Welcome to the previous article We have talked about "trade and investment in Turkey" and the most important reasons why you invest and nurture your company in Turkey. In this article we will learn about the types of companies in Turkey and what type of company is right for you to start your company.
Turkish laws allow foreigners to establish all types of companies in Turkey and for all nationalities in a short period of time.
There are four types of companies in Turkey as shown below:
Joint Stock Companies (S.A):
In this type of company the capital of the company is divided into shares and the shareholders' liability is limited to the agreed capital paid by the shareholders of the company. In order to establish such a type of company, at least five shareholders (real persons or legal entities) are required, together with the capital of at least 50,000 TL. The company's mandatory organs include a general assembly, a board of directors and an oversight board.
Corporate Partnership (Personal):
It is a company established to operate a business under a certain trade name, and the liability of any of the shareholders is limited only to the capital agreed upon and paid by the shareholders. There should be no minimum capital requirement. All contributors need to be real people. Shareholders' equity and obligations are determined through the Statutes. The Solidarity Company shall be established by at least one of the real persons or legal entities and at least fifty, and the liability of the shareholders shall be limited to the agreed upon capital paid by them. A minimum capital of 10,000 Turkish Lira is required for the establishment of this company per person and TRY 12,500 per person.
Companies with special legislation:
These types of companies are often difficult to license for different terms and conditions, including banks, private financial institutions, financial leasing companies, insurance companies, holding companies, debt collection companies, foreign exchange offices, storage companies In warehouses.
Limited Liability Company (LTD):
Is a company established by at least one of the real persons or legal entities and fifty at most, and the liability of the shareholders is limited to the capital subscribed and paid by the shareholders. A capital of TRY 10,000 is required as a minimum for the establishment of this company for a one-person company and TRY 12,500 for two persons.
Limited liability companies (LTD) are the most popular and valid for many commercial and industrial areas for several reasons:
- Company security: The meaning of security is that the responsibility of the company stands at your share in the company only (stands at the property of the company only) for example, if you have a means to transport a car, for example owned by you and a car contribute to the company, that is by the name of the company and happened and that the company lost and declared bankruptcy and you For example, if you had a financial loan from a bank at that time, the state would only hold your share in the company and have no connection to your personal property.
- Flexibility: Flexibility is the multitude of areas you can work at the same time. Limited liability companies do not combine your work into just one activity but allow you many activities at the same time.
You do not require a reserved capital in the bank. In other words, you do not have to have a head of money reserved inside the bank, but you will need part of it during the establishment period and then you will withdraw the amount normally.