Company Registration inTurkey


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Uploaded on May 6, 2020

Category Business

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Category Business

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Company Registration inTurkey

Company Registration in Turkey www.pnjhub.in we are aggregator platform where you can list yourself as professional and get leads, you can list for chat with customers and also list empty office space. www.licensehub.in we are providing more than 150 license and approval services on one platform. Contact Paras Mittal, Mb 9971002715. ABOUT Turkey, officially the Republic of Turkey is a transcontinental country located mainly on the Anatolian peninsula in Western Asia, with a smaller portion on the Balkan peninsula in Southeastern Europe. East Thrace, the part of Turkey in Europe, is separated from Anatolia by the Sea of Marmara, the Bosporus and the Dardanelles which straddles Europe and Asia, is the largest city in the country while Ankara is the capital. Turkey has the world's 13th largest GDP by PPP and 19th largest nominal GDP. The country is among the founding members of the OECD and the G20. The EU – Turkey Customs Union in 1995 led to an extensive liberalization of tariff rates, and forms one of the most important pillars of Turkey's foreign trade policy. The automotive industry in Turkey is sizeable, and produced over 1.3 million motor vehicles in 2015, ranking as the 14th largest producer in the world.  Facts about investment and business in Turkey • a complete VAT refund is granted to investments of at least TRY 500 million in Turkey; • according to the latest statistics, Turkey is the 17th largest economy in the world; • approximately USD 174.5 billion was the GDP reported in Turkey this year in June; • in 2018, Turkey was the 7th most popular FDI destination of Europe; • around 34% of the foreign investments were directed to the finance sector in Turkey in 2018; • around 24% of the FDI in Turkey were registered in the manufacturing sector. A business intending to operate in Turkey as a foreign investor can establish one of the following • Liaison office.  Liaison offices are prohibited from engaging in commercial activities and are only permitted to conduct market research and advertise and promote the foreign investor's business in Turkey. These offices are an extension of their foreign parent company and do not have an independent legal personality. They cannot acquire rights and incur liabilities through their own actions. • Branch office.  Branches do not have a legal personality and are not fully independent from their parent company. This means that the foreign parent company remains liable for the branch's debts. A foreign investor is directly liable for all the obligations of the branch irrespective of the capital allocated to the branch itself • Turkish subsidiary It is also an option to incorporate a Turkish company. The most common forms of company are joint stock companies and limited liability companies .The procedures for establishing a company with foreign capital are fundamentally the same as for local companies. Therefore, unless the new company is going to perform certain specific activities regulated by a regulatory authority, no prior authorization is necessary before incorporation.  Challenges of doing business in Turkey Dealing Getting Trading with Getting Registering Paying Resolving Credit and Across Constructio Electricity Property Taxes Insolvency Protecting Borders n Permits Investors TYPES OF Liimiited Liiabiilliity Companiies (Liimiited COMPANIES Siirket - LTD) Commandiite Joiint Stock Companiies Companiies (Anoniim (Komandiit Siirket) Siirket - AS) Cooperatitive Collllectitive Companiies Companiies (Kooperatitif Siirket) (Kollllektitif Siirket) Types of Companies • 1. Joint Stock Company. The company’s stock capital is divided into shares and the liability of the shareholders is limited to the subscribed capital and paid by the shareholder.  At least one shareholder (real person or legal entity) and a minimum capital of TRY 50,000.00 (fifty thousand) are mandatory.  The mandatory company shall include a general assembly and a board of directors. 2. Limited Liability Company. It is a company established with at least one shareholder (real person or legal entity) and the liability of the shareholders is limited to the subscribed capital and paid by the shareholder.  A minimum capital of TRY 10,000.00 (ten thousand) is mandatory.  The company shall be managed and represented through the general assembly and directors. • 3. Limited Partnerships. It is a company established to operate a commercial enterprise under a trade name.  Whereas the liability of some shareholders is limited to the capital subscribed and paid by the shareholder, for some shareholders there is no limitation of liability (commandite).  Legal entities can only be commanditer [Limited Partners].  No minimum capital is required.  The rights and obligations of the shareholders are determined by the articles of association of the company. 4. Collective Company. It is the company established to operate a commercial enterprise under a trade name and, the liability of none of the shareholders is limited only to the capital subscribed and paid by the shareholder.  No minimum capital is required.  It is mandatory that all shareholders shall be real persons.  The rights and obligations of the shareholders are determined by the articles of association of the company. 5. Cooperative Company. The cooperative companies are defined under Cooperative Law No.1163 as the partnerships having the legal personality which are established by at least 7 partners consisting of real persons or legal entities with a convertible partner and capital structure, for the purposes of ensuring and protecting certain economic interests and especially manpower and financial injects made for professional and livelihood necessities of the partners in mutual assistance, solidarity and security. Minimum Share Capital A Limited Liability Company A Joint Stock Company (LS) (AS)  10.000 TRY  50.000 TRY. The main steps to register a company in Turkey There are 4 main steps are required in order to incorporate a legal entity in Turkey: • After elaborating and signing the articles of association, the document must be notarized along with the signature declaration of the managers and the commercial books of the entity. • 0.04% from the capital has to be deposited at the Competition Authority and the minimum share capital has to be deposited in a bank, which will issue a certificate of paid-in capital. • After that, the applicant must comply to the requirements of the Trade Registry Office and file the incorporation notice form, commitment letter, and Chamber registration statement. • The company must register for taxation purposes, obtain a VAT number with the tax authorities and register with the social security administration – all steps are completed at once. What documents are required for the incorporation of a company in Turkey? The following documents are required for the company registration process in Turkey:   • the company’s memorandum and articles of association of the company; • the notarized copies of the identification papers of the company’s shareholders; • the notarized copies of the identification papers of the company’s directors; • the notarized copies and original form of the declaration of the establishment of the business.  Other requirements are: •  the original receipt from the bank, proving that the 0,04% from the capital were deposited to the Competition Authority, •  the certificate of deposit of the minimum capital. ADVANTAGES OF REGISTRATING A COMPANY IN TURKEY • A strategic hub of commerce between Asia and Europe; • Geo-politically strategic location; • Stable economy and well developed banking system; • Energetic and competitive workforce; • Government subsidies and Free Trade zone benefits; • Hugely demanding domestic market; • Integrated regulations with the European Union; • Easier access to both African and Middle East markets. Incentives Customs Duty Corporate Tax VAT Exemption Exemption Reduction Sociiall Securiity Sociiall Securiity Income Tax Premiium Support Premiium Support Wiithholldiing (Emplloyer''s Share) (Emplloyee''s Share) Support. Interest Rate Land Allllocation. Support THANK YOU