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EryilmazCPA LLC company formaiton Turkey / 2023-08-02

How can I set up Limited Company  LLC in Turkey

 

 

      There are many issues that many entrepreneurs who will establish a new company in Turkey are curious about with limited companies. They seek answers to many questions like the following.

 

     "How to establish a limited company in Turkey, how many days to establish a limited company in Turkey, what are the establishment procedures of ltd, how to establish a single partner limited company, what are the sole partner ltd establishment, ltd establishment process, what are the establishment stages of ltd, at least how many partners are established ltd in Turkey , to establish a limited company What is the minimum required capital, company formation in Turkey "

 

    If you are thinking of establishing a new limited company for your commercial activities in Turkey, you are in the right place. On this page, we will discuss in detail how to set up a new limited company from scratch, what are the stages of its establishment.

 

 

LIMITED COMPANY FORMATION PROCESS IN TURKEY

 

1- Certified Public Accountant - CPA

  

      When you establish a new limited company in Turkey, you must first determine a correct address for accounting processes.

 

      Working with CPA is not optional, it is a legal obligation. CPAs are authorized for the preparation, submission and accounting processes of monthly tax returns of limited companies in Turkey.

 

        In addition, a competent CPA will ensure that your company establishment processes are fast and healthy, as well as inform you about legal incentives and discounts. By contributing to the establishment of your business on a sound financial basis, it will protect your business against financial and legal risks.

 

 

2 - Determination of Limited Liability Company LLC Establishment Address

 

       As a second step, you should determine your company's establishment address. Limited liability company establishment is not possible without a legal business address in Turkey. For this reason, it is important to determine your workplace first.

 

       On the other hand, if you do not need a physical workplace / office for your commercial activities, you can rent a virtual office and use this address as a limited company address, provided that it is suitable for your activities.  

(Note ; We also serving virtual office adress)

 

3- Preparation of Necessary Documents

 

      Documents required to establish a limited company in Turkey  are as follows;

  • Founding partners' identity photocopy
  • 3 passport photos
  • Workplace address (If you are going to rent a new workplace, the address is sufficient at this stage. The lease will be made with the company title after the trade registry has approved the title)
  • If the establishment is to be made by proxy, the company establishment power of attorney (If the founding partners come to the trade registry for signature, there will be no need for an establishment power of attorney.)
  • Notarized translation of the partners' passport and Turkish tax number
  • If you reside in Turkey, a notarized copy of the residence permit card.

 

4 - Preparation of Limited Liability Company Articles of Association

 

       Since the articles of incorporation of a limited company are important and require expertise, it would be appropriate to prepare them by experienced certified public accountant. Because, due to the mistakes to be made in the main contract, the chamber of commerce does not register and additional costs are incurred.

 

       Information required to be included in the limited liability company's articles of association;

  • The founders of the company,
  • Establishment address of the company,
  • The title of the company (It should be checked whether it is suitable for the establishment, whether there is another company with a similar title. This control is provided by us)
  • Company capital (minimum 10,000 TL)
  • Shareholders' capital ratios / shares
  • Company director / legal representative
  • The main sector of the company and its commercial activitiesd.

 

Important; If the representative of the limited company is not a Turkish citizen and wants to get a work permit; He / she is capital must be 100.000 TL in company for work permit process.

 

5 - Required documents for registration in the trade registry
 

  • Petition
  • Chamber of Commerce registration statement
  • Chamber of Commerce appointment form
  • Mersis registration number
  • If there is a foreign partner, establishment notification form (must be approved by the CPA)
  • If the establishment is to be made by proxy, "company establishment power of attorney"
  • If the legal representative / manager of the company comes to the chamber of commerce, a notary statement is not required. If the establishment process is to be carried out by proxy, the signature of the manager is also required from the notary public.

 

 

6 - Limited Liability Company signature circular and accountant power of attorney

 

      After the chamber of commerce approves the ltd establishment request, the legal representative of the company must issue a signature circular from the notary. Signature circulars will be required in all legal transactions of the company. Accountant power of attorney must be issued to CPA, which will carry out the accounting works of the company, together with the signature circular.

 

 

7 - Limited Liability Company Bank Account and Capital Block


     According to the new legal regulations, the obligation to deposit a part of the capital to the bank account and block it when establishing a limited company was abolished in Turkey. So, you can establish a limited company without paying any capital in Turkey. After the establishment of the company, the legal period for opening a bank account and depositing the committed capital is two (2) years.

       After the registration of the company to the trade registry, a bank account can be opened with the necessary documents.

 

       Required documents for opening a Limited Company bank account;

  • Signature Circulars,
  • Trade registry gazette,
  • Tax plate,
  • Company stamp,
  • Chamber of Commerce activity certificate

 

 

IMPORTANT ; In order to open a bank account for a limited company, the legal representative / manager of the company must personally go to the bank. Banks in Turkey do not open accounts to limited liability companies with a power of attorney.

 

 

8 - Limited company tax office registration;

 


     After the registration of the company application to the trade registry, the tax office registration must be made. CPAs do this with the power of attorney of the accountant. Documents required to be submitted to the tax office;
 

  • Email registration form
  • Interactive tax office password request form
  • Workplace lease agreement and stamp tax declaration of the lease agreement
  • Stamp duty declaration of CPA agreement and CPA agreement

 
       An official from the tax office will come to your workplace within an average of 5 to 7 working days after the application and will prepare an attendance report. The company director, the insured personnel or the third person authorized by power of attorney can sign the attendance report.

 

9 - Limited company, municipality workplace opening and operating license


      If the company uses a physical workplace, an application must be made to the municipality of affiliation with company documents, and a business license must be obtained. Documents required for business and operating licenses may vary according to each municipality. Before you go, it will be useful to get the necessary documents from your municipality.

Important ; If the legal director of the company is not a Turkish citizen, he must first obtain a work permit. The municipality does not issue a license without a work permit.

 

10 - Limited Company Commercial activities start
 
        After these stages, your limited company can start its commercial activities. Now you can issue invoices, employ workers, import & export. According to the requirements of your business, CPA will inform you about the monthly financial processes after the establishment.

 

 

FREQUENTLY ASKED QUESTIONS ABOUT FOUNDING A LIMITED COMPANY IN TURKEY

 


1 - Can foreigners establish a LLC company in Turkey ; Yes. Foreigners can establish a limited company in Turkey with their passports.

 

2 - How much does it cost to establish a company in Turkey ; LLC company formation cost start from 420 USD in Turkey. It depends on the characteristics of the company.

 

3 - Is it necessary to have a Turkish partner to establish a company in Turkey? ;  No. Turkish citizen partner is not a common requirement.

 

4 - Can a company be established in Turkey without a Turkish citizen partner? ; Yes. Foreigners can establish a limited company with their passports as authorized persons.

 

5 - Is it necessary to get a work permit to establish a limited company in Turkey? ; It is not necessary to obtain a work permit to establish a limited company. Because a limited liability company is a separate person according to the law. You can set up a limited company with your passport. And you can be manager of company. 

 

6 - What are the documents required to establish a company in Turkey ? ;  Passport, Turkish Translation of Passport, Turkey tax number . We are preparing all documents if you come our office. 

 

7 - Can I establish a limited company at a virtual business address in Turkey? ; Yes. A Limited Company can be established at the virtual business address. It does not have to be a physically used office.

 

8 - What are the monthly expenses of a limited company registered in Turkey? ; Even if the companies registered in Turkey have no activity, they have fixed expenses of around 100 USD - 120 USD per month.

 

9 - In how many days a limited company is established in Turkey;  If you come to our office with your passport, we will establish your limited company within three to four (3 - 4) working days. We complete all official records and procedures. We prepare all the official documents of the company.

 

10 - Can I establish a limited company in Turkey without going to Turkey? ; Before coming to Turkey, you can establish a limited company in Turkey. If you receive and send the necessary documents from the Turkish embassy in your country, we can establish your company by proxy. However, this method is a bit longer and a bit more costly. If you come to Turkey, everything will be easier and cheaper. 

 

11 - What is the minimum capital to establish a limited company in Turkey? ; The minimum capital of the limited company is 10.000 TL. However, we recommend foreign investors to have a minimum capital of 100,000 TL.   When establishing the company, the company capital does not need to be ready. You can deposit company capital into company bank account within two years of establishing the company.

 

 


    You can always contact us to get an updated and detailed cost table specific to your Limited Company FREE OF CHARGE.

 

 

 

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