Set up Your Turkey Company – Gateway to Europe

1 day incorporation & annual support

Turkish bank account arrangement

7×24 local representative support

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Why Turkey ? ABOUT TURKEY MUST KNOW STEPS PRICE

Turkey – gateway to Europe, Asia, Africa & Middle East

Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

Robust Economy

One of the fastest growing economies in the world with an average annual GDP growth rate of 5.5%

Large Domestic and Regional Markets

Sizeable domestic market, plus regional markets with FTAs allowing access to 1 billion consumers

Strategic Location

Regional HQ for multinationals with seamless global connectivity

Favorable Demographics

Young and dynamic population with half under 32 years old

Skilled and Cost-competitive Labor Force

Well-educated, cost-competitive labor force with high productivity

Continuous Reform Process

New-generation reforms owing to an open public-private dialogue

Liberal Investment Climate

No barriers for FDI, strong protection for investors

Lucrative Incentives

Tailored and comprehensive incentives schemes

Advantageous R&D Ecosystem

Perfect spot for technology development with generous supports

Sectoral Opportunities

Diversified economy with lucrative opportunities in many sectors.

Residence Permit in Turkey

If a foreigner is willing to stay in Turkey more than 90 days in a 180 days period, those foreigners must obtain residence permit. Types of residence permits are (i) Short Term Residence Permit, (ii) Long Term Residence Permit, (iii) Family Residence Permit, (iv) Student Residence Permit, (v) Humanitarian Residence Permit and (vi) Residence Permits issued to the persons suffered from human trafficking.

Work Permit in Turkey

Foreigners who are willing to work in Turkey must obtain a work permit. Any foreign employee to be employed in Turkey or any foreigner who would like to run his or her own business must obtain work permit. There are three types of work permits: (i) a Temporary Work permit, (ii) a Permanent Work permit and (iii) Independent Work permit.

Basic information of Turkey

Official Language	Turkish
Legal System	Continental European civil law
Currency	Turkish Lira
Time Zone	UTC +2
Official Name	The Republic of Turkey
Company Registry	www.ito.org.tr/tr
Entity	Limited Liability Company,

The national flag of the Republic of Turkey

Start a company in Turkey by foreigners

Trade Registry Offices are located in the Chamber of Commerces. If all documents are ready in hand then the process for registering a company may be completed within the same day.

Company Types and Alternative Forms
There are corporate and non-corporate forms for companies.

Corporate Forms
1. - Joint Stock Company (JSC)
  - Limited Liability Company (LLC)
  - Cooperative Company
Non-Corporate Forms
1. - Collective Company
  - Commandite Company

Limited Liability Company (LTD)

JSC and LLC are the most common types of companies preferred in Turkey. Comparatively, a Ltd in some forms requires more formalities than Joint Stock Companies (JSC). Setting up a Ltd is similar to the JSC but in some specific sectors such as banking and financial system regulated by the state organs only the JSCs are permitted to perform in. Minimum capital requirement for a Ltd is just 10,000 TRY.

Joint Stock Company (JSC)

JSCs are the most preferred in Turkey by both local and foreign investors. A JSC is a business owned by its investors, with each investor owning a share based on the amount of stock purchased; however, in Turkey, a JSC may also be set up by only one investor. Minimum capital requirement for a JSC is 50,000 TRY.

Registration Steps

Prepare articles of association and ID documents.
Execute and notarize company documents.
Upload and register the company in MERSIS (Central Registry Record System).
Prepare and issue a Signature Circular and the certified signatures for the company through a notary public.
Obtain potential tax identity number at tax office.
Deposit 0.04 percentage of the capital to the account of the Competition Authority at a bank.
List TitleDeposit at least 25% percent of the startup capital in a bank and get its receipt.
List TitleApply for registration at the Trade Registry Office.
Certify the legal books.
List TitleWelcome the tax officer at the company registered address for his company visit.

Usually, such an entire registration and activation process takes more than one week to fully set up your company in order to issue invoices, accept incoming payments and make outgoing payments through your bank.

Turkish Tax

VAT rates are varied as 1%, 8% and 18%. Corporate income tax rate is increased to 22% (It was 20%) for 2018, 2019 and 2020. However, the president of the state and the tax authorities are authorized to reduce the rate back to 20%, and it will be decreased as from 2021. A reduced rate applies to earnings derived from investments in specified sectors/regions (under some “Incentives”).

Turkish Bank Account

Companies, shareholders and their managers may freely open business bank accounts, salary accounts or any other type of bank accounts. They may also transfer their profits and salaries abroad freely. Bank list is on the Turkish Banks Association website.

All-in-one Turkey incorporation package

AsiaBC and our overseas partners are experienced in serving worldwide entrepreneurs. You are ensured the setup and maintenance of your Turkish Company is provided remotely – no travel to Turkey is needed. You will just need to issue a power of attorney at any Turkish consulate, abroad.

SERVICE ¹	EUR (€)
Fees for Company Formation Package in Turkey Company formation package €3,000 Both registered and mailing address for company and incoming call and mail services for 12 months €2,000 Business Bank Account €4,000 Online Banking €2,000 Corporate Tax ID €1,000 SIM Card €1,000 Cost and admin fee €3,000	16,000
Annual Renewal Registered address for company and incoming call and mail services for 12 months €1,500	1,500
Accounting (Minimum)	200
Personal Tax ID	1,000
Work Permit	2,000 up
Resident Permit	2,000 up

¹ Fully Tax Deductible.

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