkey is possible.