It is not easy to set up a business in another country. There can be different regulations, required documents, and process while establishing a business in another country, especially in Turkey. Therefore, it is important to search for certain steps and having an idea of the process 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;
With its growing economy, strategical location, and investment opportunities, Turkey has attracted many international investors. 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.” (hyperlink) 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 business in Turkey?
Before you set up a business first, you should decide on 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 the documents of your business, the information of the shareholder 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 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.
Because the required document may vary from one company type to the other, you need to search for the required documents of the company type that you are establishing. With this in mind, the most important step to start up your business is to gathering and delivering the required documents to register your company to the Trade Registry Office. You can find the list of required documents in 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.