How to Set Up a Limited Liability Company in Turkey?
Setting Up Limited Liability Company – For establishing LLC in Turkey, you need to follow several steps and meet specific requirements. Here is a simplified guide to help you through the process:
Decide on the Company’s Name
Check for the uniqueness of your company name and reserve it.
Prepare the Necessary Documents
Articles of Association
This document must include the company’s name, objective, registered address, founders’ details, and share capital.
Notarization
Some documents such as the articles of association need to be notarized.
Minimum Share Capital
A minimum share capital of 50,000 TRY is required to establish an LLC in Turkey.
Company Shareholders
An LLC in Turkey can have a maximum of 50 shareholders. Both individuals and corporate entities can be shareholders.
Register with the Trade Registry
Submit the notarized articles of association and other required documents to the local Trade Registry Office.
Tax Registration
The company has to obtain a tax identification number from the local tax office. This is obtained automatically during the registration of the company, so you dont need to act seperately.
Social Security Registration
Register with the local social security institution.
Opening a Bank Account
Open a bank account in the name of the company and deposit the minimum required capital.
Obtain Necessary Permits
Depending on the type of business, you may need to obtain additional permits or licenses.
Legal Compliance
Ensure compliance with Turkish commercial laws, including maintaining proper books and records.
100% Foreign Ownership
Note that 100% foreign ownership of an LLC is permitted in Turkey, making it a favorable option for foreign investors.
Conclusion
Setting up an LLC in Turkey involves several bureaucratic steps but can be a straightforward process with proper guidance and understanding of the legal requirements. Foreign investors have the advantage of full ownership, which can be particularly appealing.
Setting Up Limited Liability Company – For more detailed guidance, it’s advisable to consult with legal and financial professionals who specialize in Turkish company law. For your questions or requests on, just contact us.
