Everything You Need to Know About Establishing Business in Turkey.
Establishing business in Turkey can be difficult, especially if you are setting it up in another country. There can be different regulations, required documents, and processes while establishing a company in Turkey. Therefore, it is important to search for certain steps and have an idea of starting a business. Also, you may need to ask for some legal advice. Here you can find the basic starting points to establishing a business as a foreigner;
Establishing business in Turkey: A How-To
Turkey has attracted many international investors with its growing economy, strategic location, and investment opportunities. There are also government incentives for investors and businesses. If you want to learn more about government incentives, you can read our article “Thinking of Investing in Turkey? Here are the Reasons and the Sectors.” According to the government’s investment office, “The FDI (Foreign Direct Investment) law of Turkey is based on the equal treatment principle, which allows the foreign investors have the same rights and responsibilities as local investors.” With the reforms that Turkey has launched, which makes it easier to do business to improve the investment environment, eliminating red tape in setting up a business, and minimizing costs and procedures, the process is now carried out at the Trade Registry Offices located in Chambers of Commerce.
How can foreigners establish a business in Turkey?
Before you set up a business first, you should decide what type of company you want to start. For instance, you can choose between a “private, limited or joint-stock” company. After you have chosen the type of your company, according to the Companies Law, you need the notarization certificate. Then, open a corporate bank account, appoint company executives, submit your business documents and the shareholder information to the Trade Registry Office. The next step is to obtain the tax and VAT and register with the tax office for social security reasons.
What type of business can foreigners establish in Turkey?
Even though foreigners can establish a business in Turkey, there might also be some businesses that foreigners cannot set up without the approval of the Ministry of Commerce and Industry. To know which business you can establish, you can seek advice from your lawyers or authorities.
What are the documents required to establish a business?
Because the required document may vary from one company type to another, you need to search for the legal documents of the company type you are establishing. With this in mind, the most important step to start up your business is to gather and deliver the required documents to register your company to the Trade Registry Office. You can find the list of required documents on the Ministry of Trade website.
The information above may change in the future due to the new laws that the government may make. To get the latest and detailed information about the subject matter, you can contact us at +90 533 158 81 81.