The Turkish economy has been demonstrating stable growth and high potential in recent years, which is due to the jurisdiction’s consistent credit policy and progressive economic reforms. In 2022, the country’s economic environment is fully adapted to international standards.
In 2022, even against the background of the geopolitical situation, foreign residents can register a joint stock company in Turkey as well as launch a smaller business project such as LLC or a branch of a foreign company.
Use professional advice from the experts of our portal on any and all migration, corporate and banking products related to Turkey. We will help you register a JSC, an LLC and businesses of other organizational forms. We also provide turnkey commercial facilities ready for sale.
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What is a Joint Stock Company in Turkey?
Anonim Şirketi (Joint Stock Company) is one of the common forms of business organization in Turkey that is available for registration for foreign business persons. The conditions for setting up a JSC in the Turkish state are the most simple and straightforward:
- You should have at least a single shareholder.
- The company can be of closed and open type:
- for a closed joint stock company in Turkey a minimum amount of authorized capital of 50.000 TL is required.
- a closed joint stock company in Turkey implies high level of data security for the beneficial owners.
- The minimum share capital of a joint stock company depends on the type of its business activity.
- The shares of a joint stock company may be in cash or in tangible form and have a face value of at least 1 Turkish Lira.
- According to Article 332 of the Commercial Code of Turkey, shares of an open joint stock company can be listed on stock exchanges and be alienated by the shareholders without the consent of the company.
- Shares of a Closed Joint Stock Company cannot be distributed, bought and sold on the stock exchange, and only shareholders of a closed joint stock company in Turkey can obtain the pre-emptive right to acquire shares, provided that this clause is agreed in the founding documents.
- When registering a JSC in Turkey, it is necessary to pay a contribution to the Antimonopoly Service which amounts to 0.4% of the share capital. It is also required to deposit part of the capital (25%) in a bank account.
- With a start-up investment of at least 100,000 Liras, the director of a JSC in Turkey (a foreign national) can obtain a work permit and a residence permit. In this case, the deposit must be paid in full before the registration of the JSC with the Chamber of Commerce.
- A joint stock company is managed through a board of directors that may consist of a single person including the founder of the company or a professional director (natural/legal person).
- Foreign nationals with or without residence permit, residents and non-residents of Turkey, legal entities (residents and non-residents of Turkey) can register a closed or an open JSC in Turkey.
The company law of Turkey is attractive to foreign business persons who are ready to invest their assets in various sectors of the economy, receiving in return a stable and sufficiently high income.
Today, the registration of a joint stock company in Turkey in Antalya, Istanbul, Ankara, Bursa and Izmir has no differences in the requirements for residents and non-residents of the jurisdiction, and is carried out by a single institution (Chamber of Commerce) which greatly simplifies the formation of legal entity in a short period of time.
InternationalWealth.info together with our partners from different parts of the world, would like to offer you assistance in any and all business matters. Registration of a JSC in Turkey, setting up a business, relocation of a foreign branch, legal and/or accounting services, opening an offshore bank account, registration with the tax authority, the choice of investment projects, legal matters and much more.
Joint-Stock Company in Turkey. What should foreign founders know?
You can register a JSC in different cities of Turkey, including Ankara, Antalya, Alanya, Izmir and Istanbul yourself or enjoy the support of professional lawyers and market experts. The latter option will allow you to get all the necessary documents in a short period of time and with a minimum personal presence in the country of business. Everything can be done by power of attorney. You will only need to visit the Turkish state for the final signature and obtaining all permits for your business.
One of the most popular organizational forms of business is a Joint Stock Company (Anonim Şirketi) where the rights of shareholders depend directly on the number of shares of each. This organizational form is good for large businesses including tourism, hospitality and manufacturing startups. You can see that from the experience of other business persons.
If you are not planning to start a large-scale business project in 2022, our partners are ready to support the registration of an LLC in Turkey which is advantageous for start-up businesses with a start-up investment amount of 10,000 Liras.
How to Register a JSC in Turkey in 2022 Step by Step
In order to register a new company with the status of a JSC in Istanbul, Bursa, Antalya and any other city in Turkey in 2022, a foreign investor must comply with several established rules. Today, one of the main conditions is no relations with persons from the sanctions list and countries recognized by the OECD and FATF as untrustworthy or low-tax offshore.
What steps should one take in order to register a JSC in Turkey without violations and in accordance with all the norms of the state?
- Choose the organizational form of business and the line of business given your budget and objectives, as well as the city or province to register a JSC/LLC in Turkey.
- Buy or rent an office with a legal address.
- Prepare the Articles of Association of your company-to-be which should cover all the important aspects, have the signature of the shareholders and a notary stamp.
- Open a corporate bank account for a legal entity in Turkey and deposit ¼ of the authorized capital.
- Make a contribution to the antimonopoly body of the country in the amount of 0.04% of the start-up capital established by the general decision as the authorized capital.
- Apply to the tax office and obtain a taxpayer number.
- Register your company with the Chamber of Commerce from where your information is communicated to the social security organization of the jurisdiction;
- Complete the documents with the insurance, social security and pension authorities.
- Obtain a signature card signed by the JSC governing officers.
Certain business activities may require obtaining licenses for running businesses in the Free Economic Zones in Turkey which is not included in the overall cost of services rendered by our partners regarding the formation of a JSC that starts from 3999 USD, and is to be paid separately.
Time required to register a JSC in Turkey with the experts of our portal is 5 to 15 days.
What Documents Are Required to Register a Joint Stock Company in Turkey?
In order to establish a Joint Stock Company in Turkey with a bank account, it is not necessary to be a resident of this country. In 2022, the registration of a JSC is available to all foreign persons who do not have problems with the law and do not belong to the EU blacklist (both personally and with regard to the citizenship of such countries).
Here is the list of documents to be prepared in advance by the founder and shareholders of a JSC in Turkey BEFORE applying to the Chamber of Commerce and the country’s bank:
- Data and copies of the passports of the shareholders.
- The decision of the Board of Directors that the executives agree to open a JSC in Turkey (requirement for legal entities).
- It is obligatory to have a ready-made Articles of Association and a certificate of incorporation (the latter also applies to legal entities who have decided to set up a company in Turkey).
- Documents confirming the authority of the company representative (power of attorney, order of the company’s executives) with the signatory right.
- Application to the Chamber of Commerce (according to the sample).
- Photos of the founders.
Extra documents include the company’s TIN, bank account, statement of contribution to the antimonopoly authority and bank account deposits.
All documents must be translated into Turkish by a certified translator and notarized, or certified by the Consulate.
Turnkey Registration of JSC in Turkey Remotely
Company registration in Turkey in 2022 is not as difficult a procedure as many business persons think. The government of the country is interested in new investments and strives to create the most favorable investment environment for foreign business circles.
Experts of InternationalWealth.info together with their Turkish partners are ready to provide comprehensive data security and support in any and all business matters, from branch registration to bankruptcy, from commercial real estate purchase to accounting services and international dispute resolution.
What do we offer to foreign founders of a Joint Stock Company in Turkey?
- Complete package of services for business registration:
- a. Obtaining a TIN;
- b. Opening a bank account in Turkey and in a foreign country (additional personal or corporate account);
- c. Licensing of the business in Turkey;
- d. Formation of the company’s Articles of Association;
- e. Preparation of a Memorandum for the Chamber of Commerce;
- f. Liaising with the social security authority of the country;
- g. Bookkeeping for business and financial operations;
- h. Business permit and certificate of incorporation of JSC in Istanbul, Izmir, Antalya, etc.
- Rent of office and legal address in Turkey.
- Selection of investment projects and assistance with the purchase of a ready-made business.
- Market research for companies in Turkey.
- Business planning from A to Z.
- Obtaining residence permits under a simplified procedure on the basis of company registration (JSC, LLC) in Turkey.
- Consulting services and much more.
You can order extra services or reduce the list of services at the stage of making the agreement with the experts of our portal. This gives you the opportunity to make your own choice and order only those services that you consider necessary.
We work on the condition of a 50% prepayment which is accepted in any freely convertible currency upon signing the agreement by both parties. You only pay for the result, and we guarantee the security of each client’s data.
Please do not hesitate to contact us right now at info@offshore-pro.info.
