Company Formation in Turkey for Foreigners

Turkey is an extremely popular destination for international investors and entrepreneurs. It occupies a strategic position between Europe and Asia. If you want to take advantage of its growing population, you should thoroughly understand the process of company formation in Turkey for foreigners.

From tourism and real estate to manufacturing and value-added technology investments, Turkey offers investors unparalleled opportunities. In addition, starting a business in Turkey as a foreigner could become an extra advantageous investment opportunity for you with several government incentives.

Can Foreigners Start a Company in Turkey?

Foreigners can legally establish companies in Turkey. Under Foreign Direct Investment Law (FDI), they have the same rights as Turkish citizens to establish and own businesses. By following the correct process for company formation in Turkey for foreigners, you can quickly establish a company.

There are no restrictions regarding business registration requirements for foreigners. Whether it’s an LLC (Limited Liability Company) or a JSC (Joint Stock Company), anyone can own a company. All the rules you need to follow for foreign company registration in Turkey are clear and transparent.

How to Start a Company in Turkey as a Foreigner?

Company formation in Turkey for foreigners is a seamless process when the correct steps are followed. You choose a business type, prepare the legal documents, and complete your business registration. As long as you understand the requirements, business setup for foreigners can be completed quickly.

Does starting a business in Turkey as a foreigner seem like a complicated process? Contact us and let us complete your business registration in Turkey without any problems. As a foreign investor, put your worries aside and achieve results quickly with the right guidance and years of experience.

Step 1: Pick Your Company Type

The first step in company formation in Turkey for foreigners is choosing the company type. The Turkish Commercial Code specifies standards for company types. Foreign investors who want to open a company in Turkey generally choose two different company types: LLC and JSC.

• An LLC is a top choice due to its simple setup process and flexible structure. Considering the types of companies in Turkey, it’s suitable for small and medium-sized businesses.
  • According to Turkish Commercial Code requirements, it requires at least one partner.
  • Ideal for business transactions, consulting activities and service delivery.
• A JSC is the preferred choice for foreign investors seeking opportunities such as capital increases. They are the ideal choice for large businesses and those seeking investors.
  • According to Turkish Commercial Code, it requires at least one shareholder.
  • In order to attract investors, it may later go public and have the right to issue shares.

As long as the Turkish Commercial Code requirements are met, company formation in Turkey for foreigners is quite straightforward. How about we support you with your JSC or LLC formation in Turkey? Contact us now and we’ll support you throughout the entire company formation process.

Step 2: Prepare the Required Documents

During the company formation in Turkey for foreigners, you must prepare various company registration documents. These are essential for business registration and they must comply with foreign investor regulations. They are commonly requested by institutions such as Trade Registry Office.

• As a foreign investor, you need basic documentation that clarifies your identity and legal eligibility. All of these documents are required for company registration in Turkey.
  • A valid passport translated and notarized by a notary public.
  • A tax identification number which is valid for foreigners, issued by the local tax office.
  • An official document proving your residence address in Turkey or abroad.
• Foreign company registration in Turkey requires legal documents that clarify your company structure. These are called company formation paperwork, and most require notarization.
  • Articles of Association prepared in Turkish and signed by the shareholders or partners.
  • Proof of reservation of the company name at the Trade Registry prior to registration.
  • Signature affidavits notarized by a notary public to verify the role of each manager.
  • Notarized passport copies confirming the identity of the company members.
  • Chamber of Commerce registration form, which formalizes your company’s registration.

You’ll need these basic documents during the company formation process in Turkey for foreigners. However, depending on your company type and other Turkish Commercial Code requirements, you may also need documents such as power of attorney, lease proof, and initial capital deposit proof.

Step 3: Know the Total Cost

In Turkey, the costs of starting a business are generally reasonable. Fees vary depending on the type of company and location. When considering the cost of company formation in Turkey for foreigners, you should take into account the expenses of the notary public and the social security institution.

You may need guidance regarding company formation in Turkey for foreigners. In this case, your expenses may increase. We can simplify the process of business setup for foreigners. If you’d like to focus on results without worrying about price, contact us for more information about company formation cost.

Step 4: Prepare Registered Address

One of the essential steps in starting a business in Turkey as a foreigner is having a registered office. You won’t be able to complete your registration without a valid address. Instead of steps like residency permit for business setup, you should consider options like a virtual office for companies.

• Virtual Offices: Virtual offices for companies are the most practical solution for those who want to comply with foreign investor regulations and reduce the cost of starting a business.
• Private Offices: If you need private space and will be employing staff, you’ll need to rent private offices. However, this is the most costly option for business setup for foreigners.
• Co-working Offices: Shared offices with a registered address are preferable for company formation in Turkey for foreigners. They can meet all your company’s needs.

To meet the registered address requirement, you must first obtain information about the types of companies in Turkey. LLC formation in Turkey is easily accomplished with virtual offices. Without a registered address, you will encounter numerous difficulties, including tax registration.

Step 5: Basic Accounting Setup

When it comes to company formation in Turkey for foreigners, you should prioritize accounting from day one. It helps you fulfill your tax obligations. An experienced accountant can support you throughout the process, from obtaining a tax number for foreigners to opening a bank account and more.

• During the process of company formation in Turkey for foreigners, always try to find a registered accountant. Your accountant handles everything from tax returns to reviewing financial statements.
• Opening a bank account is a requirement. Your personal transactions and company transactions must be in separate accounts. Your accountant checks your business bank account regularly.
• All your bookkeeping must comply with legal standards. In Turkey, you must closely follow all regulations set by the Ministry of Trade. Your accountant checks everything carefully.
• It’s important to obtain a tax identification number during the initial steps of the company formation process. Your accountant can verify your tax number for foreigners.
• As you can see in the details of company formation in Turkey for foreigners, tax reports must be prepared monthly in Turkey. An experienced accountant handles all the procedures.

Want to smooth the process of foreign company registration in Turkey? We can support you every step of the way, from managing your business bank account to meeting Turkish Commercial Code requirements. Contact us now for detailed information about registering a company in Turkey for foreigners.

How Long Does It Take to Start a Company in Turkey?

Company formation in Turkey for foreigners is faster than in many other countries. You won’t need to worry about business visas or similar requirements. Prior preparation determines everything. Therefore, it’s important to learn the business registration requirements for foreigners.

• The first day of company formation in Turkey for foreigners is spent preparing the necessary documents. The second day is dedicated to translating and notarizing the documents.
• On the third day, your company’s Articles of Association is drafted. On the fourth day, a temporary bank account is opened and the minimum capital requirements are met.
• On the fifth day, an application is submitted to the Trade Registry Office. The company is registered on the sixth day of the company formation process in Turkey for foreigners.
• After receiving a tax number and legal entity approval, the tax office is visited on the seventh day and legal books are registered. If necessary, the ninth day is reserved for a tax office audit.
• On the tenth day, your permanent bank account will be opened. You won’t need to worry about the minimum capital requirements and other details. The company will be fully operational.

The process of company formation in Turkey for foreigners takes approximately 10 business days. Contact us now to expedite and manage the process effectively. We’ll closely monitor legal requirements and provide personalized support. Your registration will be completed smoothly.

Frequently Asked Questions