Cost of registration | The cost of the second year | Number of Directors | Corporate tax rates | Payment of Charter Capital | Financial statements |
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4560.00 USD | 2045.00 USD | 3 | 22.00% | 50000.00 | Yes |
Company Formation in TurkeyTurkey is a country located in western Asia and part of the Balkan peninsula in south-eastern Europe. Its capital city is Ankara (which is also the seat of power), Istanbul is its largest city and considered the commercial hub of Turkey. Turkey’s economic is the 16th (sixteenth) largest in the world and the 6th (sixth) largest in Europe, driving home the point that it is a high growth market for many investments or businesses due to its strategic location between Europe and Asia. Turkey is a charter member of the (UN) United Nations, an early member of NATO (North Atlantic Treaty Organization), the IMF (International Monetary Fund), the World Bank, a founding member of the OECD (Organization for Economic Cooperation and Development), G-20 and many more. The country is now Europe’s largest producer of TVs and light commercial vehicles. Registration of companies in Turkey must be done with the Companies Registrar, the company registration process must be completed with the local office, where the Trade register operates. The Turkish Trade Register under the Chamber of Commerce is the authority responsible for company formation and incorporation. ADVANTAGES OF REGISTRATING A COMPANY IN TURKEYBelow are some of the advantages of registering a company in Turkey, they include:
STARTING A BUSINESS IN TURKEY: TAXESThe corporate tax rate in Turkey is 20% BUSINESS IN TURKEY: TYPES OF COMPANIESThe different types of company are recognized under the Turkish Commercial code No. 6102, as it guides and regulates legal entities in Turkey. These forms include:
In turkey, the most well known company structures are the LTD (LLC) and Joint Stock Companies (AS). it is important to note that foreign companies have the option of creating subsidiaries or branch offices. REQUIREMENTS FOR FORMATION OF COMPANY IN TURKEYThe following required documents are needed when applying to the Turkish Trade Registry Office. They include:
FORMATION OF THE TURKISH AS COMPANYThis business form is used by those looking to start large businesses. At least one shareholder is needed to incorporate this company type and the requirements for the minimum share capital are larger than for the limited liability company, at 50,000 TRY. The management of the company is also foreseen by a board of directors, together with a supervisory board. Other features of the company include:
FORMATION OF THE TURKISH LS COMPANYIts best suited for small and medium-sized companies. The incorporation procedure is straightforward, and its characteristics make it a favorite among foreign investors. At least one shareholder is required for this business form and a minimum share capital of 5,000 TRY. The company is managed by a board of directors. The establishment of an LLC in Turkey has added advantages like they can be used to set up holding companies which creates an avenue for tax optimization solution or the establishment of shelf companies, which are later sold to those looking to save time and avoid the whole registration process. Other features include:
LIST OF REQUIRED DOCUMENTS FOR REGISTRATION OF LS COMPANY IN TURKEY
PROCESS OF SETTING UP A BUSINESS IN TURKEYThe registration process begins with a free consultation and expert assessment from our lawyers, ensuring it complies with the requirements of a new company registration. After which, our specialists collect, prepare the necessary documents and submit the application for company registration. At the end of the registration procedure, the certificate of Incorporation may be delivered to you via courier service or an email addressed by the founders of the company. Company registration and incorporation gives operational and transactional rights in Turkey. TURKISH COMPANY FORMATION FAQs
The cost of registering a company in Turkey depends on the type of company: AS company formation costs $5205 and LS company formation costs $3995. The total cost of registration includes comprehensive review, company registration service and certificate.
The complete registration of a company in Turkey takes from 3 weeks.
A business name has to conform with the requirements given by the Turkish Trade Register, Chamber of commerce in Turkey. Contact Law and Trust International to get a professional view on registering a business name in Turkey.
Yes, a resident address in Turkey is required to fulfill the company registration and incorporation requirement.
It is not a necessary requirement in the registration of companies in Turkey to have a director who is a citizen. This position ca be filled by anyone including foreigners who have been issued a work/business visa. WHY INCORPORATE WITH LAW&TRUST INTERNATIONAL?Benefits of company incorporation and registration in Turkey with Law&Trust International team include:
READY FOR COMPANY INCORPORATION?If you are interested in registering and incorporating a company in Turkey, Law & Trust International can help. Simply send us an email or call now to take your business to the next level! |
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Square | 783 562.00 |
Population | 79 749 500.00 |
Capital | Ankara |
Unemployment | 25.30 |
State polity | republic, parliamentary democracy |
Telephone code | 90 |
Place in the world in corruption | 61 |
location | Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia, and bordering the Aegean Sea and the Mediterranean Sea, between Greece and Syr |
Climate | Temperate; hot, dry summers with mild, wet winters; harsher in interior; avg. maximum temperature (July) +35°; avg. minimum temperature (January) +5° |
Literacy rate | 87.40% |
Ethnic groups | Turkish 70-75%, Kurdish 18%, other minorities 7-12% |
National currency | Turkish lira (TRY) |
USD exchange rate | 1.81 |
GDP per capita | 86 |
Official language | Turkish |
Credit rating | BB- |
The judiciary | High School of the judiciary: the Constitutional Court, Supreme Court, Supreme Court of Appeals, the State Council, the Supreme Audit Chamber, the Supreme Military Court of Appeals, the Supreme Military Administrative Court. |
Executive authority | Head of government: Prime Minister. Government: Council of Ministers appointed by the president on the recommendation of the Prime Minister |
Legislative authorities | Turkish Grand National Assembly (550 seats) |
Opportunity to purchase ready-made companies | No |
Legal system | Civil law |
The use of the Cyrillic alphabet in the name | No |
Local registered office | Yes |
Organizational and Legal Forms | Corporation (A.S.), Limited Liability Company (Ltd., L.S.), Partnership, Branch |
Indication of BPA in the name | A.S. |
Local registered agent | Yes |
Standard currency | Turkish lira |
Information about the beneficiary is disclosed | 50000 |
The minimum amount of paid-in capital, nat. currency | 50000 |
Bearer shares | No |
Possibility to issue shares without par value | No |
VAT | Yes |
Basic corporate tax rate | 22.00% |
Capital gains tax | No |
Currency control | No |
Corporate tax rates details | 22% |
Stamp duty | No |
Other taxes | VAT 18% |
Minimum number of directors | 3 |
The requirement for residency directors | No |
Director of legal entities are allowed | No |
The data reveals to the local agent | Yes |
Data field to the public registry | Yes |
The requirement for the presence of the Secretary | No |
Requirement to the residense of the Secretary | No |
Requirements to qualification of the Secretary | No |
Legal entity as the Secretary | No |
Minimum number of shareholders | 5 |
Data is entered in the public register | Yes |
Shareholders residency requirement | No |
Information about the beneficiary is disclosed | Yes |
Information may be disclosed to the local agent | Yes |
Shareholders-legal entities are acceptable | Yes |
The requirement for filing reports | Yes |
Open access to reports | No |
Statutory audit | No |
The requirement for filing Annual Return | Yes |
Open access to the Annual Return | No |
The requirement for reports | Yes |
Treaty on avoidance of double taxation (States which signed) | 40 |
Membership in the OECD | Yes |
Is it offshore according to Russian legislation | No |
TM Comprehensive Study | TM Registration Request | TM Registration Certificate | Total | ||||
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First Class | Additional Class | First Class | Additional Class | First Class | Additional Class | First Class | Additional Class |
60.00 | 60.00 | 440.00 | 200.00 | 620.00 | 0.00 | 1170.00 USD | 260.00 USD |
«TRADEMARK» refers to «Wordmark», «Logo» or «Wordmark + Logo» | |||||||
Prices include all professional and official fees. If the change of official duties or exchange rates prices may vary. |