Establish Company in Turkey
Establishing a company in Turkey can be a complex process, but with the right guidance, it becomes straightforward and efficient. At Workon, we specialize in helping international entrepreneurs set up their businesses in Turkey with ease. Our comprehensive services cover all aspects of company formation, from choosing the right business structure to handling all legal and administrative requirements. By leveraging our expertise, you can focus on growing your business while we take care of the bureaucracy. Trust Workon to be your reliable partner in navigating the Turkish market successfully.
Starting a business in a new country can be an exciting yet challenging endeavor. At Workon, we are dedicated to making this journey as smooth and efficient as possible. With our extensive experience and comprehensive services, we ensure that you can focus on what you do best—growing your business. Whether you are looking to establish a Sole Proprietorship, LLC, or JSC, our expert team will guide you through every step, from initial paperwork to final compliance. Choose Workon, and let us help you navigate the Turkish market with confidence and ease.
The Benefits of Establishing a Business in Turkey for Foreign Entrepreneurs
Turkey is a vibrant hub connecting Europe, Asia, and the Middle East, offering foreign entrepreneurs unparalleled opportunities. The country’s strategic location, young and dynamic workforce, affordable operational costs, and government incentives make it an attractive destination for business establishment. By starting a business in Turkey, you gain access to a growing economy with a GDP exceeding $900 billion and strong trade ties to Europe, the Middle East, and Central Asia.
Additionally, Turkey’s Free Trade Agreements and Customs Union with the EU make it a gateway to international markets. The expanding consumer market, coupled with Turkey’s excellent infrastructure and cost-effective operations, provides a solid foundation for success. Moreover, establishing a business in Turkey can facilitate residency and work permit opportunities for entrepreneurs and their families.
Types of Companies in Turkey: Choosing the Right Structure for Your Business
Turkey offers three primary business structures for entrepreneurs: Sole Proprietorship, Limited Liability Company (LLC), and Joint-Stock Company (JSC). Each has its advantages and is suited to different needs.
- Sole Proprietorship: Best for small-scale operations or freelancers, this structure is easy to establish and manage.
- LLC: Ideal for medium-sized businesses, it limits liability to the invested capital, protecting your personal assets.
- JSC: A flexible option for larger businesses with plans to expand or add shareholders, offering tax advantages after two years.
At Workon, we analyze your business goals to help you select the structure that aligns with your vision. From tax planning to compliance, we ensure a smooth setup tailored to your needs.
Why Choose Workon for Establishing Your Company in Turkey?
Starting a business in Turkey requires expertise, local knowledge, and a trusted partner. Workon combines all three to offer a seamless experience. Our services include end-to-end support, from selecting the right business structure to legal compliance and tax advisory.
Here’s why entrepreneurs trust us:
- Expert Guidance: We simplify complex processes, such as securing permits, preparing documentation, and opening bank accounts.
- Comprehensive Solutions: From virtual offices to certified accounting services, we provide everything you need in one place.
- Personalized Support: Your business is unique, and so are its requirements. We tailor our services to ensure your goals are met efficiently.
With Workon, you’re not just starting a company; you’re building a future with a reliable partner by your side.
Legal Requirements for Foreigners to Start a Business in Turkey
Establishing a company in Turkey as a foreigner involves navigating a few key legal requirements. At Workon, we simplify the process so you can focus on your business.
Here’s an overview:
- Company Registration: Foreigners can register companies without needing a local nominee director or having a residence/work permit
- Certified Public Accountant: Appointing an accountant is mandatory to ensure compliance with Turkish laws and regulations.
- Licenses and Permits: Depending on your business sector, additional permits or registrations may be required.
Workon’s team ensures all legal requirements are met, from obtaining a tax ID to registering with the Chamber of Commerce. With us, compliance is straightforward, and there are no hidden surprises.
Cost of Establishing a Company in Turkey: What You Need to Know
Understanding the costs involved in establishing a business in Turkey is crucial for effective planning. Workon ensures transparency and provides a clear breakdown of all expenses.
Key costs include:
- Chamber of Commerce Fees: These vary based on your business structure and activities.
- Notary and Translation Services: Necessary for document preparation, such as articles of association.
- Virtual Office Services: Our packages include a one-year virtual office membership as your legal address.
- Legal and Administrative Costs: Taxes, permits, and compliance-related expenses are all covered in our comprehensive package.
At Workon, we provide an all-inclusive service that eliminates guesswork. You’ll know exactly what to expect, enabling you to focus on your business’s growth rather than unexpected costs.
Why Choose Professional Consulting Services?
Entering a new country and market can be challenging. You may feel lost trying to find accurate information, connect with the right people, navigate bureaucracy, and overcome language barriers. Safety concerns may also arise due to unfamiliarity with local practices.
At Workon, our mission is to welcome you to Turkey, help you establish valuable connections, and guide you through the common challenges every startup faces. Our comprehensive services will not only help you start but also grow your business. With our expertise, you will confidently navigate the market like a local.
How It Works:
Turkey offers three main types of companies: Sole Proprietorship, Limited Liability Company (LLC), and Joint-Stock Company (JSC). While the structures, advantages, and disadvantages of these types are extensive topics, here’s an overview of the process for establishing an LLC with our assistance:
- Initial Agreement and Virtual Office: We begin by signing an agreement to protect both parties. We provide you with a virtual office membership for one year, serving as your legal address in Turkey.
- Information Gathering: We send you a comprehensive form to determine your company’s capital, title, activities, and shareholders. Along with this form, we request an image of your passport or Turkish ID card.
- Document Preparation: Using the provided information, we obtain your potential tax number and prepare notarized translations of your passport. We then draft your articles of association, detailing your company’s structure and operations. After your review and confirmation, we proceed to the next steps.
- Chamber of Commerce Registration: We schedule an appointment with the Chamber of Commerce to register your company. You can either visit in person to sign the articles of association or grant us power of attorney to sign on your behalf. If you wish to be present during the registration process, we can arrange your appointment with the Chamber of Commerce to coincide with your travel dates.You could also visit our office and have a meeting with us to discuss the next steps and plan the road ahead.
- Final Steps and Compliance: We handle the payment of necessary fees and taxes to the Chamber of Commerce. Once registered, we provide you with all your company documents and create your company stamp. We then assist in opening your bank account, either remotely or with your presence.
Our comprehensive package covers all legal fees and taxes, ensuring no additional costs.
FAQs
How long does the company formation process take and what documents are required?
For an LLC or JSC, we need your passport, passport translation, and power of attorney if you won’t be visiting. With these, we register your company in three business days.
Which business structure is most suitable for me, and what are the tax advantages?
The suitable business type depends on various factors. For example, a JSC is ideal if you plan to add new shareholders in the future and offers tax benefits after two years. An LLC is suitable for those not planning to add shareholders and seeking lower public accountant costs. Sole proprietorships are best for small businesses. Consult our experts to determine the best structure and tax advantages for your situation.
What are the legal requirements for my business and how can I meet them?
Foreigners face similar legal requirements as locals. You can register your company without a local nominee director. Post-registration, having a certified public accountant is crucial to ensure compliance with laws and regulations. Our expert accountants will keep you compliant and avoid legal issues.
What permits or licenses will I need before starting operations?
Permit and license requirements vary by sector and activity. For example, exporters need to register with the exporters’ assembly and obtain a registered email address. Consult our team to understand the specific requirements for your business.
Starting a business in a new country can be an exciting yet challenging endeavor. At Workon, we are dedicated to making this journey as smooth and efficient as possible. With our extensive experience and comprehensive services, we ensure that you can focus on what you do best—growing your business. Whether you are looking to establish a Sole Proprietorship, LLC, or JSC, our expert team will guide you through every step, from initial paperwork to final compliance. Choose Workon, and let us help you navigate the Turkish market with confidence and ease.
