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All the details about establishing a company in Turkey

All the details about establishing a company in Turkey

What are the steps for establishing a company in Turkey and what are their types? 

Turkey's treatment of foreign investors and the facilities it provides to them in order to ensure that they attract capital and various commercial activities is one of the most important reasons that push foreign investors to start their investments in Turkey.

As for the Turkish decisions, which always stand in the interest of the foreign investor, they are what encourages him most to establish a company in Turkey or start his commercial activity, as it has become easy to obtain a work permit that allows the owner to obtain Turkish citizenship and other privileges. 

Below we list some important information regarding the establishment of companies and what are the different types of companies that you can establish, along with steps that must be taken into account when establishing a company in Turkey. 

Types of companies in Turkey: 

There are four types when considering establishing a company in Turkey, and they are: 

Joint stock companies S-A: 

It is a type of company in which the capital is divided into shares distributed among the shareholders, and their liability is limited according to the percentage of their shares from the capital of the company registered in it as a shareholder partner. 
It is imperative that the shareholders in this company be five persons or legal entities, and the capital must not be less than 50 thousand Turkish liras, where a quarter of this amount is paid before registering the company with the Turkish government. 
Joint stock companies can carry out any industrial or commercial activity permitted by law. Except for some businesses that require special permissions from the Ministry of Industry and Commerce.


Joint companies: 

These companies are established with the aim of operating a commercial enterprise bearing a specific trade name. All shareholders in them have limited liability. The capital in this type of company is not limited to a minimum amount of money
All partners in this type of company are required to be real, and the rights and entitlements of the partners are determined through the articles of association that the partners define by agreement between them.


Unlimited liability company: 

In this type of company, the conditions differ according to the different administrative reference that is supposed to issue licenses, which makes obtaining a license for this company somewhat difficult and this type of company includes the following activities: 
-Financial institutions (private) 
- Insurance companies 
-Debt collection companies 
-Currency exchange companies 
-Financial leasing companies 
-Holding companies 
-Other companies


Ltd companies (limited liability company) 

This type of company is considered the ideal for owners of medium and small activities and projects due to the low cost required to establish a company in Turkey of this type, as the minimum for its establishment is “10 thousand Turkish liras”, which is a very acceptable number, while the number of shareholders in this company can be a person. One at least and 50 people maximum. 

The owners of limited companies are not allowed to work in the fields mentioned previously, such as banks, financial institutions, and others, and the liability of the shareholders in this company is limited according to the percentage of their shares in the company’s capital that they have contributed to. 
And because establishing a company of this type in Turkey is preferred by foreigners, we will review the most important steps for establishing a company in Turkey with limited liability:


Procedures for establishing a company in Turkey (limited liability): 

There is no need for all partners to be present if they want to establish a limited liability company, as one shareholder is sufficient for its establishment, and it is also possible to manage this type of company by foreigners, provided that they have a work permit or extract it in the event that it is not available.


The papers required to establish a company in Turkey (limited liability) 

Unlike countries that make it difficult for foreigners when establishing their companies, you will not find any difficulty in compiling the papers required to establish your company in Turkey as all that may be asked of you is: 
- A copy of a valid passport translated to Turkish and certified by the notary (notary) 
- A tax number (to be extracted from any tax department with ease) 
-Three personal photos


Steps to establish a company in Turkey: 

First - Preparing the company’s articles of association and certifying it by the notary “notary public” and attaching it to a report on the company's address. 

Second - Deposit 25% of the capital in the bank 
It is also preferable for the capital to be greater than the number specified in the Turkish law in order to benefit from the powers that the companies with huge financial capital acquire, as the treatment of Turkish law varies according to the value of the capital and therefore it is recommended that the capital be high to facilitate the process of obtaining permission and establishing work for shareholders The company or its employees. 
The specified capital is deposited through a bank account of the company, where the company then obtains a deposit paper for the value of the deposited capital, and then the company’s papers can be managed and the approval of the Chamber of Commerce in Turkey is obtained and the real estate registry is received.


Third - Submit an original and two certified copies to the Land Registry Office within 15 days from the date on which the papers were authenticated by the Notary “Notary Public” 

Fourth - The address of the company must be clearly indicated in the incorporation system, which will be publicly published in the official Commercial Registry Gazette, in accordance with Article 279 of the Turkish Commercial Law that stipulates this. 
Upon completion of the establishment of the company in the commercial registry office, you must register the company at the local tax office to be given the tax certificate, which is required to display it clearly in the workplace, for the tax officials to visit the company from time to time to verify the information mentioned in the tax certificate or the so-called vergi Levhası)). 

Fifth and last: Insurance: 
After completing all of the above required procedures, the Commercial Registry Office informs the Ministry of Labor sgk about your company and therefore it is required to register all workers in the company, whether they are employees or managers in the Ministry of Social Insurance, as social insurance is compulsory in Turkey for all workers in all types of companies and it is assumed that The company pays the insurance premiums on a monthly basis for each employee in the company, and the insurance value is approximately 750 Turkish liras for one employee.


Ramzy real estate advice about establishing a company in Turkey: 

- The use of a lawyer with experience in the field to oversee the correct establishment of the company 
-Hiring a qualified accountant to solve the financial matters in the company, bearing in mind that the chartered accountant is accredited to represent the company before the government and Turkish law.


You ask, and Ramzy answers 

Ramzy Real Estate answers the most common questions regarding establishing a company in Turkey: 

Q: Can I remove, change or add new shareholders (partners) to the company? 
A: Yes, you can do that at any time 

Q: Can I change the company's activity at any time I want? 
A: Yes, you can, but provided that the shareholders (partners) agree. 

Q: Can I change my company name from one name to another? 
A: Yes, you can, subject to the approval of the shareholders (partners). 

Q: Can I deposit the capital in the bank in a currency other than the Turkish currency? 
A: No, unfortunately, you can only deposit the capital in Turkish lira. 

Q: Can I change or transfer the address of my company from the region in which it is located to another region? 
A: Yes, you can do that within Turkish territory, and this is 100% legal.


Q: Does work permits give me the right to obtain residency for my wife and children? 
A: Yes, after obtaining the work permit, you can add your wife and children to your residence 

Q: Is it true that the work permit gives the owner of the company Turkish citizenship? 
A: Yes, it is true that the work permit grants its owner Turkish citizenship within 5 years, provided that he stays throughout this period in Turkish territory, while allowing him to leave only 18 days during the five years. 

Q: Can I establish a company in Turkey without entering it? 
A: Yes, you can, but in this case you need the presence of the company’s manager inside Turkish territory, and if your company is a limited liability company, there must be a share in the company for this manager. 

Q: Can I remove or change the manager or add a manager instead? 
A: Yes, you have the right to do so if the shareholders (partners) agree. 

Q: How long can I be granted a work permit while I am outside Turkey? 
A: The period varies according to the nationality and the country from which you applied, but it ranges from 25 to 40 days. 

It also takes only one week to establish a company in Turkey or less if you are in Turkish territory.


At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice .
- Property Management.
- After-sales services .
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.


Editing by Ramzy Real Estate Team ©


related articles :
Investing in Istanbul ... All you need to know !! 
Obtaining Turkish Citizenship by Owning a Property
The Turkish real estate market 
Three Questions before buying a property in Turkey
Buying Real Estate Online in Turkey


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