Turkish Trade Register
Turkish Trade RegisterUpdated on Saturday 17th December 2022
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All companies incorporated in Turkey must be registered with the local Trade Register and all the amendments in the main documents of the company are required to be published in the gazette of the institution, according to the Article 35 of the Code of Commerce in Turkey. This gazette is published daily, except for public holidays in Turkey. The activity of the Turkish Trade Register is managed by Turkish Chamber of Commerce. One of our Turkish lawyers can provide legal assistance and support for opening a company in Turkey.
How to register a company
When you want to set up a company in Turkey, you must send certain documents to the Trade Register – the articles of association in original and two notarized copies. The representatives of the new company must also submit the name of the firm, after they verify if the one they have chosen is not already taken, and the address of the company. You must pay 25% of the minimum capital share within the legal period of three months, starting with the incorporation date, and the rest of the amount will be paid within three years.
Before the incorporation of the new company, you will send to the Turkish Trade Register a request, an application form and the documents required for the registration, no matter if you are a foreign citizen or a Turkish national. After the registration is finished, the representative of the new company will receive a registration certificate and he is allowed to start the economic activity. One of our Turkish attorneys can help you start a business in Turkey and can also give support for VAT registration in Turkey. Here is an infographic that explains more:
Information about companies
If you need to find out information about the companies incorporated in Turkey, you should ask at the local Trade Register. The institution has a large database containing detailed information about each company and the public access is free, according to the Turkish law. You are entitled to receive information about a company’s name, its address, the shareholders and the share capital. In order to get the information you need, you may send a request by e-mail or mail or you can go in person to the offices of the Trade Register in Turkey.
If you are interested in immigration to Turkey, we recommend you contact our local lawyers. Our specialists can deal with the formalities related to obtaining the necessary visa, as well as those for issuing a residence permit. The procedures were greatly simplified, offering the possibility to apply online. It will also be necessary to obtain an E-visa travel authorization for which we can offer you specialized legal advice.
Can I open an LLC in Turkey?
Yes, you can open limited liability companies or LTDs as they are known in Turkey. This is the common business structure that addresses most of the activities permitted in this country. The incorporation of an LTD starts with the Turkish Trade Register and the documents offered by the shareholder or the future business in Turkey. The minimum share capital of a limited liability company in Turkey is TRY 10,000 or approximately EUR 3,300. In terms of information and documents, the following are necessary for submission at the Turkish Trade Register:
- The Articles of Association must have information about the owners, the legal representative, the business address.
- Details about the activities and the board of managers must be provided.
- An agreement signed by the owners of the LLC needs to be drafted and submitted.
- Information about the share capital must be comprised of the documents of the newly formed company in Turkey.
It is important to know that one of our lawyers in Turkey can handle the requirements for starting a business in Turkey, no matter if you would like to register an LLC, a sole proprietorship or a joint-stock company in this country. Foreign entrepreneurs should solicit legal assistance from our Turkish attorneys, to skip any probable misunderstandings in matters of business incorporation in Turkey. We remind that the Turkish Trade Register handles the incorporation process of a company.
Shelf companies in Turkey
If you would like to buy a ready-made company in Turkey and start your activities as soon as possible, feel free to talk to one of our advisors. A ready-made company is often the solution of foreign entrepreneurs in Turkey who would rather avoid the formalities of opening a company from scratch. Such companies are already incorporated and present a series of advantages, among which, no financial activities and therefore, no debts, plus the possibility of starting the operations as soon as the Share Purchase Agreement is issued. We mention that shelf companies are already incorporated with the Turkish Trade Register. If you would like to know more about shelf companies in Turkey, do not hesitate to talk to one of our specialists.
Types of companies in Turkey
Besides limited liability companies or LTDs, foreign and local entrepreneurs can direct the attention to other types of entities too. For example, they can incorporate joint-stock companies, general and limited partnerships (commandite or collective companies), cooperative companies in the agriculture sector, branches and subsidiaries. Some entrepreneurs can act as sole traders in Turkey, being completely liable for the debts and responsibilities of the firm. Such entities can be incorporated with the Turkish Trade Register, and complete legal assistance can be provided by our specialists.
Legal support for starting a business in Turkey
Even if the incorporation process of a firm in Turkey is not that complex, particularly bearing in mind the formalities imposed by the Turkish Trade Register, it is recommended to have in plan the legal advice and guidance of a specialized lawyer in company formation. The registration of a company in Turkey must respect the Commercial Code and the Company Act, so the legal advice of a Turkish lawyer is needed. All the necessary documents and approvals can be successfully handled by one of our experts who can start the registration process of your company with the Turkish Trade Register.
Why invest in Turkey?
Turkey is quite attractive for foreign investors looking to enlarge their operations and portfolios in a country full of business opportunities. Even if Turkey is not part of the European Union, this doesn’t mean that there are difficulties in terms of business, approvals, and foreign investments. Positioned on two continents, Europe and Asia, Turkey has important connections to countries worldwide, by air, sea, and land. The transportation and logistics sectors are highly developed and among the business advantages offered to foreign investors who can direct the attention to the tourism sector, agriculture, transportation, manufacturing and many more. Here are some facts and numbers that highlight the economy and the business direction of Turkey:
- The recent 2020 Doing Business report issued by the World Bank ranks Turkey 33rd out of 190 economies in the world;
- Around USD 134,524 million represented the total FDI stock for Turkey in 2018;
- In 2018, around 15% of the total FDI registered in Turkey came from the Netherlands;
- During January and March 2019, most of the investments came from Azerbaijan, the largest investor and business partner of Turkey.
If you need legal assistance for opening a company in Turkey or other issues regarding the Turkish Trade Register, you may contact our law firm in Turkey. Our Turkish attorneys will help you with the registration procedure and other legal issues.