The Republic of Turkey is a country where the government is very loyal to foreign citizens who want to open their own business here and, accordingly, develop the Turkish economy. We will examine in detail what subtleties exist in opening your own business in Turkey.
Legislative framework for starting a business
The initial stage for starting a business is to study the country's legislation in this matter. And the main provision for orientation is the law “On Foreign Direct Investments”.
The following forms of doing business are available to foreign citizens:
- Individual Entrepreneur - GerÇek Kişi Tacir
- Branch of a foreign organization - Yabancı Şirket Şubesi
- Cooperative – Kooperatif
- Limited Liability Company - Limited Şirket or Ltd. Sti.
- Joint stock company - Anonim Şirket
Foreign citizens have the right to conduct almost any type of activity. The most attractive among them are tourism, construction and real estate, and the service sector.
Necessary requirements for starting a business:
- When opening a company, it is necessary to indicate the type of activity of the company, its name. Moreover, at least the first 3 words in the name must be different from the names of other companies.
- In order to use words derived from the word “Turkish” in the name of the company, you must have permission
- The use of foreign words in the company name is allowed if one or more of the founders are citizens of foreign countries.
- The number of co-owners can vary from 2 to 50 people
- The amount of the minimum authorized capital must be 10,000 lira
The company must have at least one director. If the number of directors is more than one, then all of them have equal powers among themselves. The company is liable within the authorized capital.
Documents for company registration
- Foreign passport with a notarized translation
- TIN in Turkey
- Power of attorney
- Certificate of registration, certificate from the Unified State Register of Legal Entities, approval from an authorized institution to participate in a Turkish company, if the company is registered by a foreign legal entity.
The Republic of Turkey is loyal to the opening of a business by foreigners and offers favorable conditions for its conduct.
