Opening a Business in Turkey

Opening Business in Turkey
Opening Business in Turkey

Everyone agrees that establishing a company abroad is not as easy as it is in Turkey. Opening a business in Turkey It is easier than other countries. The main reason for this is that you not only learn about your company's tax obligations, but also understand the environmental affairs of that country.

Therefore, on this journey, regular accountants filling your tax returns will not be enough for your needs, you need business consultants to help you establish a business in that country correctly.

The reason; locals do not have to pay a sworn translation fee at the notary public. Accountants usually handle the incorporation process, but you can find information about fees and procedure in this article.

What is the cost of establishing a company in Turkey?

Opening a business in Turkey is the best choice for investors. Total Amount is approximately 20.000 TL 25.000 TL excluding the professional service fee.

Here are the required documents:

  • Giving a power of attorney on behalf of the Sworn Translator and the company partners-
  • Competition Authority Share
  • Trade Registry Transaction
  • Notary Passport Translation
  • Power of Attorney on behalf of the company with a Notary and Sworn Translator for the Signature Circular
  • Tax Office and Social Security Application
  • Open a Bank Account for the Company

Potential Tax Number

You must go to the tax office to get a potential tax number. You can go to any tax office. I recommend that you go to the tax office with a professional, as it is sometimes difficult to find a tax office worker who speaks English. If you have bought a house in Turkey before, you must have a potential tax number. If you can't find the number, you can also ask the tax office.

Determining the Location

The first step is to locate your company. You need a legal address for any type of company in Turkey. You can work with virtual offices or rent space.

Rental contract

You have to lease on behalf of your company, so when renting an office, do not forget to include the note "The tenant name will change after the company is established". I recommend paying all rents from your company account rather than your individual account. However, you can make a deposit by hand. You must write in the contract in which the deposit is given by hand.
Don't forget your withholding cost if you rent the office from an individual and not a company. You can find the gross rental amount by dividing the net amount by 0,80. For example, the net rent amount is 1000 ₺ and the gross rent amount is 1250 ₺. Gross rent-Net rent= Withholding tax You have to pay 250 ₺ withholding tax. If you rent from a company they give the invoice plus value added tax.

You also need to pay stamp duty (one-time payment) of the rental agreement. This payment is not a large amount. Your accountant will declare stamp duty on your behalf. With the help of this formula, the stamp tax of the lease contract is multiplied by the gross rental amount for the whole year 0,0948=Stamp tax.

Opening a business in Turkey We recommend that you click on the link and read the rest of the article for other details required.

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