Set Up Company In Turkey; There are no official restrictions for setting up company in Turkey by foreign partners. The rights granted to Turkish citizens in the establishment of the company and the purchase of shares are valid for the citizens of foreign countries as well.

The most important detail about the company with foreign partners is obtaining  working permit to the partners. Working permit is mandatory for foreign partners that’s why some important steps must be done during and after the establishment of the company.

The Documents Needed to Set Up Company in Turkey:

If a partner is an individual

1. The copy of the partner’s passport translated into Turkish and notarized (2 pcs.)
2. ID photo of the partner (3 pcs.)
3. Partner’s Tax number
4. Partner’s residence permit (if there’s one)
5. Rental agreement
6. Power of attorney for Company Formation In Turkey

If a partner is a legal entity

1. The decision of HQ BoD regarding legal entity partneship in Turkey
2. The decision about appointment a legal entity as a Manager of a Company if any
3. Company’s Trade Registry Certificate
4.  Authorization Letter of the Company
5. Rental agreement
6. Power of attorney for setting up a company in Turkey

Costs for Set Up Limited Liability Company in Turkey for 2020

The cost of setting up an LLC in Turkey may vary depending on number of partners, capital stock, business segment of activities and number of company managers. To establish an LLC at least one partner is needed. If working permit doesn’t required for company partners the capital stock can amount 10.000 TL as a minimum.

Starting Business in Turkey?

Please see the sample below.

Sample Data:

• Number of Partners: 1
• Number of Managers: 1
• Capital Stock Amount: 100.000 TL
• Rent Price: 5.000 TL (Brutto)
• Segment: Exporting

The translation and notarizing the documents in Turkey cost about 250,00 USD which are demanding in the process of preparation for establishing. This amount is calculated for each individual. The documents to be translated and notary transactions for legal entities cost about 750,00 USD.

Documents required:

• Сopy of the partner’s passport translated into Turkish and notarized (2 pcs.): 45,00 USD
• Notarizing the PoA to set up a company in Turkey: 85,00 USD
• Registration Fee For Chamber Of Commerce: 250,00 USD
• Circular of Signature For Company Manager (2 pcs.): 110,00 USD
• Notarizing the PoA for Financial Advisor after Establishing a Company: 85,00 USD
• Preparing Invoices and Company Stamp: 50,00 USD
• Consultancy Fee Of Company Registration in Turkey: 350,00 USD

There is 100 USD costs increase for each additional partner and 250 USD for each additional manager.

NOTE: Certified interpreter charges ARE NOT included.

All payment documents during the process of business establishment will be provided to you as well as the invoice for our consultancy fee.

This article is written for informational purposes. Tariffing may differ for each company.

With a PoA we can carry out the company’s establishment. But after the establishment Company’s manager should come to Turkey to open a bank account and prepare some documents. All the process will take about 1 day.

Note: Expenses do not include % 18 Taxes.
The calculations are made according to the USD rate of 5.87 TL.

If you have any questions about Opening a Business Foreigners in Turkey, Establishing a Business in Turkey, Set Up Company in Turkey,‎ Company Formation in Turkey, Company Registration in Turkey please contact us.

Costs for Set Up Joint Stock Company in Turkey for 2020

The cost of setting up a JSC in Turkey may vary depending on number of partners,  amount of capital stock, business segment of activities and number of company’s BoD members. To establish a JSC at least one partner is needed. If working permit isn’t required for company partners the capital stock can amount 50 000 TL as a minimum.  Before the starting the process of establishing a company ¼ of company’s stock capital must be blocked in company’s account in any Turkish bank.

Company Registration in Turkey

Please see the sample below.

Sample Data:

• Number of Partners: 1
• Number of Managers: 1
• Capital Stock Amount: 100.000 TL
• Rent Price: 5.000 TL (Brutto)
• Segment: Foreign Trade

The translation and notarizing the documents in Turkey cost is about 250,00 USD which is required in the process of preparation for establishing. This amount is calculated for each individual. The documents to be translated and notary transactions for legal entities cost about 750,00 USD.

Documents required:

• Сopy of the partner’s passport translated into Turkish and notarized (2 pcs.): 45,00 USD
• Notarizing the PoA to set up company in Turkey: 85,00 USD
• Registration Fee for Chamber of Commerce: 300,00 USD
• Circular of Signatures for Company’s BoD Membersr (2 pcs.): 110,00 USD
• Notarizing the PoA for Financial Advisor after establishing a Company: 85,00 USD
• Preparing invoices and Company stamp: 50,00 USD
• Consultancy fee of company registiration in Turkey: 400,00 USD

There is 100 USD costs increase for each additional partner and 250 USD for each additional manager.

NOTE: Certified interpreter charges ARE NOT included.

All payment documents during the process of business establishment will be provided to you as well as the invoice for our consultancy fee.

This article is written for informational purposes. Tariffing may differ for each company.

With a PoA we can carry out the company’s establishment and bank operations connected to the blocked capital. But after the establishment Company’s manager should come to Turkey to open a bank account and prepare some documents. All the process will take about 1 day.

Note: Expenses do not include % 18 Taxes. The calculations are made according to the USD rate of .

If you have any questions about Opening a Business For Foreigners in Turkey, Establishing a Business in Turkey, Set Up Company in Turkey,‎ Company Formation in Turkey, Company Registration in Turkey please contact us.

Business Address and Virtual Office

Business address is obligatory for company establishment. For this you can use a real office, shared office or virtual office. The cost for a virtual office is usually about 35,00 USD+ 18% VAT. This process has to be done before the establishment of the company. Address change after the establishment costs about 200,00 USD.