Turkey Company Register
Turkey company register is one of the crucial steps that foreign investors who want to open a business in Turkey must complete. This step is obligatory for all kinds of companies in Turkey, whether incorporated by local or foreign business owners.
Any commercial or economic activity, from establishing a shop to forming a trading corporation, requires a company registration. To start a business in Turkey, every foreigner must first register. Registering a company in Turkey can be a profitable and revenue-generating investment.
In Turkey, registering a company is a simple process. However, it is critical to adhere to local legal requirements. In this step, ERAI Turkey can help business owners to register a company in Turkey with its local professional team. ERAI Turkey provides professional consulting for business owners who need guidance for the registration process. You can contact ERAI Turkey for further information about services.
This article will look at the details of registering a company in Turkey and clarify the requirements for a Turkey company register. The article includes the following topics:
- HOW TO REGISTER A COMPANY IN TURKEY?
- LEGAL ENTITY TYPES THAT CAN BE REGISTERED IN TURKEY
- MINIMUM ELIGIBILITY CRITERIA FOR TURKEY COMPANY REGISTER
- REQUIRED DOCUMENTS FOR REGISTERING A COMPANY IN TURKEY
HOW TO REGISTER A COMPANY IN TURKEY?
The central authority in charge of incorporating all legal organizations in the country is the Trade Registrar. Before starting operating, foreign entrepreneurs must first complete a few processes to register a company in Turkey with the Trade Registrar. These steps are as follows:
- Deciding on the type and name of the business they wish to start and drafting the company’s document in compliance with the Companies Law
- Opening a corporate bank account and depositing the share capital
- Appointing the company’s directors or managers, as obliged by law
- Filing the documents, names and addresses of the company’s shareholders and managers with the Trade Register
- Applying for tax and VAT numbers and registering social security with the tax office
LEGAL ENTITY TYPES THAT CAN BE REGISTERED IN TURKEY
The new Commercial Code recognizes the following legal entities in Turkey:
- Limited Liability Company: It is the most popular business entity among international entrepreneurs. A limited liability company (LTD) in Turkey is founded by at least one shareholder with a minimum share capital of 10.000 TL. The minimum share capital must be paid in full at once; no payments are permitted. There can’t be more than 50 shareholders in total. A manager or a council of managers, who may or may not be the firm’s stockholders, may be in charge of the management of a limited liability company. The Commercial Code recently made it mandatory for limited liability corporations to have a website.
- Joint Stock Company: A.S. (Joint Stock Company) must have at least one shareholder and can be closed or open. The minimum share capital for a closed joint-stock company is 50.000 TL, while the minimum share capital for an open joint-stock company is 50.000 TL plus a registered capital of 100.000 TL. The joint-stock company’s shares might be in cash or kind, but they must have a net value.
- Commandite Company: It’s a business entity made up of commanditers (legal members whose liabilities are restricted by their subscribed capital) and limitless members. This sort of business does not require a minimum share capital subscription.
- Collective Company: is a type of business that does not require a minimum share capital. The members’ liability is restricted by the amount they contribute to the capital. A collective company’s stockholders must all be genuine people.
MINIMUM ELIGIBILITY CRITERIA FOR TURKEY COMPANY REGISTER
The following criteria are required to register a company in Turkey:
- Minimum Shareholders: A Limited Liability Company and a Joint Stock Company require no minimum number of shareholders. However, according to the rule of thumb, founding this type of company requires a minimum of one shareholder.
- Minimum Capital: In Turkey, a joint-stock company must have a minimum capital of 50,000 Turkish Liras to be formed. Non-public joint-stock companies must have a capital of TL 100,000. A limited corporation or a limited liability firm must have at least TL 10,000 in the capital.
- Minimum Directors: At least one director must register a corporation in Turkey. There is no upper restriction for company registration. The partner or management of a Limited Liability Company has the authority to represent the organization.
- Requirements for Residency: This would not be a condition for company registration in Turkey. Appointing a local representative would be required only for branch offices with unique needs.
REQUIRED DOCUMENTS FOR REGISTERING A COMPANY IN TURKEY
The required documents for registering a company in Turkey can be listed as:
- The original and three copies of the Articles Association of the company
- Two copies of signature declarations
- Two copies of company managers’ identification documents
- One copy of each foreign shareholder’s passport
- Three copies of the establishment notification form
- the original receipt from a Turkish bank demonstrating that the 0.04 per cent of capital was deposited with the Competition Authority
- The certificate of registration that includes tax number
- The certification of deposit of the minimum capital
As a result, Turkey company registration is essential to start a business in Turkey. Business owners must meet the requirements and prepare the necessary documents to operate in the Turkish market. The requirements can be completed quickly and correctly if you get professional help.
ERAI Turkey offers this help for business owners who want to open a business in Turkey. ERAI Turkey provides consulting and professional support for business owners to register a company in Turkey with its local specialists.
Read also more about payroll solutions in Turkey