Business owners and entrepreneurs have an amazing investment opportunity in that state. It is a major economic crossroads between Europe, the Middle East, and Asia and one of the greatest developing market economies in the world. Turkey has a very robust domestic economy, a tax system that is friendly to industry, and large investment incentives. This decade has seen significant economic growth, and it is anticipated that this trend will continue in the years to come. However, you must set up a company in order to fully benefit from the investment prospects Turkey offers. This guarantees that you have unrestricted market access and a favorable tax structure. Setting up a firm in this state is a straightforward process. In order to engage in any economic activity in this state, such as starting a café, restaurant, beauty parlor, etc., you must first register. To launch a business in this beautiful destination, all foreigners must first register. You can obtain a work permit for yourself by setting up a company in this country.
How to open a new company in Turkey
Before beginning operations, foreign business owners who want to open companies in Turkey must finish a few formalities. These actions include:
- Deciding on the type of business they wish to start and having the necessary incorporation paperwork prepared and notarized in compliance with the Companies Law.
- Create a corporate bank account and deposit the needed share capital.
- Appoint the company’s management or directors in accordance with the legal requirements.
- Send the Trade Register the documents of incorporation as well as the shareholders’ and managers’ information.
- Obtain the tax and VAT numbers and register with the tax office for social security purposes.
Documents required in Turkey to register a firm
Preparing the paperwork required to register the firm with the Trade Registrar is one of the most crucial processes in starting a business in Turkey. The Articles of Association, which must include all the information about the shareholders, including their names, addresses, the amount of capital they contributed to the firm, and the number of shares they possess, are the primary set of documents that need to be created and notarized. The managers of the firm must also be described in the Articles of Association, including their names, the procedures used to nominate and remove them, as well as their responsibilities. The Turkish company’s trade name, address, and description of the activity must all be included in the same document. The Articles of Association may also include additional provisions relating to adjustments that may be made to the business and means of resolving disputes between shareholders. It is crucial that the Articles of Association are written in compliance with the Commercial Code’s rules. It’s crucial to keep in mind that a straightforward application form must be submitted to the Trade Register in order to establish a single proprietorship. The partnership agreement serves as the cornerstone of Turkish commandite enterprises, which are partnerships of their creation.
Take away
While starting a business in Turkey is not expensive, the owner must take into account the costs of company registration, notary services, and the honorarium paid to the Turkish legal firm conducting the process (if one is appointed). The process of forming a company in Turkey takes roughly 3 weeks. The process takes much time assuming it is a branch office. Once you have a work visa, you can enter and exit Turkey with no limitations, purchase insurance, and become a permanent resident of Turkey in 5 years. It should be noted that registering a corporation in Turkey is not always the cheapest or easiest route to get a residence visa.
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