Trade Registry in Turkey

 

Before starting to explain Trade Registry in Turkey, it will be useful to make a short definition of the concept of trade registry. Briefly, the trade registry is an official registry that includes all the information and records of the commercial enterprise and the owner of this business. It has functions such as following the legal status of the business owner, informing third parties and protecting the rights gained by the business owner. Since it contains very important information, merchants and third parties are obliged to know the trade registry.

What Kind of Preparations Should Be Made Before Trade Registry in Turkey ?

Before coming to the trade registry step, you should decide whether your company will be a sole proprietorship or a capital company. If you are going to establish a capital company, you should clarify the issues such as your company’s articles of association, title, NACE code, field of activity, capital, address and management.

Where to do Trade Registry in Turkey?

Trade registration application can be made by application to the Chamber of Commerce after the preparations mentioned above are completed.

How to Trade Registry ?

In this article, a standard LLC trade registry will be explained.

  • Articles of association are prepared from Mersis. Mersis is an online system which you can follow up company formation in Turkey process. Either an accountant or a lawyer familiar to this system may assist you during this step. In this step the data of, title, field of activity, address, capital, shareholders, management style, profit distribution procedures etc. specified.
  • Application to the notary public to sign the article of association. The shareholders sign the main contract at the notary, give power of attorney to the accountant or a law your for establishment of a company in Turkey, a signature statement is prepared for the directors(registration request), and at the same time, notarized photocopies of the managers’ identity are completed..
  • After signing the articles of association, the shareholders open an account at the bank where the capital will be deposited and deposit of the capital, receive a “blockage letter” from the bank (the blockage is resolved after the company is established).
  • The Financial Advisor pays the Competition Authority fund at the rate of 0.04% of the capital to Halk Bank.
  • Founding partners give one passport photo to be affixed to the chamber registration statement.
  • Founders and managers sign the petition, establishment notification form, chamber registration statement prepared by the financial advisor.
  • The financial advisor applies to the ITO (Istanbul Chamber of Commerce) with the articles of association, registration request, petition, establishment notification form, chamber registration statement, bank blockage letter and the payment receipt of the Competition Authority.
  • ITO examines the documents (may request new documents or request correction) and registers the company within a few days (the company is legally established).
  • The financial advisor or a lawyer receives the document (registration certificate) regarding the establishment of the company from the ITO.
  • Re-go to the notary public with the company executives, the signatory circular of the company established, the power of attorney of financial advisor is issued and the financial advisor has the official books approved by the notary.

Such steps for the trade registry in Turkey may seem complex to a foreigner entrepreneur. Even it is not easy for local Turkish people. Therefore, it is advised to work with an expert lawyer or an accountant. For further questions please e-mail us info@fo-consultancy.com



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