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Company Registration in Turkey for Foreigners
Starting a company in Turkey as a foreigner can be a complex and time-consuming process, but it can also be a rewarding opportunity to tap into the country's growing market and diverse economy. In this video, we will go over the steps you can take to register a company in Turkey as a foreigner, including the required documents, processes, and any special considerations you should be aware of.
Why register a company in Turkey?
Turkey is an attractive destination for foreign investors due to its strategic location, skilled labor force, and favorable business climate. The country has a diverse economy that ranges from traditional sectors such as agriculture and manufacturing to emerging industries such as technology and tourism. By registering a company in Turkey, you can take advantage of these opportunities and establish a presence in the country's market.
How to register a company in Turkey?
There are several steps you can take to register a company in Turkey as a foreigner:
1. Choose a legal structure: There are several legal structures you can choose from when registering a company in Turkey, including a limited liability company, a joint-stock company, or a branch office. Each structure has its own advantages and disadvantages, so it is important to choose the one that best fits your needs and goals.
2. Prepare the required documents: Before you can register your company, you will need to prepare a set of documents that will be required by the authorities. These documents may include a business plan, articles of association, proof of address, and identification documents for the founders.
3. Register with the Trade Registry: The next step is to register your company with the Trade Registry, which is a government agency responsible for registering and regulating businesses in Turkey. You can do this by submitting the required documents and paying the registration fee.
4. Obtain a tax number: After registering your company with the Trade Registry, you will need to obtain a tax number from the Tax Administration. This number will be used to identify your company for tax purposes and is required for various business activities in Turkey.
5. Register with social security: As an employer in Turkey, you will also need to register with the Social Security Institution and provide coverage for your employees. This process involves obtaining a social security number for your company and making contributions to the institution.
6. Obtain any necessary licenses and permits: Depending on your business sector, you may need to obtain additional licenses and permits to operate in Turkey. For example, if you are operating a restaurant or a hotel, you will need to obtain a license from the relevant authorities.
Registering Company with an Accountant
There are many accounting firms that offer company registration and bookkeeping services. You can give power-of-attorney to accountant to register company on your behalf. The accountant can also keep your books and calculate your tax obligations.
To give Power-of-Attorney, the foreigner needs to go to notary public in turkey with a translator. At the notary, the foreigner can give power-of-attorney to the accountant for registering company. You can ask the power-of-attorney text from the accountant and also, you will need id information of the accountant.
Work permit through registering a company in Turkey
As a foreigner, you may also need to obtain a work permit to operate your company in Turkey. There is "1 to 5 Rule," which allows foreign investors to obtain a work permit if employ at least five Turkish citizens. Note that the paid-in capital should be 100,000TL.
If you meet these conditions, you can apply for work permit through the system of Ministry of Labor.
Conclusion
Starting a company in Turkey as a foreigner can be a complex and time-consuming process, but it can also be a rewarding opportunity to tap into the country's growing market and diverse economy. By following the steps outlined in this blog post and preparing the required documents, you can successfully register a company in Turkey and start your business journey.
Why register a company in Turkey?
Turkey is an attractive destination for foreign investors due to its strategic location, skilled labor force, and favorable business climate. The country has a diverse economy that ranges from traditional sectors such as agriculture and manufacturing to emerging industries such as technology and tourism. By registering a company in Turkey, you can take advantage of these opportunities and establish a presence in the country's market.
How to register a company in Turkey?
There are several steps you can take to register a company in Turkey as a foreigner:
1. Choose a legal structure: There are several legal structures you can choose from when registering a company in Turkey, including a limited liability company, a joint-stock company, or a branch office. Each structure has its own advantages and disadvantages, so it is important to choose the one that best fits your needs and goals.
2. Prepare the required documents: Before you can register your company, you will need to prepare a set of documents that will be required by the authorities. These documents may include a business plan, articles of association, proof of address, and identification documents for the founders.
3. Register with the Trade Registry: The next step is to register your company with the Trade Registry, which is a government agency responsible for registering and regulating businesses in Turkey. You can do this by submitting the required documents and paying the registration fee.
4. Obtain a tax number: After registering your company with the Trade Registry, you will need to obtain a tax number from the Tax Administration. This number will be used to identify your company for tax purposes and is required for various business activities in Turkey.
5. Register with social security: As an employer in Turkey, you will also need to register with the Social Security Institution and provide coverage for your employees. This process involves obtaining a social security number for your company and making contributions to the institution.
6. Obtain any necessary licenses and permits: Depending on your business sector, you may need to obtain additional licenses and permits to operate in Turkey. For example, if you are operating a restaurant or a hotel, you will need to obtain a license from the relevant authorities.
Registering Company with an Accountant
There are many accounting firms that offer company registration and bookkeeping services. You can give power-of-attorney to accountant to register company on your behalf. The accountant can also keep your books and calculate your tax obligations.
To give Power-of-Attorney, the foreigner needs to go to notary public in turkey with a translator. At the notary, the foreigner can give power-of-attorney to the accountant for registering company. You can ask the power-of-attorney text from the accountant and also, you will need id information of the accountant.
Work permit through registering a company in Turkey
As a foreigner, you may also need to obtain a work permit to operate your company in Turkey. There is "1 to 5 Rule," which allows foreign investors to obtain a work permit if employ at least five Turkish citizens. Note that the paid-in capital should be 100,000TL.
If you meet these conditions, you can apply for work permit through the system of Ministry of Labor.
Conclusion
Starting a company in Turkey as a foreigner can be a complex and time-consuming process, but it can also be a rewarding opportunity to tap into the country's growing market and diverse economy. By following the steps outlined in this blog post and preparing the required documents, you can successfully register a company in Turkey and start your business journey.
