For many foreigners, earning a living by starting a business is very important. But they do not know enough about how to start a secure business. In this article, we want to introduce you to the types of companies, the documents required to start and the cost of starting a business.
- Types of Companies
- Joint-stock company (A.Ş.)
- Limited liability company
- Commandite company
- Collective company
- Cooperative company
- Documents for the Company Establishment:
- A company establishment petition and a notification form, duly filled in and signed by persons authorized to represent the company.
- Articles of association including notarized signatures of founders and notary certification proving that all shares constituting the registered capital have been subscribed by the founders in the articles of association
- Founders’ statement signed by the founders
- The bank letter proving that the share capital has been deposited
- The bank receipt indicating that 0.04% of the company capital has been deposited to the account of the Turkish Competition Authority at a state bank
- Permit or letter of compliance for companies whose corporation is subject to the permit or letter of compliance issued by the relevant ministry or other official institutions
- Notarized copy of signatures of persons with the authority to represent and bind the company
- Application number indicating that the trade name to be used has been checked and confirmed by the Trade Registry Office
- Company establishment statement form (3 original copies)
- Certificate of residence of founding partners
- Notarized translation of passport in case the foreign shareholder is a real person; apostilled and notarized translation of registry document issued by the competent authority in case the foreign shareholder is a legal entity
Costs of opening a company in Turkey
To open a company in Turkey, it costs in average 2000 euro to set up a limited company. Annual fees for the company amount are in average 700 euro per year and this price includes registry submissions and accounting fees.