Turkey Company Formation
How does the Turkey company formation process work? Here are the pertinent details.
Company formation in Turkey falls under the ‘LS’ private limited company structure and requires a single director and shareholder. Processing takes around ten days to complete. Turkey is also home to several popular free trade zones.
Turkey does not allow you to purchase ready-made companies. The company director must go to Istanbul and complete the registration process.
The company director must also visit the Tax Office so that the agency can ascertain that the business is functioning as declared.
Following company name approval, the firm will have minimum share requirements imposed upon it. The director and shareholder will need to supply approved photo identification, with two copies of their passports, to be certified and translated by a Notary Public.
The company must register with the Chamber of Commerce and provide:
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Notarised copies of signature declarations
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Board resolutions that identify the founding shareholders of the company
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A rental contract for the company office address
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A receipt from the bank verifying that the funds are in place
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Shareholders must also provide photographs for identification purposes
The company must establish registered office space and notify the tax office. The notary is also required to certify that legal books are in place, so the company is eligible for a tax registration number. You must also get a Notary Public to certify the rental agreement.
Company formation in Turkey requires that you deposit 25 per cent of the initial capital into the company’s bank within three months of the company’s incorporation. They must pay the remainder of the subscribed capital within three years.