Turkey is a great place to do business and many investors have been attracted to the country in recent years due to its strategic location, growing economy, and business-friendly environment. In this article, we will guide you through the process of registering a business in Turkey.
Table of Contents
Choose the Type of Business Entity
Before you start the registration process, you need to decide what type of business entity you want to form. In Turkey, there are four main types of business entities:
Limited Liability Company (LLC)
Joint Stock Company (JSC)
Commandite Company (CC)
Collective Company (Co)
The LLC and JSC are the most common forms of business entities in Turkey. An LLC is ideal for small and medium-sized businesses with limited liability, whereas a JSC is more suitable for larger businesses with a larger number of shareholders. CCs and Cos are less common, and they require at least one general partner who is liable for all the debts of the company.
Choose a Company Name and Reserve It
Once you have decided on the type of business entity you want to form, you need to choose a unique company name that is not already taken. You can check the availability of the name through the Central Company Register System (MERSIS) website. Once you have chosen a name, you can reserve it for up to six months.
Obtain a Tax Identification Number (TIN)
Before you can register your business, you need to obtain a tax identification number (TIN) from the tax office. You will need to provide your passport and other relevant documents to obtain a TIN.
Open a Bank Account
To register your business, you need to open a bank account in Turkey. You will need to provide the bank with the required documents, such as your TIN, passport, and proof of address.
Draft the Articles of Association
The next step is to draft the articles of association, which is a legal document that outlines the rules and regulations of the company. The articles of association should include the company name, type of business entity, address, shareholders, capital structure, and management structure.
Obtain a Trade Registry Certificate
Once you have drafted the articles of association, you need to obtain a trade registry certificate from the Trade Registry Office. You will need to submit the articles of association and other relevant documents, such as your TIN, bank account information, and passport.
Register with the Chamber of Commerce
After obtaining the trade registry certificate, you need to register with the Chamber of Commerce. You will need to pay a registration fee and provide the required documents, such as your trade registry certificate and articles of association.
Register with the Tax Office
The final step is to register with the tax office. You will need to provide your tax identification number, trade registry certificate, and articles of association.
In conclusion, registering a business in Turkey can be a complex and time-consuming process. However, with the right guidance and support, it can be a smooth and successful journey. Generis Global can help you with the legal part of your business journey in Turkey. Our team of experts has extensive experience in company formation, legal compliance, and corporate governance. Contact us today to learn how we can help you with your business in Turkey.