Starting a Business in Turkey: Company Types and What You Need to Know

Turkey is increasingly becoming a hub for entrepreneurs and international investors. With its strategic location bridging Europe and Asia, a growing economy, and investor-friendly policies, establishing a company in Turkey can be a smart move. However, before starting your business, it’s crucial to understand the different company types and the legal framework.

Why Start a Company in Turkey?

Turkey offers several advantages for entrepreneurs:

• Strategic Location: Turkey connects Europe, the Middle East, and Asia, making it ideal for trade.
• Growing Economy: With a diverse economy, Turkey provides opportunities in manufacturing, technology, tourism, and export.
• Favorable Incentives: The government provides tax incentives, export support, and investment incentives for startups and foreign investors.

Types of Companies in Turkey

When setting up a business in Turkey, you mainly have three types of companies to choose from:

1. Sole Proprietorship (Şahıs Şirketi)

• Overview: Owned and managed by a single individual.
• Advantages: Simple setup, minimal capital requirement, full control.
• Considerations: The owner is personally liable for all debts and obligations.

2. Limited Liability Company (Limited Şirket)

• Overview: Owned by one or more shareholders with limited liability.
• Advantages: Liability is limited to the capital invested, flexible management, suitable for SMEs.
• Capital Requirement: Minimum capital of 10,000 TRY.
• Considerations: Requires registration with the Turkish Trade Registry, and accounting obligations are stricter than a sole proprietorship.

3. Joint Stock Company (Anonim Şirket)

• Overview: Can be publicly or privately held, with shares traded or privately owned.
• Advantages: Limited liability, suitable for large-scale businesses, easier to raise capital.
• Capital Requirement: Minimum capital of 50,000 TRY.
• Considerations: More complex setup and higher regulatory requirements, including formal accounting and auditing.

Steps to Establish a Company in Turkey

1. Decide the Company Type: Choose the structure that suits your business goals.
2. Reserve a Company Name: Check the Trade Registry to ensure the name is unique.
3. Prepare the Articles of Association: Outline the company’s purpose, capital, and management.
4. Open a Bank Account and Deposit Capital: Required for Limited and Joint Stock Companies.
5. Register with the Trade Registry: Obtain your company registration certificate.
6. Tax Registration and Social Security: Register with the tax office and social security institutions.

Why a Local Address Matters

For all company types in Turkey, a registered office address is mandatory. Many startups and SMEs use virtual offices as a cost-effective solution, which provide an official business address, mail handling, and legal compliance without renting a physical office.

Final Thoughts

Starting a business in Turkey is a promising opportunity for entrepreneurs seeking growth and international expansion. By understanding the company types and legal requirements, you can make informed decisions and set your business up for success.

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