February 15, 2011, 2:02 pm
Turkey is a country in which foreign investment thrives. Therefore plenty investors choose to set up companies, as the environment is welcoming, and the chance of success is real. Some entrepreneurs choose to invest in Turkey by setting up companies from scratch, or acquire shelf, or readymade companies. Turkish shelf companies are already business entities already established and incorporated in Turkey, after Turkish legislation. Therefore the buyer of a shelf company must engage in the process of share transfer.
The share transfer process is basically the same as incorporating a company, only less complex and less time consuming. The buyer of a shelf company can either be a natural person or a legal entity. Identification documents must be provided in both cases, such as certificate of registration for the legal entity, obtained from the relevant institution where the company has been registered, and ID or passport for the natural person. In order to commence the share transfer, a Share Transfer Agreement must be signed by the actual and previous owner of the company, and authenticated by a public notary.
After the share transfer process is concluded, the new shareholder is able to conduct changes in order to adapt the Turkish shelf company, to the new company's needs. In order to do so the Turkish Trade Registry must be notified. The shareholder has to register the new Board of Directors, the management of the company and to stipulate the address of the company and other modifications, such as additional object of activity, different name, new bank representatives and other updates.
As the shelf companies can be brand new companies, never used and aged companies, which have had some commercial activity prior to the share transfer, it is advisable for the new shareholder to document himself/herself on the prior activities, tax and accounting fillings, possible debts or even company assets.
Setting up a Turkish shelf company requires only the process of share transfer, as the registration with the Turkish Trade Registry has been made. Therefore the process is less complex and time consuming, and the biggest advantage represents the shelf companies' immediate use.
BridgeWest is able to offer VAT-registered Turkish shelf companies headquartered in Turkish major cities per the requirements of the clients.
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BridgeWest provides company formation in Turkey. Our assistance includes:
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