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How to Set Up a Company in Turkey?

The result of non-discrimination and equal treatment principle of Turkish foreign investment legislation, international investors enjoy the same status with local ones. A company can be established with 100 % foreign capital without any capital or management contribution requested by Turkish participation. All corporate forms are open to foreign investment. But most commonly, Joint Stock or Limited Liability Company types are preferred by international inventors.

Joint Stock Company - AS

Joint Stock Company can be established any economic purpose and subject that is not prohibited by law. Joint Stock Company has a separate legal status from its shareholders with the result that they have limited liabilities for the debts and losses of the company and liabilities are limited to the subscribed capital and paid by the shareholder.

At least one shareholder that can be real person or legal entity and a minimum capital of TRY 50,000 are mandatory. At least 25 % of the nominal value of the shares subscribed in cash must be paid before registration with Trade Registry.

Joint Stock Company is governed by board of directors and they have been granted the authority to represent and bind the company. Board of directors can be constituted by one or more member and board members no longer need to be shareholders. Legal entity can be a board member too, but it must be represented by real person. There are no restrictions on nationality or residence of board members.

Limited Liability Company - LTD

It is a company established with at least one shareholder that can be real person or legal entity and the liability of the shareholders is limited to the subscribed capital and paid by the shareholder. The number of shareholders may not exceed fifty. Limited Liability Company can be established any economic purpose and subject that is not prohibited by law.

A minimum capital of TRY 10,000 is mandatory and per value of the each share cannot be less than 25 TRY. All of the capital should be committed to an unconditional by shareholders and at least 25 % of the nominal value of the shares subscribed in cash must be paid before registration with Trade Registry.

Limited Liability Company is governed by managers. At least one member of the partners must have right to represent and bind the company. Legal entity can be a manager, but must be represented by real person and that person must be registered. There are no restrictions on nationality or residence of manager. The responsibilities of manager start up with borne by the legal entity.

Taxation:

Company’s taxable income for the year will be subject to corporate tax and corporate tax rate is a flat rate of 20% in Turkey.

Dividends distributed to individuals and non-resident corporations which have interest in Turkish companies are subject to withholding tax at % 15. Non-resident shareholders can benefit from reduced withholding tax on dividends if they qualify to benefit from double taxation treaty provisions that prevail for a lower withholding tax than 15%. Dividend distributions to Turkish resident companies are not subject to withholding tax.

Tax losses can be carried forward for five years as long as they have been shown in corporate tax return separately for each year, but they are not carried back except in the case of liquidation.

Turkey has generated a global network for double taxation relief with 77 countries via signing mutual agreements. Result of that company can easily avoid any double taxation when conducting international trade.

How to establish a company..?

Establishment procedure is same for setting up all forms of entities but requirements varies according to settlement. A company can be established in a single day by applying to the relevant trade registry office with the required documents. Steps of the establishment procedure are as follows;

  • Check the appropriateness of the chosen company name and the title to use.
  • Drown-up and sign an article of association to conform to the approved term.
  • Get the articles of association notarized by a Public Notary.
  • Prepare founders declaration signed by founders.
  • Make the payment of capital contribution if the capital is contributed by the shareholders at establishment.
  • Make the payment of Fund for Protection of Competition 0, 04% of the capital commitment.
  • Apply to trade registry office with company establishment form along with all other relevant documents and statements.
  • Application must be approved by Trade Registry Office for registry and the company becomes a “legal entity” following its registration.
  • Prepare the signature declaration of the authorized persons under the company name and notarized by a Public Notary.
  • Get the legal books certified by a Public Notary.
  • Prepare invoices under the conditions required by law and print them by contracted printers.

After ‘legal entity’ status received, the company should apply for following entities;

  • Registration with district Tax Office must be done.
  • Entities engaged in trade must register with Chamber of Commerce or Chamber of Industry.
  • Permits to commence operations must be obtained from Municipal Authorities.
  • Registration with the provincial office of Social Security Institution required.

ISTANBUL October, 19th 2017 / 05:43 PM

Thursday
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