1.The company’s headquarters
According to the Turkish Law, to Establishing a Company in Turkey, the company’s need to have a physical address domiciled in Turkey .
There are two choices to get this; either a virtual or a real address: –
The first choice is to get a real location which is an actual place for your company. To rent a place that will cost you approximately $250 to $350 per month, in addition to other expenditures such as commission, utilities, transportation; etc.
The second option is to get a virtual place (Virtual Office in Turkey); which is 100% legal address given to you by the state, but it is not a real place for your business. Bizix provides virtual office services in house for your legal address.
2.Capital of the company
The capital of the company is the makor point, where the Turkish law specified that to found a company the minimum capital should be 10.000-₺. If you are planning to enter to a reputable business and obtain serious power, our recomendationis 100.000-₺ and it is useful for you to:-
- Get work & residence permit.
- The ability to join the commercial organization as TURSAB, Musiad, and others.
- Be able to perform deals to Export and import goods in accessible ways.
NOTE: It is not necessary to deposit the capital in the bank during the establishment process, the amount has to be deposited before applying for the work permit or within 24 months from the date of establishment.
Process to Establish a Company in Turkey :
Before starting in establishing a company we have to specify the Type Of The Company type we would like to develop;
We’ve talked before about the company types in Turkey, sort of the company depends on the company size as the following:
- Limited liability company
- Joint stock company
- Limited partnership corporate
- Partnership company
All what you need that you have valid passport, we will get all required documents for you, as:
- A copy of passport translated and authorized (it is evaluable to translate and authorize the documents in our office, as one of our services for you)
- Your tax number (we extract it for you)
- Security approval which let you establish your company in turkey (we extract it for you).
“A TURKISH COMPANY” EXPENSES REVIEW
1. The Chartered Accountant
The chartered accountant here is the person responsible for the company’s accounts in front of the state and not the internal accountant of your company
The role of this accountant that comes to the end of each month and receives your invoices, expenses, and purchases and records them with the state, The Turkish law requires the presence of this accountant and the absence of a statement may lead to the closure of the company
The approximate cost of the accountant: 450.-₺ / Month.
2. The Cash Book
Cash Books are the legal books in which the Company’s accounts are recorded and delivered to the State at the end of the year,
The approximate cost of the books attestation: 1200.-₺ / Annual
3. Corporate Tax
Including annual taxes, quarterly taxes, and rent taxes are company’s liability and chartered accountant calculates and process for your payment.
The approximate costs of taxes for startup company between 1800 to 2500.-₺ / Annual
Now we have completed the stage of required documents and general information and come the implementation stage
PROCESSING THE COMPANY FORMATION
1.The Executive Stage:
Bizix will set a meeting with the auditor and a representative employee of Bizix, discussing to get the best choice for the company, the session will take about one hour. Through this time, the establishment contract of the company will be made. It will specify the manager, the activities and the address.
After completing the Memorandum of Association and get it ratified, Bizix representative will obtain tax number for the new company.
3.Opening bank account for the company
You will able to deposit the company’s capital, then having a deposit receipt.
Now our representative will complete all procedures with local chamber of commerce till getting the registration number of the new company.
4.Power of Attorney
After inquiring all requirement and documents, you should ratify your signature in the presence of the notary. This will issue a document that to be used in all legal presentation as manager of the company