Is Opening A Company In Turkey A Good Idea?
Turkey is a strategic location for businesses looking to expand into new markets due to its unique location at the crossroads of Europe, Asia, and the Middle East. The Turkish government has also implemented several reforms to improve the country’s business environment, including reducing bureaucracy and offering tax incentives.
This helps streamline the business registration process. More so, Turkey has modern infrastructure, including a well-developed transportation network, advanced telecommunications systems, and modern energy and water supply systems. Turkey offers a favourable environment for businesses looking to expand their presence and enter new markets.
Steps To Simplify The Registration Process
That said, before deciding to open a company in Turkey, it is essential to do thorough research, including market analysis, legal and regulatory requirements, and cultural factors.
It is best if you consult with experts in the field, such as legal and financial professionals, to ensure your business is set up correctly and complies with local laws and regulations. Here are a few steps you need to follow to make the company registration process in Turkey can be simpler.
- Choose the Type of Company:
The primary thing you need to focus on is what kind of company you want to start. In Turkey, the most common choices include joint-stock companies (A.S.) and limited liability companies (LTD). Depending on your financial liabilities and business type, you can consult a professional to find the best-suited option.
- Choose a Company Name:
With that decided on the type of company, you need to choose a company name. This is an important step for company registration in Turkey. The name should not be identical to an existing company and should not be misleading.
- Draft the Articles of Association:
The Articles of Association outline the company’s purpose, shareholders, board of directors, and other legal details. You can draft the Articles of Association with the help of a legal professional.
- Obtain a Tax Identification Number:
You must obtain a tax identification number from the local tax office in the city where your company will be registered. For this, you will need the necessary documents required company registration, including all company details.
- Deposit the Capital:
The next step is to deposit the company’s capital in a bank account. The amount of capital required depends on the type of company you are establishing.
- Apply for a Trade Registry Certificate:
You can apply for a Trade Registry Certificate at the Trade Registry Office in the city where your company will be registered. You will need to provide the Articles of Association, tax identification number, and proof of capital deposit.
- Apply for Chamber of Commerce Registration:
Once you have obtained the Trade Registry Certificate, you must register with the Chamber of Commerce in the city where your company will be located.
- Obtain any Necessary Licenses:
Depending on the type of business, you may need to obtain additional licenses or permits from local or national authorities.
Company registration in Turkey can take between two to six weeks, depending on the type of company and the complexity of the application. It is recommended to work with a legal professional like Foreign Operation Consultancy to ensure that all the necessary requirements are met.