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Set Up a Turkish Business for Rental and Leasing Activities

Updated on Thursday 13th December 2018

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Set-up-a-business-for-rental-and-leasing-activities-in-TurkeyStarting a company as a foreign investor in Turkey has become easier by the years and now, some of the largest companies operating here are partially or fully owned. The government has also made important efforts to accommodate the needs of overseas investors and to open the local market for them and now these have the possibility of starting businesses in various industries.

Known as one of the most important players in the automotive industry in the world, Turkey is one of the countries in which starting a company for rental and leasing activities represents a great business idea. These companies can undertake their activities in some of the most important industries in Turkey.

If you want to open a company for offering rental and leasing services, our company formation specialists in Turkey can help you achieve that in the shortest time possible.

How to register a company for offering rental and leasing services in Turkey

As a foreign investor, the types of companies at your disposal are varied and this is why it can be quite appealing for starting a business for rental and leasing activities. One will be able to choose between a limited liability company or joint stock company; however, it is also common for such business to be created as a joint venture with a Turkish company.

No matter the chosen business form, the company registration steps are the same:

  • -          the preparation of the incorporation documents and agreement in the case of a joint venture;
  • -          registration with the Trade Register and with other competent authorities;
  • -          obtaining the tax identification and VAT numbers with the local tax authorities;
  • -          finding a suitable location where the car fleet will be kept (an easy access to the location should be considered).

Our Turkish company formation consultants can help with the whole incorporation procedure of a business related to offering rental and leasing activities, especially if you are a foreigner and need legal help.

Legislation imposed on rental and leasing companies in Turkey

Even if most of the companies offer rental and leasing services for various types of auto vehicles, it should be noted that there are also companies that engage in offering specialized leasing and rental services in the maritime and aviation industries. For the latter types of activities, the Maritime Law, respectively the Aviation Law apply.

In the automotive industry, the regulations are less severe, however, there are a few important aspects to consider:

  • -          leasing activities can only be completed under the Turkish Leasing Law;
  • -          all the services offered by a rental and leasing company must be based on a contract;
  • -          there are several types of leasing operations and companies must carefully select the ones they offer;
  • -          leasing activities can also be undertaken in the real estate industry in Turkey.

We can advise entrepreneurs on the content of the Leasing Law applicable in Turkey.

 Lease and rental contracts in Turkey

One of the most important parts of offering rental and leasing services in Turkey is signing a contract with the client. This is why Turkish companies offering such services, no matter the industry they operate in, must respect the provisions of the Civil Code which provides for the Contract Law.

It is the Turkish rental and leasing company’s duty to draft the agreement which will be signed by the client. The contract must contain information about the services offered, the period of the contract and any specific clauses depending on the service.

In the case of rental and leasing activities in the automotive sector, it will be the company’s duty to make sure the vehicles have the necessary insurances premium paid.

In the case of lease contracts, other conditions could be imposed, as there are several types of leasing agreements which can be signed.

Why start a rental and leasing business in Turkey?

Turkey is one of the most prolific economies in the world with a well-developed tourism sector. Being visited by many foreign businessmen and tourists every year, these are the main clients companies offering rental and leasing services target. Among the cities where such companies can thrive are the capital Ankara, but also touristic destinations such as Istanbul and Izmir.

With a strong legislation favoring foreign direct investments, opening a Turkish company in this sector can be a good start also for those who want to expand an existing business.

For assistance in registering a company for rental and leasing activities, please contact our representatives in Turkey. With a strong knowledge of the legislation, we can help you open companies in the industries you are interested in Turkey.

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Call us now at +90 532 351 66 77  to set up an appointment with Cagatay Altunsoy, one of our specialists in company formation in Istanbul, Turkey. Alternatively you can incorporate your company without traveling to Turkey.

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