Entrepreneurship and Business Planning

Founding a LLC in Turkey

Why you should found a company in Turkey?

• Equal rights and liabilities as local investors.
• Low min wages, cost for employers.
• Active economy.
• Reaching new markets, in Turkey or via Turkey. (Iran)
• Investment incentives depending on investment amount, region etc. (VAT exemption, custom duty exemptions for machinery etc bought for the project)
• Special investment zones: technoparks, free zones.
• Double taxation prevention and bilateral agreements with Estonia.

Why you should not found? 

• Taxes, taxes, taxes.
• Somewhat unstable political environment.
• Slow bureaucracy.
• You don't like torturing yourself.

Company Types

1. Corporate: Joint stock company, limited liability company, cooperative company.
2. Non-Corporate: Collective company, commandite company.
3. Alternatives: Branches and liaison offices.

How to establish a company?

How

• Submit articles through MERSIS
• Notarized and apostilled documents: passport, signature declarations, practically any documents assigned outside of Turkey.
• Obtain a tax identity number.
• Deposit %0.04 of the capital to Competition Authority account.

To

• Deposit at least %25 of the startup capital in a bank.
• Apply for registration at the Trade Registry Office.
• Certify the legal books by a notary public: ledger, inventory book etc.
• Follow up with the tax office.

Cost?

Average cost for LLC, including notarised documents and payments.

2600 TRY (~ 815€) [*]

* http://ada-danismanlik.com/limited-sirket-kurulus-asamalari-ve-masraflari-2015/

How to make things go fast/smooth? 

• Make sure you know someone who can do you favours and speed your application.
• Use a consultancy firm.

Thanks!

Gulcin Yildirim

156398

Serkan Ongan

156395