Company formation in Turkey
We are happy to assist you to set up and to conduct your business in Turkey.
Is a personal visit required to set up a company?
Yes, it is highly recommended to visit Istanbul personally for 2-4 working days. Our lawyer will assist you during all the required meetings. In exceptional cases, we could register the company acting on your behalf based on a POA, please talk to us if you require this service
Once the company is registered, a Signature Circular and a Power of Attorney are required to register the accountant with the tax authorities. If you sign them not in Istanbul then both documents must be certified at the Turkish Consulate. To avoid this we could recommend scheduling a personal visit in order to facilitate the procedures.
Important
Required information and documents
Several company name options to check the availability
1.
Please note that the company name consists from the first part you make and the second part, which refers to your registered business activities like:
Important
Name XYZ MAKINE SANAYI VE ELEKTRIK EKIPMANLARI YEDEK PARCA DIS TICARET LIMITED SIRKETI that means XYZ INTERNATIONAL TRADE OF SPARE PARTS FOR MACHINERY AND ELECTRICAL EQUIPMENT LIMITED LIABILITY COMPANY
Business activities – detailed description
2.
Company structure: director, shareholder (might be physical person or legal entity)
3.
At least one of the shareholders should be appointed as a company director as well.
Important
Share capital – min 10 000 TRY to be paid during 24 months
4.
Office space requirements
5.
Power of Attorney (if applicable)
6.
Bank account questionnaire
7.
Personal documents for each of the company officials (directors, shareholders, UBOs, attorneys)
Passport
8.
Address proof (utility bill or national ID card)
9.
Photo (white background)
10.
Procedure
Documents review and analysis, KYC and KYB compliance and sanctions check, profile set up, scheduling your visit to Istanbul. Normally it takes 2 working days.
Attending meetings to set up your company at the Chamber of Commerce, the Tax office and the Notary. Depending on the workload of the authorities, it takes 1 to 3 days to attend all the meetings
Bank account opening meeting (Vakif Katilim or Emlak Katilim). Normally you get your bank account opened the same day.
STEP 1
STEP 2
STEP 3
Contact our team
We speak English, Turkish, German, Latvian, Russian, Ukranian and Spanish
Company Formation Attorney fee is USD 6000, our service for company establishment includes:
SERVICE
Choosing the most convenient company type for our clients by discussing with our clients
Complicated ownership/management structure of the company
Company formation and registration at Chamber of Commerce.
Opening a bank account for company
Tax Office activation
Our legal address fee for 12 months
Documents list you get after the registration in digital version:
INFORMATION
Trade Registry Gazette (TUR)
Certificate of Incorporation (TUR)
Articles of Association (TUR)
Tax board (TUR
Signature circular (TUR)
Office rent agreement (TUR-ENG)
Accounting POA (TUR)
Accounting services agreement (ENG)
ADDITIONAL SERVICES
Personal bank account for the company official during his visit to Istanbull– EUR 500
Accounting fee – 250 EUR per month, which covers up to 15 invoices.
Legal consultancy service - EUR 350 per month
After the company is established, we can give the monthly legal consultancy for you to conduct your business in Turkey. Our legal consultancy fee will be dependent on the company's workload and size.
Legal consultancy service includes the following:
• Banking transactions and solving disputes with the bank
• Execution and enforcement process
• Reviewing and giving legal opinion for the contracts of the company
• Banking transactions and solving disputes with the bank
• Execution and enforcement process
• Reviewing and giving legal opinion for the contracts of the company
Useful facts
ADDITIONAL SERVICES
Personal bank account for the company official during his visit to Istanbull– EUR 500
Accounting fee – 250 EUR per month, which covers up to 15 invoices.
Legal consultancy service - EUR 350 per month
After the company is established, we can give the monthly legal consultancy for you to conduct your business in Turkey. Our legal consultancy fee will be dependent on the company's workload and size.
Legal consultancy service includes the following:
• Banking transactions and solving disputes with the bank
• Execution and enforcement process
• Reviewing and giving legal opinion for the contracts of the company
• Banking transactions and solving disputes with the bank
• Execution and enforcement process
• Reviewing and giving legal opinion for the contracts of the company
Expenses to be deducted from your sales amount: product supply cost, product purchase price, production, storage and operating activities expenses etc.
CORPORATE TAX STATUS
Profit = Sales price – Cost Totals
In 2022, the corporate tax rate is 23% of the profit. If there is no change in 2023 and the following years, the applicable rate will be 20%
All tax declarations of your company will be made by our accounting team and submitted to the tax office. These taxes and their codes are listed below.
TAX REPORTING
0003 STOPPAGE TAX (WITHOLDING TAX)
0033 TEMPORARY CORPORATE TAX
0015 VAT
9047 CONTRACT STAMP TAX
0010 CORPORATION INCOME TAX
In case of corporate shareholder(s) the set of documents above is required for each legal entity in the structure.
IMPORTANT!
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