Before starting a company in Turkey, you should know the estimated costs of the bureaucratic procedure and other amounts you have to spend for the incorporation, the minimum capital share, fees and services etc. Unlike western European countries, Turkey has low costs for start-up businesses and a stable economic environment which are attractive for foreign investors.
- drafting and notarizing the company documents, according to the Commercial Code (articles of association, signature declarations, founders’ declaration, power of attorney etc.);
- stamp tax for papers and the notary services;
- the minimum capital share that may vary according to the type of company;
- incorporation at the Trade Register and submitting the necessary documents;
- tax registration certificate;
- the announcement of opening a new company at the Commercial Registry Gazette;
- certification of the legal books at a public notary.
Advantages for investing in Turkey
Turkey is a great country for opening a small company and when you don’t have a big amount to invest, but you want to take advantage of a great opportunity that may appear at a time. You can also take advantage of the weak competition and the emerging economic market and the appetite of the consumers for spending money for new products and services.
Other important advantages are the low costs for workforce, that is well trained and skilled, and the costs with suppliers. The wages are very low especially for young people who are university graduates compared to those in western Europe.
When you set up a company in Turkey, you should think of having at least a virtual office, if you don’t intend to organize a headquarters for your business. The costs for a virtual office are lower than for a traditional one and you can benefit of a prestigious business address and other services, such as:
- incoming and outgoing faxes
- receiving and sending the mail
- answering the phone on behalf of your company etc.
If you choose to have a virtual office, you will pay a small amount every month, but if you need a traditional office, there are higher costs related to leasing, renting or buying and the maintenance of that space.
Whenever you need a virtual office or you want to open a company in Turkey, you can ask our Turkish lawyers for assistance and guidance. They will offer you legal services related to company formation and special packages for registration of a new firm, with all costs included.