Turkey has a diverse and dynamic market with a population of over 82 million people, which makes it the 18th largest economy in the world. The country’s economy is driven by a mix of industries, including manufacturing, agriculture, and services. Here mentioned are some requirements to open a company in Turkey:
- Decide On The Type Of Company You Want To Establish:
You can choose from several legal entity types, such as a joint-stock company, limited liability company, or cooperative.
- Determine Your Company’s Name And Register It:
The name of your company should be unique and not already in use. You can check name availability online through the Turkish Trade Registry Gazette. Once you have decided on a name, you can register it with the Turkish Trade Registry.
- Prepare The Necessary Documents:
You will need to prepare several documents, such as articles of association, signature declarations, and notarised passport copies.
- Open A Bank Account:
You must open a bank account in Turkey and deposit the minimum share capital required for your company.
- Obtain A Tax Identification Number:
You can obtain a tax identification number from the tax office in Turkey.
- Apply For A Business License:
You will need to apply for a business license from the relevant authorities in Turkey.
- Register For Social Security:
You will need to register your company and employees for social security with the Social Security Institution in Turkey.
- Obtain Any Necessary Permits:
Depending on the type of business you are starting, you may need to obtain additional permits and licenses from the relevant authorities in Turkey.
Opening a company in Turkey can be quite complex and time-consuming. This can often be confusing for new entrepreneurs. It is best if you can seek help from a professional service provider like Foreign Operation Consultancy to further make the process easier.
What Are Some Benefits Of Opening A Company In Turkey?
There are several benefits of opening a company in Turkey:
- Strategic Location:
Turkey’s location at the crossroads of Europe, Asia, and the Middle East makes it a gateway to these regions. This location makes it an ideal location for international trade, as it provides easy access to emerging markets.
- Large Domestic Market:
Turkey has a large domestic market of over 82 million people, which makes it an attractive location for companies looking to expand their customer base.
- Favourable Business Environment:
Turkey has implemented several reforms in recent years to improve its business environment, including streamlining its business registration process and reducing bureaucracy.
- Incentives For Foreign Investors:
Turkey offers several incentives for foreign investors, including tax breaks, financial support, and reduced customs duties.
- Skilled Workforce:
Turkey has a large and educated workforce, with a high percentage of university graduates, which makes it an attractive location for companies seeking skilled labour.
- Infrastructure:
Turkey has modern infrastructure, including a well-developed transportation network, advanced telecommunications systems, and modern energy and water supply systems.
- Supportive Government:
The Turkish government supports foreign investment and has implemented several policies to attract foreign investors.
To sum up, Turkey offers a favourable environment for companies looking to expand their business and enter new markets. With the right help and guidance, you can surely take your business to the next level in Turkey.