The business licensing phase
must be completed if the Turkish company
will undertake certain activities. In this case, specific business licenses and permits must be obtained with the authorities representing the industry the company will operate in. Among the industries in which special licenses and permits are necessary are trading, the financial industry, and manufacturing
. We kindly invite you to get in touch with our company registration consultants in Turkey
for personalized advice on how to start a business.
Business in Turkey for foreigners
Business in Turkey for foreigners
is quite appealing from many points of view. With leading producers in sectors like agriculture, automotive, textile, and construction, Turkey
aligns with top business destinations worldwide. Foreign entrepreneurs in Turkey can benefit from relaxed investment legislation that allows them to start a business in a fast manner, without complicated bureaucracy. Cities like Ankara, Istanbul, or Izmir are quite appreciated from a business point of view by foreigners in Turkey. Low operating costs, a skilled and multilingual workforce, strong consumer spendings, a large number of local manufacturers to collaborate with, the support offered by the Turkish government, and a beneficial geographic location are a few of the main solid points of Turkey. The benefits do not stop here, as foreigners can easily gain Turkish citizenship through varied beneficial programs and specific investments.
Business in Turkey for foreigners is a straightforward process. You might want to pay attention to some facts and figures that highlight the business and economic direction of Turkey:
- • In terms of total FDI stock for 2019, Turkey registered nearly USD 165 billion.
- • Around 60% of the total FDI stock is directed to sectors like manufacturing, finance, and energy.
- • The Netherlands is the main investor in Turkey, accounting for more than 16% of the total FDI in Turkey for 2019.
- • Being ranked as 33rd out of 190 economies in the world by the 2020 Doing Business report, in matters of ease of doing business, it encourages foreign entrepreneurs to start a business in Turkey.
1. What are the types of companies that can be incorporated in Turkey?
The joint-stock company, the limited liability company
, the collective and commandite companies, the cooperative or the branch are all options for a legal entity in Turkey.
2. Can a foreigner open a company in Turkey?
Yes. Foreigners have equal rights to open companies, just as nationals. Turkey welcomes foreign investments in various business fields.
3. How fast can you start a new business in Turkey?
A business can be incorporated in one week if all the documents are in order.
4. Does the company need to have an office in Turkey?
Yes. A registered office is necessary for a newly incorporated company in Turkey. This also applies for branches of foreign companies.
5. What are the steps for company incorporation in Turkey?
The business owner must draw up and submit the Articles of Association, notarize the company documents, deposit the minimum share capital and apply for registration at the Trade Registry Office.
6. What is the minimum share capital in Turkey?
The minimum share capital
depends on the type of company. This amount is larger for joint stock companies than for limited liability companies: 50,000 TRY as opposed to 10,000 TRY.
7. What are the requirements for opening a bank account in Turkey?
The bank account is mandatory for the company because the share capital is deposited upon incorporation. Banks will generally request the registration certificate of the company and other documents attesting the identity of the founding members. Certain fees apply, as per the bank’s policy.
8. Do you need special permits and licenses in Turkey?
Yes. For example, import and export activities are regulated and business owners engage in this activity based on certain permits obtained before starting the actual trading.
9. What are the taxes for companies in Turkey?
The corporate tax in Turkey is 20%, but lower rates can apply. A payroll tax, real property tax, social security tax and other taxes also apply.
10. What are the reasons to invest in Turkey?
A good location between two important markets, its own large domestic market, good economy, an open investment climate and good infrastructure are important reasons why investors should choose to open a company in Turkey.
Foreigners interested in starting a business in Turkey
are invited to contact
our Turkish company formation agents
and solicit complete support and guidance.
Choosing our specialists in Turkey
Interested in a fast and easy company incorporation process in Turkey? You are invited to discuss all the aspects with our team of company formation agents in Turkey who work with complete professionalism and proficiency to offer a suitable solution for international investors. It is essential to know the business direction and rules of a foreign country before making investments and this is also the case of Turkey. All the business-related aspects can be completely explained by our specialists right from the beginning of our collaboration.