Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Turkey
Turkey is a rapidly developing country, with many international businesses already established in the region. Turkey’s strategic location has made it a gateway to the markets in Central Asia and the Middle East.
Among the benefits of doing business in this region include the use of European business ethics and modern management practices available in Turkey, which makes it significantly more convenient for international businesses to run their operations. English is also being increasingly used for business purposes, and the new initiatives that are being put in place to meet the European Union standards are making the business environment even more accessible.
To register a business in Turkey it takes an average of six days. Turkey is also on track to becoming the 16th largest economy in the world and the sixth largest economy in Europe. It has also been forecasted to be in the world’s top 10 economies by the year 2023.
Turkey has access to approximately 1.5 billion customers in Europe, Eurasia, North Africa and the Middle East. It also has significant investments in the transport, maritime and communication sectors that continues to grow over the last 10 years.
The challenges of doing business in Turkey
Some of the challenges that investors would face in getting started and registering a company in Turkey include regulatory and bureaucracy issues. Sudden changes to the legislations and regulations can also happen without warning or without consultation.
Registering a company in Turkey would require investors to demonstrate their commitment to the market and necessary regular visits to fulfil the requirements set by the Turkish business environment. Investors setting up a business in Turkey would need to maintain strong relationships with other business partners and have a visible presence in the country in order for their business to continue to thrive.
How to register a company in Turkey
To get started registering a company in Turkey, investors would need to fulfil the following requirements:
- According to the Regulation of Trade Registry, businesses need to submit the memorandum and articles of association online at the Central Registration Recording System (MERSIS).
- Investors would then need to execute and notarize the company documents. The notarized documents would need to include the articles of association, signature declarations, copy of the founder’s declaration, acceptance letters of the managers, a copy of the power of attorney authorization documents and a copy of the identity cards of the managers and shareholders. All these documents need to be notarised before submission.
- Investors would then need to deposit a percentage of capital to the account of the Competition Authority.
- Investors would then need to deposit at least 25% of the business start-up capital in the bank and acquire proof of having done so.
- Investors would then need to apply for registration at the Trade Registry Office.
- Investors would then need to get their legal books certified by a Notary Public.
- Investors would then need to follow up with the tax office on the Commercial Registry’s company establishment notification.
For assistance in getting started registering a company in Turkey, contact 3E Accounting to find out more about how we can help.