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Open a Business in Turkey

Posted by david on 7 August 2022
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Introduction; Opening a Business in Turkey

Turkey has become one of the most popular places for many foreigners to start a business. The location of the country, easy registration process and sea routes are some of the main reasons that some business owners consider when they decide to open and set up offices in Turkey. Some steps to be followed by people or individuals, who want to open a company in Turkey:

– Filing Articles of Incorporation and Articles of Association online at MERSIS.
MERSIS is an integrated electronic register for legal entities.
– Execution and legalization of company documents
– receipt of a possible tax identification number of the notification of formation by the commercial register at the tax office.
– deposit at least 25 percent of the founding capital with a bank and obtain proof of this.
– apply for registration at the commercial register office.
– certification of the commercial books.
– issue of the circular signature.
– transmission of certain documents to electronic format / E-TUYS Systems.

Is it possible to register a company in Turkey online?

When registering a company in Turkey, some documents need to be uploaded online and others submitted in physical form. The documents required to register a company in Turkey depend on whether the shareholder or shareholders are natural or legal persons. Some people prefer to work with the law. Signatures that take a huge burden off the shoulders and make the process easier for the person who wants to start a business. Be careful when choosing a law firm or attorney to assist you in this process.

However, you can still do it yourself. Find out in advance where you have to submit your documents, rights and obligations. The Turkish Commercial Code (TCC) complies with EU law and the EU accession process. The TCC is adapted to companies and not to corporate forms. Choose a business model that suits your company structure. Below are two types of companies that fall under TCC; Corporate Forms – Public Company (JSC) – Limited Liability Company (LLC) Non-Corporate Forms – General-Limited Partnership.

Where to incorporate a company in Turkey?

Many foreign investors flock to Istanbul, which they regard as a business hub; However, the different regions of Turkey have their own strengths when it comes to the type of business. Turkey has seven regions and it is up to the business person to choose the region that best suits their type of business. Here we will analyze the four main ones. Regions preferred by businessmen in Turkey.

Aegean Region
has an excellent transport network that is perfect for commerce. It is a main stop in Turkey and is perfect for any type of business.

Business in Izmir

The Leading contributor to the Turkish Economy is Izmir, known as the modern face of Anatolia and its portal to the West, has hosted different cultures, religions and civilizations for centuries. It is unique with its aspect of being a city of tolerance due to the cultural variety it has embraced until present.

Thanks to its economic size, Izmir is among the leading contributors to the Turkish economy. The competitiveness of Izmir is not only within Turkey but also at a global scale. In the report “Global Metro Monitor” prepared by Brooking Institute and JP Morgan Chase, Izmir is listed as the second rising economyamong 300 cities.

A large part of trade in Izmir; Turkey’s third largest city, is provided by maritime transport. Port of Izmir is very effective and has a great role in the transportation system of the city. In Izmir, large part of the exports are carried by sea and Izmir port takes its place among the main container ports in Turkey.

Other industry and tourism sectors are lively in central districts where the population is concentrated whileagriculture and animal husbandry are prominent in districts farther from centre and tourism is more common as an economic activity in coastal districts.

Izmir is among the economies contributing the most to the country’s economy. Izmir got a share of 6.23 % ofthe Turkish economy with regards to the Gross Added Value. While trade activities are conducted in an intense manner in the city centre; small industrial sites, organized industry zones, free zones and techno parks also contribute to the development of the city industry. Markets located in the city centre of Izmir, commercial sites and shopping centers are intensive trade areas of the city.

Marmara Region

Cities in the Marmara Region include Istanbul, Bursa, Erdine and Iznik. This region is known for the production of paper, cement, petrochemicals, processed foods, wine and olive oil. She shines and gets the trophy for producing various products that are made in the region and sold in other regions and exported all over the world. The region also has good soil and is responsible for 73% of the country’s sunflower production.

Black Sea Region

Medical products, chemicals and car parts are concentrated in the Black Sea region. Samsung has the main port on the Black Sea, which is a significant advantage for those looking to export from Turkey.

Central Anatolia Region

This region is responsible for the production of one-third of the country’s wheat. It is the largest shopping center and industrial area in the country. This region is home to the OSTIM industrial zone, which specializes in small business trade. The park has more than 5,000 companies with a total of more than 50,000 employees.

How much does it cost to open a company in Turkey?

The cost of opening a business in Turkey is significantly low and affordable. However, you must take into account notary fees, company registration fees and the fees of the Turkish law firm handling the process for you. The average cost of incorporating a limited company could be as high as $400 Dollars. This entire process takes about 3 weeks to get your business up and running. There are a number of sectors where many foreign investors have shown interest in Turkey for several years. Manufacturing industry, automotive, construction, energy industry and tourism. The tourism sector is full of potential due to the country’s location with the country’s unique climate with many developed numerous accommodation, hotels and quality buildings. Some are showing a growing interest in medical-aesthetic services, especially hair transplants.

Easy Registration Process
Company registration in Turkey is a simple process and does not take much time. Most investors turn to reputable lawyers or law firms. A limited liability company is the most suitable form of company.

A Great Tax Structure
Turkey’s tax system is favorable for investors and has a favorable tax structure for entrepreneurs. Excellent Geographical Position: Turkey is situated on 2 continents, Europe and Asia, and has important sea spurs, the Black Sea and the Aegean Sea. for commercial export and import activities. Several international companies have their headquarters and regional offices in Turkey.

Investment Incentives in Turkey
There are two types of incentives that investors benefit from in Turkey, Super Incentives and Attraction Incentives. Super incentives were created to stimulate the research and development sector and all technological fields. The latter aims to attract foreign investors in less developed regions by focusing on employment and exports. The Turkish government empowers local and foreign investors by reducing the costs associated with the business and create a more favorable climate for investors.

If you have any detailed questions regarding opening a business in Turkey you can always contact us directly via contact us. For more information about our real estate agency in Turkey visit: about us.Our multilingual Team is always willing to answer your questions.

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