Step 1: Decide on the Legal Form of Your Company
The first step in establishing a company in Turkey is to determine the legal form of your business. The most common legal forms in Turkey are:
- Limited Liability Company (LLC)
- Joint Stock Company (JSC)
The most popular form of company in Turkey is the LLC, which requires a minimum of one shareholder and a maximum of 50. The JSC requires a minimum of five shareholders and there is no maximum limit.
Step 2: Register Your Company Name
Once you have decided on the legal form of your company, you must register your company name with the Turkish Trade Registry Gazette. The name must be unique and not already registered by another company in Turkey.
Step 3: Obtain a Tax Identification Number
In order to conduct business in Turkey, you must obtain a tax identification number. You can apply for this number at the nearest tax office.
Step 4: Open a Bank Account
You must also open a bank account in Turkey for your company. This account will be used for all financial transactions related to your business.
Step 5: Obtain Necessary Licenses and Permits
Depending on the nature of your business, you may need to obtain certain licenses and permits from the relevant authorities in Turkey. For example, if you plan to operate a restaurant, you will need to obtain a food service permit.
Step 6: File the Articles of Association
The Articles of Association is a document that outlines the internal regulations of your company, including the rights and obligations of shareholders. This document must be filed with the Turkish Trade Registry Gazette.
Step 7: Obtain a Commercial Registry Number
Once the Articles of Association have been filed, you will receive a Commercial Registry Number. This number is used to identify your company in all legal transactions.
Step 8: Register with the Social Security Institution
All employees in Turkey are required to be registered with the Social Security Institution. As the employer, you are responsible for registering your employees and making social security contributions on their behalf.
Step 9: Obtain Business Insurance
It is recommended that you obtain business insurance to protect your company from potential risks and liabilities.
Step 10: Hire Employees
Finally, you can begin hiring employees for your company. You must comply with Turkish labor laws and regulations, including minimum wage requirements and working hours.
Conclusion
Establishing a company in Turkey can be a complex process, but with the right guidance and support, it can be a rewarding experience for entrepreneurs. By following these key steps, you can establish a successful business in this dynamic and growing economy.