Establish company in Turkey
Setting up a company in Turkey:
A copy is prepared through the Mercis system over the electronic system of the Istanbul Chamber of Commerce. After the information is documented on the system, an appointment is made to come to the trade registry office within one or two days.
Steps to establish a company in Turkey:
1. To prepare the articles of association for the establishment of a company in Turkey, notarize it and attach it to the company address statement.
2. It is recommended that the capital be more than the amount specified in Turkish law, as Turkish law treats companies to deposit 25% of the value of the capital in banks and to benefit from other powers obtained by large capital companies. Turkey is different according to the value of the capital. Therefore, it is recommended that the capital is always at least 100 thousand Turkish lira or more, which facilitates obtaining work permit / residence and other important benefits for company owners and employees.
3. Submit the original and two approved copies of the company's articles of association to the Trade Registry Office within 15 days from the date of notarization and approval.
4. For limited liability companies, it must comply with Article 279 of the Turkish Commercial Code.
It should be noted that the address of the company is stated clearly in the articles of association and that the articles of association of the company will be disclosed to the public in the official trade registry gazette.
After the company is established in the trade registry office, it must be registered with the local tax office where the tax plate is taken, clearly presented and placed at the workplace where the local tax officer will visit the company office. or save it to check in a few days. The specified information is from the tax document.
Documents required to establish a company in Turkey:
Solidarity Company :
This type of company is established to run a business under a specific trade name and all shareholders have limited liability. With no minimum capital required.
All shareholders must be natural persons. The rights and obligations of the shareholders are determined by the articles of association.
Limited Company:
Licensing is often difficult for such companies; It includes banks and private financial institutions, insurance companies, leasing companies, debt collection companies, holding companies, foreign exchange companies and companies dealing with warehousing, due to different terms and the difference in administrative reference charged with issuing the license.
Limited Company :
This is a typical type of company for owners of small and medium businesses. It consists of at least one shareholder and a maximum of fifty shareholders, and the cost of establishing such a company in Turkey is very acceptable. The minimum capital of this company is 10,000 Turkish Liras / less than 2000 USD, but if there are two partners, the minimum capital should be 12500 TL.
Limited companies are not allowed to operate in the banking, insurance and currency exchange fields, and this company is managed by two bodies: the directors and the board of directors. Company shares cannot be sold or pledged, and the partners are the guarantor of public debts and taxes collected from the company.
The liability of the partners is limited to the percentage of their shares in the capital they have invested.
Most investors and owners of small and medium-sized businesses choose to set up this type of company.
Work permit and health insurance for employees in Turkish companies:
After completing the usual registration procedures of the company according to the previous steps, the Trade Registry Directorate notifies the establishment of the new company to the Ministry of Labor and Social Security and therefore all employees and employees of the company, including the managers, must be registered in the registry. Ministry of Social Security.
Social and pension insurance in Turkey is compulsory for all employees of companies, whether managers or employees, and the company has to periodically pay insurance premiums for every employee or worker in the company.
The company accountant also arranges and arranges all official papers and documents for the employees and pays the insurance amounts and in case the insurance is not paid for any reason; All previously due amounts must be paid from the first day of incorporation of the company (the date of appointment to the company). The company is also liable to pay additional tax in case of late payment of the monthly insurance amount.
For this reason, we gave the investor a general briefing on how to establish a commercial company so that the subject is not ambiguous when starting his new project, and we should emphasize that he should seek help from an expert lawyer or consultant. Office that will assist in the correct and smooth implementation of these steps.
Close a company in Turkey:
Closing the company in Turkey can take up to a year because the Turkish government recognizes the companies as legal, thus giving the company the authority to know the decision of closure and legally act with their rights to those who have debts or rights to the company. A Certified Public Accountant is required to initiate the closing proceedings, and the consequences are to pay the debts and taxes incurred by the company even during the closing proceedings.
Passport translated and certified by a notary public
Personal tax number for partners
A copy of your residence permit in Turkey
biometric photo
In case the foreign partner(s) is a legal person, the original or notarized copy of the activity certificate issued by the competent authorities, approved by the relevant Turkish Consulate, is submitted together with its certified translation.
The address of the headquarters of the company within the scope of the lease agreement
monthly taxes for companies in Turkey | Annual taxes:
Financial dues that the company must submit to the National Tax Office in exchange for its existence.
Monthly and annual taxes
Average annual tax rate
It is paid to the tax office to be presented on the invoices at the rate of 20% of the total gain from sales and purchases, and the final value is found after deducting the value of the company expenses.
Costs of establishing a company in Turkey:
Establishment expenses
It includes the translation of the notary's personal documents and the notary's translation for them and the basic contract and official signature of the directors, in addition to the commercial registry and accounting agency expenses.
It is always preferable to have these costs in front of the customer in order to increase credibility, and we never prefer to receive an amount for any expenses payable at the time of establishment.
What are the types of companies in Turkey:
Joint stock companies :
In this type of company, the capital of the company is divided into shares distributed among the shareholders/partners. The liability of the shareholders is limited to the percentage of their shares from the capital of the company committed as a shareholder.
One quarter of this amount is paid before the company is registered, provided that the number of founding partners is at least five real or legal persons and its capital is at least 50,000 Turkish Liras / approximately 9,000 USD.
Joint stock companies may engage in all kinds of commercial or industrial activities permitted by Turkish laws, except for certain businesses and activities that require special permission from the Ministry of Industry and Trade.
These companies include a board of directors and a supervisory board.
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