- August 17, 2023
- Posted by: admin
- Category: Blog
Izmir is one of the best cities to establish your company in Turkey. Therefore, opening a company in Izmir is a rising trend. This city offers a strategic location and access to a skilled workforce to foreign investors in Turkey. Aspiring entrepreneurs and business enthusiasts seeking to tap into this promising market must know about the company formation process.
Being a foreign investor, there is no need for you to register your company in Izmir in person. The agents of the company registration service will help you to incorporate your firm. Usually, it takes nearly seven days to register a business in Izmir. Here are the steps to know to establish a company in Izmir, Turkey.
Step 1- The Structure of Your Company
Before forming a company in Izmir, it is crucial to decide on its company structure. Turkey offers several options to foreign investors, including a Limited Liability Company (LLC), a Branch Office, etc. It is crucial to note here that each structure has its unique benefits and legal implications. Therefore, it is essential to consult with a foreign company formation expert to make the right choice.
Step 2- Selecting the Company Name
The next step is to select a distinctive name for your company in Izmir. Ensure to select a name that doesn’t exist in the Turkish Trade Registry. After deciding on a name, you must register it with the local Trade Registry Office.
Step 3- Preparing the Necessary Documents
Collect the necessary documents for the company registration process. Listed are the common documents you will need for company registration in Turkey.
- If you are establishing an LLC, the Articles of Association are necessary. It outlines your company’s internal regulations and management structure.
- The identification cards of all company founders or representatives.
- You should submit proof of the company’s registered office address.
Step 4- The Actual Registration Process
To officially register your company in Izmir, you must submit all the required documents to the local Trade Registry Office. Usually, the registration process takes a few days. After successfully registering a company in Turkey, you will receive a Unique Tax Identification Number (TIN).
Step 5- Registering Your Company with the Tax Office
After receiving the TIN, you must register your organisation with the relevant tax office. It is a critical step to fulfil your company’s tax obligations.
Step 6- Open a Bank Account
In Izmir, it is necessary for businesses to have their bank accounts. A corporate bank account facilitates the seamless transaction of funds.
The Types of Companies Appropriate for Opening a Company in Izmir
In Izmir, you can establish four major types of companies as listed below.
- Limited Liability Company
- Joint Stock Company
- Collective Company
- Commandite Company
If you are unsure about your company structure, always ask for professional help. Most foreign investors choose the Limited Liability Company structure. It is suitable for small and medium-scale businesses. A Joint Stock Company is ideal for a large business.
Izmir offers a gateway to a thriving market with endless possibilities for foreign investors. You can seek assistance from FO Consultancy for opening a business in Turkey and opening a company in Izmır. You will get detailed insights on company formation from us.