Turkey offers an extremely favorable business environment for investors thanks to legal regulations. Entrepreneurs can establish a company within one day, regardless of their nationality or where they reside.
Establishment of a Company Within One Day
Establishment of company can be completed within one day as long as one applies to relevant Trade Registry Office with required documents. The company is established with the explanation of the will of establishing an incorporated company in the articles of association, which is drawn up in accordance with the law, undertakes to pay the entire capital unconditionally and whose signatures are notarized. The company can obtain the status of “legal person” following its registration to the Trade Registry Office.
Companies with legal personality:
The capital of the company is divided into shares and the responsibility of the shareholders is limited to the capital shares they have committed and paid by the shareholders. Incorporated companies are established with at least one shareholder (natural or legal person) and the minimum capital requirement is 50,000 TRY. General assembly and board of directors are compulsory organs of incorporated companies.
Limited company is the company established with at least one partner (natural or legal person) and the responsibility of the partners is limited by the capital that the partners have committed and paid by the them. The minimum capital requirement is 10,000 TRY.
Commandite companies are companies established to operate a commercial enterprise under a trade name. While the responsibility of some partners (limited partner) is limited to a certain capital, the responsibility of some partners (unlimited partner) is unlimited. Legal persons can only be limited partners and commandite companies do not have a minimum capital requirement. The responsibilities and obligations of the partners are determined by the memorandum of association.
Collective companies are established to operate a commercial enterprise under a trade name, and none of the partner's responsibility is limited against company creditors. In collective companies, there is no minimum capital requirement, only real persons can be partners. The responsibilities and obligations of the partners are determined by the memorandum of association.
Company Establishment Procedures
3 notarized copies (one original) of the memorandum of association are prepared. After the memorandum of association is approved by the notary, it is necessary to apply to the relevant Trade Registry Office with the documents listed below, within 15 days at the latest.
Documents Required for Company Establishment
1- Company establishment letter and notification form duly filled and signed by persons authorized to represent the company. The list of documents needed and the forms to be filled can be downloaded from www.sanayi.gov.tr and www.hazine.gov.tr.
2- The company contract, which contains the notary commentary showing that all of the shares constituting the basic capital are undertaken by the founding partners in the company contract and whose signatures have been approved by the notary public.
3- The letter of the founders signed by the founders.
4- Bank letter indicating that the share fees have been deposited into the bank
5- Bank receipt showing that 0.04% of the company's capital is deposited into the account of the Turkish Competition Authority in a state bank
6- The permission or appropriate opinion letter for companies whose organization is subject to the permission or confirmation of the ministry or other public institutions
7- Notarized copy of the signatures of the persons authorized to represent and bind the company under the company title
8- Application number from the Trade Registry Office, indicating that the title to be used has been checked and approved
9- Company establishment notification form (3 originals)
10- Settlement document of the founding partners
11-If the foreign partner is a real person, notarized passport translation; if a legal person, apostille annotation and notarized translation of the registry document taken from the competent authority