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Startup in Turkey

Updated on Tuesday 08th December 2020

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Startup-in-TurkeyTurkey’s large portion of young population and high internet speed represent some of the best reasons to consider setting up a startup company. The Turkish government has created the favorable conditions for such businesses to thrive and is currently working to improving the operational system for small and medium-sized enterprises (SMEs), which are usually employed for creating startup ventures.
 
If you are attracted by the idea of opening a startup in Turkey, our company formation specialists in Turkey are at your service with full support in registering this type of business as soon as possible. You can rely on us if you want to open a company in this country, no matter the sector you want to operate in.
 

What is the appropriate business form for a Turkish startup?

 
There are several types of legal entities that can be used for the creation of startup companies in Turkey, however, the private limited liability company remains the most selected option by local and foreign investors. Its popularity resides in the fact that it is a worldwide common type of structure, while in Turkey it is one of the easiest business forms that can be incorporated. Our company formation consultants in Turkey can assist with the registration of a private limited liability company.
 

Key aspects in opening a startup in Turkey

 
The Turkish startup is a regular company, therefore does not need to comply with specific requirements. What differentiates it from other businesses is that it usually operates in innovative sectors which must meet specific needs of clients; therefore, it could require significant amounts of money for the initial and ongoing operations. For this reason, the startup will usually rely on specific funding sources, such as incubators, angel investors, and/or crowdfunding platforms.
 
The good news is that Turkey has made it possible for startups to operate here back in 2012 when the startup ecosystem was a rather new concept at an international level. Ever since:
 
  1. the Government created the Startup Support Organization which comprised several institutions assisting such companies;
  2. the Scientific and Technological Research Council of Turkey is a key player in offering startup funding to businesses;
  3. in 2013, the Government also launched an angel investor scheme for those seeking for returns in exchange for injecting capital in startup companies;
  4. the Ministry of Industry and Technology cooperated with the European Investment Fund in the creation of the Technology Transfer Accelerator;
  5. starting with 2016, Turkish startup have the possibility of selling their goods and services worldwide thanks to a globalization scheme.
 
Creating a startup in Turkey has many advantages, as presented above, and if you decide to open such a business venture, our company registration agents can help you.
 

Is there any minimum share capital for opening a startup in Turkey?

 
There are no requirements for the share capital of a startup company in Turkey, however, depending on the type of entity selected, a legal requirement for a specific amount of money could be required under the provisions of the Company Law. This is the case of the Turkish private limited liability company for which at least 10,000 TL (approximately 1,300 EUR or 1,200 USD) is required.
 
The Turkish company formation procedure can be handled by our local specialists in the case of foreign investors who do not want to come here for the incorporation stage.
 

Documents required to open a startup in Turkey

 
In terms of documents, there are no special papers to prepare other than the Articles of Association, a business plan, and a business model. The latter will be used for promoting the business and gathering funds from investors.
 
The Articles of Association alongside information about the shareholders and directors’ information must be filed with the Trade Register and based on them the startup will obtain its Certificate of Registration. The tax identification number is usually issued after the company is registered. The procedure of registering a startup with the Trade Register can be overseen by our Turkish company formation representatives.
 

Who can open startups in Turkey?

 
Both domestic and foreign entrepreneurs can decide on startups in Turkey. The startup ecosystem is quite appealing to investors who want to develop their activities in this country and who want to generate profits and enjoy a solid business climate. Our company formation specialists in Turkey are at your disposal if you are interested in a startup in Turkey, so please feel free to send your inquiries and let us help you.
 

Business management offered by our specialists in Turkey

 
A startup in Turkey can be easily established, if the conditions imposed are respected. However, the support of a specialist in this field will prove extremely helpful because he/she will know how to create a business plan tailored to the needs of the entrepreneurs. Business management is important for every company and it involves a series of tasks. One of our company formation in Turkey will explain to you what business management is. There are specific administrative tasks to consider, like budget analysis, accounting, marketing and promotion, implementation of business solutions, and many more. Looking for advice for your startup in Turkey? It is quite easy to get in touch with us and discover how we can help in this matter.
 

FAQ about startups in Turkey.

 
1. Who can open startups in Turkey?
Local and foreign entrepreneurs are welcome to open startups in Turkey, in respect with the Company Act in Turkey. The registration process can be overseen by one of our company formation agents in Turkey.
 
2. Do I need a minimum share capital for a startup in Turkey?
If you decide on a private limited liability company in Turkey, the minimum share capital is set at EUR 1,300.  Our agents can tell you more.
 
3. Are there specific requirements for a Turkish startup?
No, there are no particular conditions for startups in Turkey. The registration process of a startup in Turkey is straightforward and exempt from hard formalities or complexities. The support of our company formation agents in Turkey will prove extremely helpful throughout the entire registration process.
 
4.  What are the documents for startups in Turkey?
The Articles of Association are the main documents of a startup in Turkey. These must comprise information about the owners of the startup, activities, business place, and many more.
 
5. Can I get help for creating the business plan for my startup?
Yes, a business plan is the starting point of a company in Turkey. We have experience in this field and we can create the proper business plan for your startup in Turkey.
 
6. Do I need to register the startup for taxation in Turkey?
Yes, the registration for taxation of a company in Turkey is required. You can talk to us and receive support.
 
7. Do I need a business address in Turkey?
Yes, the startup will activate in Turkey, therefore, a business address in the chosen city is required. We have a wide range of solutions for your startup in Turkey.
 
8. Can I solicit accounting services for my startup in Turkey?
Yes, it is best to hire the services of an accounting firm in Turkey instead of having a whole department. You can talk to our specialists and ask for support in this sense.
 
9. Is it hard to register a startup in Turkey?
No, the formalities for opening a startup in Turkey are not complex. Plus, the support of our company formation agents in Turkey will be quite helpful, in order to have a smooth registration process.
 
10. Can I solicit the services of a company formation specialist in Turkey?
Yes, our company formation agents in Turkey can help young and experienced entrepreneurs start a business in this country. You are invited to solicit our help and guidance if you intend to open a startup in Turkey.
 

Making investments in Turkey

 
Turkey offers plenty of business opportunities in most fields of interest, sustained by many advantages. Being a country found on two continents, the business climate is appealing to international entrepreneurs who want to expand their activities in this country, in sectors like manufacturing, food & beverages, energy, automotive, construction, and tourism, to give some examples. Turkey is the third-largest tobacco exporter in the world, a sector that generates huge profits. Turkey already hosts subsidiaries and branches of large companies from overseas, protected from a taxation point of view, and many more. The encouragements offered by the Turkish government are quite appreciated by international investors looking not only for a stable economy and business climate but also for incentives that can sustain the operations and future developments. A startup in Turkey can be an ideal business option for domestic and foreign entrepreneurs.
 

The Turkish startup ecosystem

 
According to the Turkish Investment Office, the startup ecosystem in Turkey has developed quite a lot in the past few years thanks to the large number of techno parks which has reached 61 in 2019. Apart from these:
 
  • - in 2018, 109 startups benefitted from 62 million USD from angel investors and venture capital funds;
  • - in 2019, 94 startups received 102 million USD from similar investments;
  • - in 2019, the total investments in startup companies increased by 66% compared to the previous year;
  • - most of the investments went to fintech startups in 2019 – 8,4 million USD.
 
 
If you want to open a startup in Turkey, please contact our company formation specialists in Turkey and solicit comprehensive information and support.
               
 

 

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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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