2024 LIMITED COMPANY ESTABLISHMENT COST IN TURKEY
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One of the most frequently asked questions by entrepreneurs who want to establish a limited liability company in 2024 is the establishment expenses of the limited company and the total costs to be paid during the registration and registration process of the company in Turkey. In addition, after the registration of a limited company, monthly and periodic expenses may be of great importance for the continuity and activities of the company.
We made a sample cost study for foreign entrepreneurs about the establishment of a limited liability company in Turkey. The expenses we have mentioned in the example are the minimum expenses that an entrepreneur who is not a citizen of Turkey will incur when establishing a company in Turkey in 2024.
2024 ESTABLISHMENT EXPENSES OF A LIMITED COMPANY IN TURKEY
The main charges encountered when establishing a limited company are; Notary charges , sworn translator charges, chamber of commerce registry and announcement charges, limited company formation service fee and tax office registry charges. Let's explain these charges with an example table;
2024 Limited Liability Company LLC Sample Cost Study ;
Company name ; Yello Consulting Servicess Limited Company Establishment Informations
Founder/Partner ; One (1) Person - Non Turkish Citizen
Manager of the company; One (1) Person - Co-founder
LLC Company Capital ; 50.000 TL. The minimum capital required for LLC.
Employee ; Ther is no employee
Sector of the company; Softvare and IT services
Monthly Rent of the workplace; 2.000 TL
1- LLC ESTABLISHMENT NOTARY CHARGES ; 122 $
Passport translation Turkish ; 40 $
Signature circular of the company director; 40 $
CPA Accounting Pawor Of Attorney; 42 $
Note; Company founder should come to chamber of commerce. And founder should sign company formation documents. If the founder will not come to the chamber of commerce for signature, there will be 62 $ additional notary charges for the company establishment power of attorney.
2- LLC CHAMBER OF COMMERCE REGISTRY CHARGES ; 154 $
Chamber of Commerce Registration, Announcement, Accounting Books, Certificate of Activity Charges; 154 $
Note; Chamber of Commerce fees for a limited liability company that will operate in more than one commercial area may increase slightly according to the number of words in the company's articles of association.
3 - Certified Public Accountant And Sworn Translator Service Fee; 264 $
4- Tax Office Registry Charges; 10$ ( Stamp taxes of the lease agreement and accounting agreement)
2024 - LIMITED COMPANY FORMATION TOTAL COST IN TURKEY $550 USD
Note 1 ; The total cost in the example are the minimum charges required to establish a limited liability company in 2024 in Turkey. On the other hand, your company may have expenses such as municipality license charges, ministry permission and license charges related to its field of business, in terms of its field of activity and characteristics.
Note 2 ; If your limited company will be shopping centre and retail sales, please add avarage 120 $ cash register and pos device expenses. (Some banks may offer cash register POS device free of charge, depending on the agreement)
Note 3 ; Sample cost study and expense items are for one non of Turkish citizen partner.
Note 4; When establishing a LLC company, the obligation to open a bank account and block a part of the capital has been abolished. So, when setting up a limited company, you do not need to open a bank account and have the capital blocked. After LLC company establishment, you can get a bank account and deposit the capital into the account within a two (2) year period.
Note 5 ; The Sample Cost study is for informational purposes and was prepared for the establishment of a limited company in Istanbul in 2024. In other regions, costs may differ slightly. Request a cost quote according to the city you are in and the characteristics of your business.
You can always contact us to get the current cost table for your business free of charge.
2024 - WHAT ARE THE MONTHLY EXPENSES OF A LIMITED COMPANY IN TURKEY ?
After establish the limited company, the monthly taxes and other charges of the company will be at least as follows in 2024.
These expenses are the minimum monthly costs to be paid by an inactive limited company . The carges will vary somewhat depending on the size of the company's activities, the number of branches, the number of personnel and the type of activities.
Stamp Tax of VAT Declaration; 308,30 TRY . It is paid monthly. In case the company has sales, value added tax is calculated according to the VAT calculated in the sales invoices and the VAT amounts to be deducted from the expense invoices.
Monthly insurance payment and personnel income taxes; In the case of employing personnel, the insurance premium and the taxes of the workers working with wages above the minimum wage are incurred every month. You can consider employee insurance payments and taxes to be between 41% and 44% of the average monthly net salary.
Withholding Tax Payment and Stamp Tax of Concise Statement; You can think 1.100 TRY – 1.300 TRY for every three month. . If there is a worker, it is every month, if there is no worker, it is every 3 months. In addition ; 25% of the monthly net rent of the workplace is calculated according to the fee paid to the lawyer, if any, the smm fee and the income taxes of the workers. (If the workplace is owned by the company or is a virtual office, or if the owner is giving invoices for monthly rent, there is no withholding tax for the workplace rent. )
Stamp Tax of Temporary Tax Declaration; 624,10 TRY. It is paid every three months. However, if the company makes a profit, a corporate tax payment occurs on the 3-month net profit. Corporate tax rate is %25 of net profit in 2024.
Notarization fees and expense contribution of accounting books; It is around 4.000 TRY. It is paid annually, with the exception of the year the company was first established. In the first year of establishment, accounting books were added to the establishment cost. For the following years, it occurs every year.
Annual membership fees of organizations such as chambers of commerce and industry where the company is registered. 2024 annual membership fee of ITO for newly established capital companies is 1.305 TL.
Municipal Taxes; It is paid annually by all businesses licensed by the municipality. Companies that are not subject to municipal licensing do not pay. It is calculated according to the size, location and characteristics of the workplace.
Certified Public Accountant accounting & bookkeeping service fee. It can be paid monthly with an annual contract or annually by agreement. The activity volume of the limited company is determined according to criteria such as its sector, characteristics, needs, number of personnel, number of branches, imports and exports, and the amount of monthly sales invoices.
2024 - How much does it cost to set up a limited company in Turkey
Summarly ; Establishing a limited company in 2024 will cost approximately 550$ USD. These cahrges are calculated based on minimum requirements. The number of partners of the company may vary slightly depending on the partnership status of foreign citizens, the activities of the company, the business volume of ltd, the number of personnel, import and export transactions and similar criteria.
Dear Entrepreneur; The important thing you should pay attention to when establishing a limited company in Turkey; It is the determination of the correct address to receive service in my accounting and establishment transactions . A knowledgeable and dynamic team will always guide you in the right direction and warn you not to fall into cost traps. And it will protect your business against all kinds of financial risks. For this reason, we believe that determining the right address to receive service is the most important issue.
You can always contact us to get a specific and up-to-date cost table for your business free of charge. We set up your company on a turnkey basis in few days.
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