Set Up a Company in Izmir, Turkey in 5 Days

Izmir is the second most important port city in the Mediterranean where all important logistics centers with access to the international market are concentrated. In 2022, Turkey is good for business, inhabitancy and leisure, as well as value-enhancing investments for foreigners. 

If we talk about Izmir, this province in recent years has become particularly popular among vacationers and business persons, both economically and as a resort destination or a city to move to for permanent residence.

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Turkey for Investors. Permanent residence permits

The government of the jurisdiction is interested in attracting foreign investment which is reflected in a number of incentives for existing and would-be businesses in Turkey. Why is the industrial metropolis of Izmir becoming so popular with the business circles and those wishing to move to Turkey for permanent residence in 2022?

We are not claiming that Izmir is the only city where setting up a company or redomiciling it from another country would be the most value-enhancing option. But, Izmir, as well as other regions of Turkey, in 2022 is definitely worthy of consideration for those investors who seek the most protected channels to develop their business.

Reasons to Relocate Your Business to Izmir and Move There for Permanent Residence in 2022

Among the major cities of Turkey, such as Ankara, Antalya, Istanbul and Izmir, the latter is very popular. Such interest in Izmir can be explained by a number of factors among which are the following: rising prices for real estate and land plots in the seaside area, business segments available for start-ups and a pro-actively developing construction sector.

The experts suggest that the rise in housing prices in Izmir in the coming years will continue, and those who invest in residential buildings and/or commercial facilities today could greatly benefit from the implementation of their projects.

Launching a business in Turkey is not the most difficult task the business persons might face. It is important to understand where to invest, how to run your business and what pitfalls lie ahead. Tourism and hospitality business, real estate and real estate services, agriculture and industry are among the most popular areas.

Why Registering a Company in Izmir is Advantageous?

What rules are in force in Turkey for foreign business founders in 2022, and how can one set up a company thus getting the right for temporary/permanent residence permits in Izmir for the founder and their family members? Read on.

Here are the main advantages of Izmir for business incorporation in 2022:

• Izmir is one of the main centers for scientific and technical research and development in the Middle East.
• Thanks to annual exhibitions and international conferences, as well as a rich historic background, Izmir offers a high standard of living.
• With a population of over 4 million people, nearly 45% are young professionals under the age of 30. This figure is of paramount importance for newly-opened companies in Turkey looking for professionals in their industry.
• Good relations with cross-border countries, as well as double taxation agreements with many countries. So investors can pay their taxes in a single jurisdiction without losing profits and remaining a subject of their country.
• Izmir is one of the major port cities with 4 main and 12 additional berths for export/import of goods to foreign and domestic markets.
• The investment infrastructure of Izmir maintains a stable level of development with 13 industrial zones, 4 techno parks and 2 free economic zones. It should be reminded that these areas offer certain privileges regarding land plots, customs, utilities and taxes.
• The city’s economy is one of the most powerful in Turkey where the volume of foreign trade exceeds dozens of millions of dollars per year.
• Izmir has a well-developed international business environment. There are more than 2,000 foreign companies there, and their number increases annually. The company registration procedure is a “one-stop-shop”, and if you contact the experts of our portal, it can take place remotely.

We would also like to add that for setting up a new company in Turkey in 2022, a foreign citizen is not required to have a residence permit or Turkish citizenship. The business registration procedure in Izmir, Istanbul, Ankara and other cities of the country can be carried out by both residents and non-residents with the involvement of local executives in the business or registration of a work permit in the country.

Izmir, Turkey for Living There

In 2022, the Golden Visa program conditions in Turkey may change, and the minimum amount of investment in real estate is going to increase up to 400,000 US dollars which is still not a major obstacle for those wishing to move to the country for permanent residence or become an investor.

If you are looking for a city where you can have a great vacation, get an education and become a successful business person, then Izmir is the best fit.

• Izmir is good for living and working in various sectors of the economy, and it does not take long even for a foreigner to register a company.
• Thanks to its rich history of the Middle Ages and the huge number of attractions, the city has still preserved the flavor of Hellenistic character that goes well together with the European rhythm and Turkish mindset.
• Izmir is continuously growing, both in terms of economic development and geography. New neighborhoods and villas  present an abundant choice and are suitable not only for leisure and quiet life, but also for building businesses such as cafes, mini-hotels, family hotels, offices, etc.). Buying apartments in Turkey is a great opportunity to get Turkish citizenship or make long-term investments that imply a very advantageous option for diversifying one’s assets followed by making  profits. 
• The cost of living in Izmir is lower than in Antalya and Istanbul, including a square meter of living space, both for ownership and for rent.
• The holiday area is continuously filled with colorful events, and thanks to the annual exhibitions and conferences the tourist season in Izmir lasts all year round. The resort offers the opportunity to get into the hotel business or earn a steady income by renting out your apartment.
• Izmir also offers free high school education, old age pension as well as health care available to every foreigner who receives a residence permit or Turkish citizenship.

Company Registration in Izmir, Turkey for Non-Residents

If you have decided to launch your own business in Izmir, you should know all the details of this procedure, from prices to requirements and obligations. The most common form of business undertakings in Turkey for foreign citizens is LLC (limited liability company) or Sole Proprietor.

Registration of corporations in Turkey is also possible, but it is most often chosen solely by large business entities with a certain experience and a stable investment capital. For medium- and small-sized businesses in Turkey LLC works best which will be discussed below.

How Much Does It Cost to Start a Company in Turkey in 2022?

We would like to reassure you that the process of company registration in Turkey has not changed this year. This also applies to the legislation on the formation of a legal entity in Izmir or another city.

It is possible to set up a legal entity in Izmir with the support of the experts of our portal at the rate from 3800 USD. The service is available to all foreign citizens, and can be provided remotely. The latter involves delegating the power to register a company in Izmir to an authorized person, but the final signature and receipt of documents is done by the owner of the business.

How Do I Set Up a Business in Izmir Promptly, Inexpensively and Remotely?

In order to register an LLC in Turkey, you will need to follow the established procedure:

1. Apply for the business incorporation in the Republic of Turkey, prepare all the necessary documents in Turkish. The documents must be notarized and legalized by apostille.
2. Appoint a Turkish citizen or one of the company founders as a director. If a foreign citizen is elected as a director, he/she must have a work permit or Turkish citizenship.
3. Draw the Articles of Association of the future company, pre-selecting its name in accordance with the established requirements.
4. Buy or rent an office for the future company. In this case, you can use the services of real estate agencies or choose the option of a virtual/home office which is also allowed for certain types of business.
5. Get a tax number.
6. Open a bank account which also involves disclosing information about the signatory, beneficial owner and founders of the business in Izmir.
7. Make a contribution of 0.04% of the registered capital of the company in Izmir to the Antimonopoly Agency. The minimum amount of the company capital for LLCs cannot be lower than 10,000 Liras.

In addition to company incorporation, we offer comprehensive support to would-be business persons both in accounting and legal aspects as well as assistance in choosing an offshore account and filing for foreign citizenship.