The new Turkish Commercial Law which was enabled in 2012 acknowledges cooperatives along with other business forms among which merchants and partnerships. However, cooperatives date back in the 1930ies when the small communities gathered and started producing and selling goods together. This is how Turkey was among the first countries in the world to have its own cooperative legislation in 1969. The law was amended in 1988 and this type of business form is now recognized by the government which enabled various cooperative development plans throughout the years.
Our company formation agents in Turkey can assist foreign investors who want to open cooperative companies in this country.
The cooperative company is a type of structure which allows individuals, companies, municipalities and other associations to carry out commercial activities as a legal entity. Among the advantages of cooperative companies in Turkey are the unlimited number of shareholders allowed to participate to the business and the lack of minimum share capital to be deposited upon opening this type of company.
Considering there are various types of cooperative companies which can be established in Turkey, these must register with the Ministry in charge with regulating certain economic activities. The best example is agricultural cooperatives which are very popular in Turkey and which must register with the Ministry for Agriculture.
We remind you that you can benefit from the services offered by our accountants in Turkey if you want to open a company in this country. Thus, payroll, audits, bookkeeping, or tax registration are among the accounting services needed by a company. In addition, we can offer you support for tax returns and debt monitoring, and foreign investors can opt for personalized financial services and analysis reports. We can also manage human resources-related matters, so contact us today.
The main requirement to open a cooperative company in Turkey is the minimum number of participants which is 7. These must prepare a Memorandum of Incorporation which will carry their signatures. The document must also be notarized and register with the Turkish Trade Register. The company may bear the name cooperative, but where a municipality is involved it may not attach its name to the company’s name. The other documents to be filed when establishing a Turkish cooperative company must contain:
An interesting fact about Turkish cooperative companies is that these can also establish branch offices in other cities in the country.
In you are interested in opening a cooperative company, do not hesitate to contact our company registration consultants in Turkey.