A Turkish Joint Stock Company (JSC) can be established for an indefinite period with at least one real person or legal entity shareholder, and an initial capital of at least 50.000.-TL (around 12,500.- USD). Under Turkish law, certain activities such as banking or insurance can only be carried out by companies established as a JSC. In addition, only JSC may offer its shares to public, and trade its shares at the stock exchange. The capital of a JSC is divided into shares, each being separate and conferring equal rights in proportion to their nominal value, except in case of special privileges.
Turkey has one of the most competitive corporate tax rates in the OECD region. The Corporate Tax Law No. 5520 that was enacted on June 21, 2006 made some important amendments to the current applications and also included new concepts in the tax legislation. With the new Corporate Tax Law in place, Turkish corporate tax legislation now has noticeably clearer, more objective and better harmonized provisions which are in line with international standards.
Companies established in accordance with laws of foreign countries can open liaison offices in Turkey provided that those offices do not carry out any commercial activities in Turkey. So as to open a liaison office in Turkey, the relevant company has to apply to the Directorate General of Foreign Investments of the Undersecretariat of Treasury.
Our company formation team is prepared to inform you about requirements for company formation in Turkey. At the crossroads between Europe and Asia, offering a welcoming environment for all foreign investors, Turkey is known and broadly recognized as a major commercial hub. Akkas CPA handles all steps required for company formation in Turkey.
Our work and resident permits attorneys are prepared to handle work and resident permit applications. Akkas CPA represents employers and employees in connection with virtually every aspect of work permit applications. Akkas CPA attorneys regularly represent private-sector employers during a work permit application and submit applications on behalf of a foreign employee.
The non-profit organizations in Turkey are established as foundations and association and are governed by the “Law for Foundations” and the “Associations Law”. The Turkish associations are membership non-profit organizations created in order to achieve an objective stated in its Statute and with no permission to achieve profits for its members. At least seven founders are needed for establishing an association.
Turkish Commercial Legislation is requiring the public announcement of the company’s representative. In certain cases, the beneficial owner wish to keep secret his interests in the company so another name must be stated in the articles to ensure the legality of the registration.
Turkey is a country in which foreign investment thrives. Therefore plenty investors choose to set up companies, as the environment is welcoming, and the chance of success is real. Some entrepreneurs choose to invest in Turkey by setting up companies from scratch, or acquire shelf, or readymade companies. Turkish shelf companies are already business entities already established and incorporated in Turkey, after Turkish legislation. Therefore the buyer of a shelf company must engage in the process of share transfer.