Turkey Company Formation

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Company Formation and Related Services



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Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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Guide to Company Incorporation in Turkey

January 31, 2011, 7:19 pm



1. What is the minimum share capital of a Turkish Limited Liability Company?

The most common form of business in Turkey is the Limited Liability Company established by two or more shareholders who must provide at least 2.400 EUR as minimum capital.

2. What is the minimum share capital for a Turkish Joint Stock Company?

In order to set up a Turkish Joint Stock Company, which is designated for larger business, the founders must provide a minimum capital as high as 24.000 EUR.

3. Are there any special requirements for establishing a Limited Liability Company in Turkey?

Setting up a company in Turkey may be extremely profitable for an entrepreneur looking to invest abroad. However there are certain regulations that need to be taken into consideration. A Limited Liability Company must have a registered office in Turkey and a legal representative to carry out the incorporation process. All of the shareholders can be citizens of Turkey or foreigners, and there is no restriction as to the nationality of the company's director. Even though all the procedures can be completed with the help of a representative, authorized with Power of Attorney, and as a result, the company founders do not have to travel to Turkey, some banks request the presence of the bank titular in order to sign the bank agreement. Work permits are required only for foreign employees who are enrolled in the social service scheme of the country. Also a license for the work place opening is required, and usually it can be obtained with a special application filled by the legal representative.

4. How can I register for VAT in Turkey?

Foreign companies which comply with the amendments for taxable supplies in Turkey are required to register for VAT. In order to register your company for VAT purposes, a notification at the local tax office where the company's place of business is located must be made. The institution requires a detailed form filled by the founders, and attached specific company documents such as articles of association, company charter and power of attorney of the representative. Moreover the application should also contain detailed information on the number of shareholders, their address and name, as well as the director's and management board. After obtaining the VAT number the company must comply with the legal requirements of taxation. Turkish standard VAT rate is 18% and is reduced for pharmaceuticals, foodstuffs, and other goods to 8% and to 1% for newspapers, journals and farm products. Other products may also be subject to VAT exemption or reduced rates.

5. How can I open a bank account in Turkey?

The bank account of the company is mandatory, as the company is obliged to deposit the minimum capital and hold transactions. Usually the process is straightforward and the founders need to provide their complete information, as name, address, etc., and certain company documents including registration certificate. If the account is opened through a legal representative, the power of attorney authorizing him or her to sign the bank agreement is necessary. The Turkish bank account is set up in a matter of days and it can be managed online with internet banking, which most Turkish banks offer.

6. How can I recruit personnel in Turkey?

Turkey has a dense population of over 73 million people, of which most of them are well skilled. Turkey is facing a high rate of unemployment (approximately 10%). This enables employers to find workers quite easy, browsing through internet websites or hiring recruitment agents which offer consultancy and best suited solutions for companies.

7. What is the average salary in Turkey?

Besides a well-structured social security system, employees in Turkey benefit from a high quality of life which reflects in the country's average salary.

8. What is the overall economic situation in Turkey?

Turkey ranks as one of the most dynamic countries, economically speaking, with a highly developed infrastructure and competitive workforce. In the past decade, Turkey has transformed tourism in an important branch in its economy, as well as an international trade force. The domestic market and productive workforce make Turkey one of the most profitable countries in the top of the investors’ preferences. In terms of regulatory environment for foreign investors, Turkey is committed to liberal business environment, encouraging foreign investment by offering equal and non-discriminatorily treatment.

The most developed sector of the economy is the agriculture, Turkey being considered a leader in exporting apricots, figs, cherries, hazelnuts and on the high places in delivering sugar beet, olive, green pepper, tomato and eggplant. The industry is high represented by the electronics manufacturing, textile and clothing, motor vehicle and automotive products, ship building and the army industry. The construction sector is developed mostly because it has to sustain the tourism, very developed in Turkey.


BridgeWest offers company formation in Turkey, including virtual office and other related services.




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Company Formation in Turkey



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