How to start investing after we have met with some of the types of companies in Turkey and also detailed the costs of establishing the company in Turkey.
The process of establishing a company in Turkey is not as complicated as it used to be. Laws that allow foreign investors to set up a company in Turkey and transfer shares with all the rights and duties, as in the case of Turkish investors, made the process of investing in Turkey easier for foreigners. , Where the investor can establish his company in the form followed and according to the Turkish commercial law, which meets all the standards of international investment, including the activities of subscription and transparency in business, has grown in recent years investment rates in Turkey, the development of the Turkish economy based on the jump And the presence of laws guaranteeing the rights of all foreigners, all these factors made the investment process in Turkey attractive to all investors of different nationalities, including Arab nationalities, especially after the increase in the number of Arabs in Turkey as a result of waves of asylum and access to investors from All the Arab countries with a high percentage of the Gulf States, Iraq and Syria.
The stages of establishing the company
Phase I: Papers and documents required
Before starting the company, the following papers must be available:
- A valid passport of at least 6 months with a translated image that is authenticated by the writer.
- Photo No. 3 with white background.
- Your tax number (vergi numarasi). The company shall be issued with provisional tax identification numbers for non-Turkish shareholders and non-Turkish board members from the competent tax office. This number is necessary to open a bank account to deposit the capital of the company to be established.
- A copy of the lease stating the company's registered address.
- If these procedures are completed by an agent, a power of attorney acting specifically on behalf of the company must be issued to the IRS to produce a temporary tax identification number or a tax identification number.
- Security approval that allows you to establish your company in Turkey.
- Request for the establishment of a company and a form of notification, to be completed and duly signed by the persons authorized to represent the company.
- Signatures authenticated by the persons authorized to represent the company along with the commercial name of the company.
- A letter of commitment in accordance with Article 29 of the Commercial Registration Regulation.
- A bank receipt indicating that a percentage of the capital has been deposited in the account of the Competition Authority. An amount equivalent to 0.04% of the Company's capital must be paid to the Competition Authority through the Commercial Registry's Payment Office.
- A bank receipt indicating that a minimum of 25% of the Bank's initial capital has been deposited. 25% of the shares of the subscribed capital must be repaid before the new company is established, with the remaining 75% being fulfilled within two years. Full capital may be paid before registration. However, the requirement to pay 25% of the capital during incorporation and prior to the registration of the company to limited companies does not apply. The subscribed capital of limited companies can be paid within 24 (24) months following the establishment of the company.
- Application for registration at the Commercial Registration Office. The founders may apply for registration after preparing the following documents:
- Application for registration.
- Four copies of the company's founding form.
- Contracts of incorporation signed by all founders before the authorized employees of the Commercial Registration Office or the Notary Public (four copies and one original).
- Payment in the bank account of the Competition Authority (0.04% of the company's capital)
- Two copies of the authorized signature of each person authorized to represent the founders of a limited liability company.
- Advertisers' ads (single origin).
- Registration form of the Chamber of Commerce (two different models for two different types of shareholders: a natural shareholder or a legal entity).
- A written declaration by the non-shareholders of the Board of Directors stating their acceptance of this duty.
- Bank's certificate of minimum paid-up capital (minimum 25% of subscribed capital). If there is any qualitative contribution to capital:
- Expert Report on Qualitative Capital.
- A statement issued by the competent register stating that there are no restrictions on the qualitative capital.
- The document issued to indicate the comments made on the relevant records on the specific capital.
- Agreements between the founders, other persons, and the founding company in connection with the establishment of the company.
After completing the registration stage before the Commercial Registration Office, the Commercial Registry Office informs the relevant tax office and social security institution of its establishment. The Commercial Registration Office shall arrange for the issuance of a declaration in the Official Gazette of the Commercial Register within approximately 10 days of the registration of the company. A tax registration certificate must be issued by the local tax office as soon as the Commercial Registry Office reports to the local tax office. A social security number for the company must also be issued by the competent social security institution. For employees, a separate application must be made after registration with the Social Security Corporation.
- Certification of legal books: The authorized officers of the Commercial Registration Office shall certify the following legal books during the establishment process:
- Inventory Book
- Stock Book
- Book minutes meeting manager
- Minutes of the meetings of the General Assembly
- Follow-up with the tax office to inform the Commercial Registry Office of the establishment of the company: The Commercial Registry Office shall inform the Tax Office and the Social Security Corporation of the establishment of the company. The tax officer attends the headquarters of the company to prepare a report for direct. This report must be signed at least one signature. The Registrar of Companies shall send the company's incorporation form, which includes the tax number to the Tax Office.
- Issuance of the signature statement: On the same day that the company is registered with the Commercial Register, persons authorized to sign for the Company's account must issue a signature statement to the authorized employees of the Commercial Registry Office.
- Certified copies of identity certificates of real persons and their residence certificates (if they have Turkish residency).
- In case there is a real person who holds a foreign nationality among the founders of this company. A photocopy of his / her passport must be provided along with the passport itself or a certified copy thereof.
- In the event that the foreign shareholder is a legal entity, the original copy of the activity certificate issued by the competent authorities shall be submitted and approved by the relevant Turkish Consulate or a certified copy along with a certified translation thereof.
- If there are any movable and immovable rights and assets, they shall be placed within the capital of the company to be established. An evaluation report shall be prepared by a relevant expert to verify the value of these rights and movables and the relevant court decision regarding the appointment of an expert shall be submitted.
Phase II: Tax Department
After completion of the preparation of the contract of incorporation and ratification and the termination of all procedures go to the Tax Department to register the company and obtain its tax number, because the company is a Turkish corporate figure.
Stage 3: Opening the bank's bank account and depositing the capital
You open a bank account in the name of the company in the bank of your choice. After opening the account you will deposit the capital of the company as mentioned in the previous article and get the paper deposit of capital. You may not deposit the capital before the Chamber of Commerce approves the establishment of the company, provided that the capital is completed within two years from the date of incorporation or before applying for a work permit.
Phase IV: Adoption of the signature
After obtaining all the necessary papers and ending the Chamber of Commerce and obtaining the Commercial Register comes the final stage is the stage of the adoption of the signature, and this stage is appointed as the authorized signatory company name and do the work of the adoption of your signature before the notary public and after this step the company was already established and there is no problem.
Some important things in establishing a company
Under Turkish law, each company must have a headquarters, either real or virtual
The real headquarters is the headquarters of any office that the owner of the company rents and exercises its activity naturally and the average cost of renting the office varies according to the cities and regions.
The virtual headquarters is an existing office, for example an office of another company, where your company is registered, where it is secondary to government agencies. You can use this place to practice your business. It is the only address for your company.
The company's capital
The capital of the company is important in the establishment of the company since the Turkish law provides that the minimum capital is 10,000 Lira Turkish, but this amount of capital does not give you any powers because the Turkish law treats the company according to its capital, so must be the limit The minimum capital is 100,000 Turkish Lira and this will benefit you in:
- Getting work permit.
- Ability to join Turkish business organizations such as TÜRSAB and other Turkish business conglomerates and businessmen.
- Ability to make large contracts through importing and exporting goods more easily.
Company expenses in Turkey
He is the person responsible for the accounts of the company in the state and you do not have (the accountant who represents you in front of the state and not the internal accountant of your company). His duties are to protect the owner of the company from legal violations and taxes, as the end of each month to receive invoices and expenses and purchases to be registered with the state and Turkish law requires the existence of this accountant and the absence of a violation may lead to the closure of the company's cost of the accountant monthly is 400 Turkish liras or more.
Are the books in which the accounts of the company are registered and delivered to the State at the end of the year. The cost of the company's books is approximately LL 1,100 per year.
Quarterly taxes, annual taxes, rent taxes and the total costs of these taxes are from 1800 to 2500 pounds per year.