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Turkey is a country filled with endless opportunities for foreigners and this place is a hotspot attracting people towards it. Why?
Because the laws are fairly flexible for them and they can find jobs and register businesses here especially in main cities like Ankara and Istanbul. There are some tips and tricks that you need to know and viola it’s quite simple!
There are certain steps to register and open your own business in turkey especially because every business is different from another and when the types vary, so does the process. You need to be a completely legal person ready to pay certain taxes, adhere to the laws, have complete documents and then the last step is to just have the right budget for your business.
There are different types of businesses that you can register and it doesn’t matter which country you belong from as long as you have a valid visa and budget you can do all the legal work and establish your business today. First of all your work can be even a small store that you are thinking to open in a part of the city, but what matters is the type of company you are registering and that is the most essential part.
You need to choose first that will your company be solely represented by you? Or you will have partners? Are you going to have a limited stock in the company or you are getting some investment from somewhere else? These points are something you need to look after before jumping in the bandwagon. Let us briefly explain the types of companies you can register in Turkey:
This is a type of company that is quite private, it doesn’t have a requirement of registering partners, there can be only one CEO and the company doesn’t have criteria to see minimum or maximum budget, you can do your business as long as it’s legal on your own terms without a chamber of commerce or commercial office.
You can get a virtual office on the basis of basic documents such as company registration document, a certain name of the company you have established and your personal documents. On the basis of a silent company you can also apply for a work permit and definitely renew your family’s residence permit.
This type of company is a semi-private one in which you can have a lot of partners as investors or functioning employees in your office. You can also get a commercial space somewhere in the city where you can fully run your office and register your business as well. There is a fee required by the government to register your limited liability company which is 2100 USD which is the current update, and you also have to open two Turkish bank accounts with foreign currency options out of which one will be under the company’s official name and the other will be under the CEO’s name.
This company can have a chamber of commerce and shareholders respectively; in terms of bankruptcy they can file a case and get the amount of their shares only not the profits or shares of other partners.
A limited partnership company cannot exceed more than two partners in the company. Those two partners both have to be completely legal and both will provide official documents in the registration process, but there is a condition.
One of the partners has to be the active person who will sit in the office and run all the work on the surface, whereas the other partner has to be just a silent member who will invest or be behind the idea and formation process. This type of company can help both the partners achieve a valid work permit in Turkey as well, but still the inactive partner cannot help manage the company like the active partner can.
This is a type of company that runs on a risky measure, you can have as many partners or shareholders as you want, but this type of company can have a specific type of investment at a time and the whole of investment will be divided into dividend shares for each shareholder from the start. There can be no mess with illegal works as the company will be registered with the official trade association in Turkey having articles of association documents.
Your shares can be transported to any other shareholder or individual whenever you want without a time restriction and in the end the shares can be controlled by the government in specific cases, where they are also invested in stock exchange or the public. On a minimum scale fifty thousand Turkish liras have to be the investment for a joint stock company to be registered, and the board can accept the payment in cash or installments according to the payment plan you decide.
So these are the types of companies a foreigner can register in turkey and participate into, now we shall discuss what the benefits of registering a company in Turkey are.
Turkey is a great place to start from, if you want to settle your family or even start your career, the benefits are quite amazing when you see and study them. You get to experience one of the most developing countries and the lifestyle is culturally appropriate and at the same time modern and unique.
You would love to settle down with your family here and have your business registered as well, but why not mention the advantages here so you can read them yourself?
What else could you ask for? Having your investment placed in Turkey is quite beneficial as we can see and you will definitely grow here if you register your company and buy a property here with your family.
All you have to do is reach out to us as we can help you open your company today, with the help of our Senior Consultants who have a great approach towards instant processing in legal works.