Turkish Company Incorporation Guide

Akkas CPA is a globally recognized Turkish Accounting Firm with a long record of excellence and professionalism for your company formation in Turkey. You may reach our accountants for the Turkish company incorporation guide. Our accountants provide all kinds of accounting services in Turkey required to run your company in Turkey.

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Turkish Company Incorporation Guide

Akkas CPA offers the best accounting services, at competitive prices to foreign businessmen who have already established or getting ready to establish a company in Turkey.

After registering a new company in Turkey, you will need to hire an accountant & CPA to manage the financial issues and offer solutions to lower the costs for your business. A good accountant will help you save money and make your company more efficient in terms of costs. In a short time, if your company is managed well from all points of view, the profit will increase.

Our company formation team is prepared to handle your company formation needs in Turkey before Istanbul Chamber of Commerce. At the crossroads between Europe and Asia, Turkey offers a welcoming environment for all foreign investors, Turkey is known and broadly recognized as a major commercial hub. Akkas CPA handles all the steps required to form and run your company in Turkey.

The most common form of business in Turkey is the Limited Liability Company established by one or more shareholders who must provide at least 50,000.-TL as minimum capital.

To set up a Turkish Joint Stock Company, which is designated for a larger business, the founders must provide a minimum capital as high as 250,000.-TL.

Are there any special requirements for establishing a Limited Liability Company in Turkey?

Setting up a company in Turkey may be extremely profitable for an entrepreneur looking to invest abroad. However, certain regulations need to be taken into consideration. A Limited Liability Company must have a registered office in Turkey and a legal representative to carry out the incorporation process.

All of the shareholders can be citizens of Turkey or foreigners, and there is no restriction as to the nationality of the company’s director. Even though all the procedures can be completed with the help of a representative, authorized with Power of Attorney, and as a result, the company founders do not have to travel to Turkey, some banks request the presence of the bank titular to sign the bank agreement.

Work permits are required only for foreign employees who are enrolled in the social service scheme of the country. Also, a license for the workplace opening is required, and usually, it can be obtained with a special application filed by the legal representative.

How can I register for VAT in Turkey?

Foreign companies that comply with the amendments for taxable supplies in Turkey are required to register for VAT. To register your company for VAT purposes, a notification at the local tax office where the company’s place of business is located must be made.

The institution requires a detailed form filled by the founders and attached specific company documents such as articles of association, company charter, and power of attorney of the representative. Moreover, the application should also contain detailed information on the number of shareholders, their addresses and names, as well as the directors and management board.

After obtaining the VAT number the company must comply with the legal requirements of taxation. Turkish standard VAT rate is 20% and is reduced for pharmaceuticals, foodstuffs, and other goods to 10% and to 1% for newspapers, journals, and farm products. Other products may also be subject to VAT exemption or reduced rates.

How can I open a bank account in Turkey?

The bank account of the company is mandatory, as the company is obliged to deposit the minimum capital and hold transactions. Usually, the process is straightforward and the founders need to provide their complete information, such as name, address, etc., and certain company documents including a registration certificate.

If the account is opened through a legal representative, the power of attorney authorizing him or her to sign the bank agreement is necessary. The Turkish bank account is set up in a matter of days and it can be managed online with internet banking, which most Turkish banks offer.

How can I recruit personnel in Turkey?

Turkey has a dense population of over 84 million people, of which most of them are well-skilled. Turkey is facing a high rate of unemployment (approximately 10%). This enables employers to find workers quite easily, browsing through internet websites or hiring recruitment agents that offer consultancy and best-suited solutions for companies.

What is the average salary in Turkey?

Besides a well-structured social security system, employees in Turkey benefit from a high quality of life which is reflected in the country’s average salary.

Reach us for the Turkish Company Incorporation Guide

Akkas CPA & Turkish Accounting Firm is one of the globally recognized Turkish Accounting Firms with a long record of excellence and professional leadership in Istanbul, Turkey.

Thanks to its nationally recognized accounting services, our accounting firm is now one of the leading accounting firms in Istanbul, Turkey. You may reach our accountants for the Turkish company incorporation guide by sending an email to us.