Language barriers and lack of available information make data collection difficult. This is why many would-be entrepreneurs find the fact-checking process tedious. Turkish corporate data is quite open, but if you still have difficulty understanding it, we are here to help.
In Turkey, as in many other places, there are different types of businesses. However, they all involve very similar or the same procedures. If you want to find out what you need to start your own business and much more, check below.
- How long does it take to register a company in Turkey?
- How much does it cost to open a company in Turkey?
- What is a limited liability company?
- What is the structure of a joint-stock company?
- What are the characteristics of a partnership?
- Can you establish a subsidiary in Turkey?
- What are the main points of interest?
How long does it take to register a company in Turkey?
Turkey is one of the leading countries, and for a long time it has been very popular with foreign investors for several reasons. The economy is growing at an incredible rate, it has an excellent strategic geographical location, you will find here cheap labor and many other incentives. Best of all, domestic and foreign investors have equal rights.
You are allowed to set up any type of company as long as you comply with the law. The whole process will take approximately 1 week. There are situations in which this period will be extended. To be sure, learn all about the procedures you have to go through when setting up a company. It’s best to talk to your lawyer about it.
How much does it cost to open a company in Turkey?
The low costs of establishing companies are one of the main reasons why foreign nationals choose this country. Although this venture is not as expensive as in other places, you should pay attention to company registration fees, notary fees and the like.
The good news is that you will find cheap labor here, and you can hire immigration lawyers to help you with visa requirements for staff.
What is a limited liability company?
There are several business structures that you can sell in Turkey. One of them is a Limited Liability Company. An LLC company is a legal entity, it can have its assets separate from the owner of the company and can do all kinds of business. In this way, the owners are not responsible for debts and obligations. This type of company stands out from the rest due to its hybrid system, which is a combination of a corporation and an individual owner. In such an environment, owners are protected from the consequences of debts and other obligations they have towards the company. However, each state regulates LLCs differently. We must note that anyone can be a member of such a company, with the exception of banks and insurance companies.
Any profit or loss is passed on to the members, who report it on their individual tax returns. The advantages of this formal business arrangement are flexibility and a high level of protection for its investors. So you can choose the tax regime, there is much less administrative paperwork than with a corporation. This is why this business structure is the most popular choice in Turkey. The difference is only in the names of the owners and managers, while their duties are similar to the directors of a corporation. A company has the same duties as a corporation. Must file state and federal annual company reports and must maintain bookkeeping.
What is the structure of a joint-stock company?
This is the next type of business. The main feature of this organization is the joint ownership of several shareholders. They own a certain amount of shares that are part of the company. The elements of this type of business structure include a legal entity or a director. However, the company does not depend on any member when it comes to business activities. That is why this identity is called an artificial legal person. Of course, the company must be incorporated. The replacement of its members is a frequent occurrence. Collective liability is limited, and every decision is made by the board of directors.
What are the characteristics of a partnership?
If you are interested in this type of company, you should know more about it. The focus is on mutual assistance with respect for the professional interests of both parties. What characterizes this kind of company are solidarity, surety and a board of directors of at least three legal entities. They should be citizens of Turkey.
Can you establish a subsidiary in Turkey?
You register it with the Trade Register. Then you can formally start your business. However, it is necessary to obtain all permits from the Turkish Ministry of Industry and Trade. Once you have collected these and other documents, you can start filling out the application. But more on that find out at www.fo-consultancy.com.
What are the main points of interest?
The Turkish government has high hopes for huge hydroelectric projects, wind energy, solar energy, natural gas, etc. If you invest in these projects by starting a private oil and gas company, you can expect huge profits. Such business structures are increasingly active and functional. We must not forget about the real estate business. Construction of various sizes of premises is another quite profitable trend in this country. In the last few years, the construction of energy-efficient and ecological buildings has been increasingly present.
Telecommunications companies are another great option, as are car factories. The prices of local production are low, and the prices of cars will be higher. It is an ideal investment opportunity. Due to all the advantages, Turkey is one of the main tourist centers. It has long been known for its beautiful history as well as its landscapes. Therefore, it would not be bad to invest in a travel agency. Turkey’s textile industry is also booming.
Now that you know all about the type of companies you can start in Turkey, you can start the procedure. Do not forget about the legal framework of this country. Establishing a company can be simple, uncomplicated and fast. All that is required is to know what you are doing at all times. Due to many benefits that are not provided in other countries, Turkey is an ideal place for this.