Turkey
Capital: Ankara.
Official languages: Turkish.
Currency: Turkish Lira.
Advantages of company registration:
- Low operating costs.
- Under certain conditions, Turkey offers foreign investors benefits such as customs duties and VAT exemption, tax deduction opportunities, and more.
- There is an opportunity to obtain citizenship if a foreign person invests $400,000.
Turkey is a country in Southwest Asia, with a small territory in Southern Europe. It is between the Black and Mediterranean Seas and bordered by the Aegean Sea.
Turkey boasts one of the world's fastest-growing economies. The country stimulates investments, offering non-residents various beneficial programs and incentives.
Other advantages of Turkey are free economic zones (FEZ), access to global markets in Asia and Europe, and good trade relations with many countries worldwide.
Taxation and Reporting Features
Mandatory submission of annual financial reports.
- Corporate tax is 20%.
- Employee salaries are subject to income tax ranging from 15% to 40%, depending on income.
- VAT is 18%.
- Severe penalties if the company fails to submit reports.
Company Registration
The registration timeline is approximately one week.
The best option for business in Turkey is the registration of a Limited Sirket (LS) or LLC. It is one of the most convenient and easy-to-manage legal forms of organization most business people prefer.
Opening a company in Turkey is done through MERSİS—the Central Registry System of the Ministry of Trade. The commercial name approved by the LLC shareholders must be submitted and approved through the system.
When registering a company, you must submit an application signed by the director, providing basic information about the company. A package of documents is attached, including the articles of association, declaration, copies of passports, and EIN of shareholders and directors.
To register a company in Turkey remotely, you must provide the following documents:
- Copies of foreign passports of each director/shareholder, certified with an Apostille.
- Three name options for the company.
- Choose the legal form of the company.
- Document confirming the residential address of all participants (utility bills, bank statements with address).
- Receipt for the payment of 0.4% of the share capital to the Antimonopoly Committee.
- Articles of association, certified in the trade registry or by a notary.
How to Quickly Register an LLC in Turkey:
To quickly register a company in Turkey, contact IT-OFFSHORE specialists. The service includes:
- Document preparation (collection, filling out, notarization, etc.).
- LLC registration.
- Payment of all government fees.
- Services of a registration agent for 1 year with the possibility of extension.
- Translation services.
- Delivery of registration documents to any address.
Additionally, there is a fee for opening an account with a local bank and for accounting services.
Conclusion
Registering a company in Turkey is an accessible and transparent process that can be done remotely. Favorable tax legislation makes the country attractive for businesses ofof various scales.
However, before proceeding with the company registration in Turkey, we recommend obtaining professional consultation from legal experts at IT-OFFSHORE. This ensures up-to-date information on rules and requirements and a successful registration process in compliance with the legislation.
