Turkey

Legal form:

LLC, LLP, Inc.

Delivery:

3 months

Price: $

2000

Payment methods:

Requirements:

Document checklist:

Local legal address (Handled by B2B Hub)

1.Passport
2.Proof of Residence

Go to applicattion

Inquiry

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Registrar

Organization name

Abbreviation

Country

Turkey

Phone

Listing

Open website

About

Turkey

Capital
Official languages
Population
Currency

ISO 4217

Ankara

Turkish

83,154,997 (as of 2020)

Turkish Lira

TRY

FAQ

FAQ for Company Formation in Turkey:

1. What are the types of companies that can be formed in Turkey?

Ans: In Turkey, the following types of companies can be formed:

a) Limited Liability Company (LLC)

b) Joint-Stock Company (JSC)

c) Cooperative Company

d) Collective Company

e) Commandite Company

f) Branch Office

2. What is the minimum capital requirement for setting up a company in Turkey?

Ans: The minimum capital requirement for setting up a company in Turkey depends on the type of company:

a) LLC: At least TRY 10,000

b) JSC: At least TRY 50,000

c) Cooperative Company: At least TRY 50,000

d) Collective Company: No minimum capital requirement

e) Commandite Company: At least TRY 50,000

f) Branch Office: No minimum capital requirement

3. Can foreigners own a company in Turkey?

Ans: Yes, foreigners can own a company in Turkey.

4. What is the process for setting up a company in Turkey?

Ans: The process for setting up a company in Turkey includes the following steps:

a) Choose a company name and check its availability

b) Deposit the minimum capital in a bank account

c) Draft the company’s Articles of Association

d) Notarize the Articles of Association

e) Register the company with the Trade Registry

f) Obtain tax identification number from the tax office

g) Register for social security at the Social Security Institution

h) Register with the Chamber of Commerce and Industry

5. Can I set up a company in Turkey remotely?

Ans: Yes, it is possible to set up a company in Turkey remotely. However, it is recommended to have a representative in Turkey to handle the paperwork and legal processes.

6. What taxes do companies in Turkey have to pay?

Ans: Companies in Turkey are subject to the following taxes:

a) Corporate Income Tax

b) Value Added Tax (VAT)

c) Withholding Tax

d) Stamp Duty

e) Social Security Contributions

7. Can I apply for a residence permit in Turkey as a shareholder of a company?

Ans: Yes, as a shareholder of a company in Turkey, you can apply for a residence permit.

8. What are the benefits of setting up a company in Turkey?

Ans: Some of the benefits of setting up a company in Turkey include:

a) Strategic location at the crossroads of Europe, Asia, and the Middle East

b) Access to a large domestic market

c) Business-friendly environment

d) Competitive tax rates

e) Skilled workforce

f) Easy access to finance and funding options.

Economy

"Turkey has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 5.2% in 2019, making it one of the fastest growing economies in the world. The country's unemployment rate has also decreased from 11.3% in 2018 to 10.3% in 2019. This is largely due to the government's efforts to create jobs and reduce poverty. In addition, the country's inflation rate has remained relatively low, at 8.9% in 2019.

Turkey has also seen an increase in foreign investment, with the country receiving $14.3 billion in foreign direct investment in 2019. This is a significant increase from the $10.2 billion it received in 2018. The country has also seen an increase in exports, with exports reaching $168.3 billion in 2019, up from $156.2 billion in 2018.

Overall, Turkey has seen a steady growth in its economy over the past few years, with the country's GDP, unemployment rate, inflation rate, foreign direct investment, and exports all increasing. This is a positive sign for the country's future economic prospects."

Taxation

In Turkey, both individuals and corporations are subject to taxation.

For individuals, the personal income tax rate is progressive, ranging from 15% to 35% depending on the amount of income earned. There is also a social security contribution paid by both employees and employers. Individuals are required to file an annual tax return by the end of March for the previous year.

For corporations, the corporate tax rate is a flat rate of 25% on profits earned. In addition to the corporate tax, there are other taxes that corporations may be subject to, such as value-added tax (VAT) and stamp duty. Corporations are also required to file an annual tax return by the end of June for the previous year.

The tax payment process in Turkey involves making monthly or quarterly tax payments throughout the year, depending on the size of the company. Individuals may also be required to make monthly tax payments if their income exceeds a certain threshold. Taxes can be paid online through the government’s tax portal, or in person at authorized banks and tax offices.

The tax calendar in Turkey begins on January 1st and ends on December 31st. The deadlines for tax filings and payments vary depending on the type of tax and the size of the company, but generally, individual income tax returns are due by March 31st, and corporate tax returns are due by June 30th. Monthly or quarterly tax payments are due on the 26th of the month following the tax period. Late payment of taxes can result in penalties and interest charges.

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