Set Up a Limited Company in Antalya with a Bank Account

Turkey is one of the countries most visited by tourists from all over Europe. It is also very attractive for emigrants for several reasons.

Turkey with its free zones, tax benefits and reliable banking sector is among the most favorable countries for company registration and re-domiciliation of ready-made corporations today. The simplest form of business organization, the registration of which does not imply significant financial costs is a limited company in Antalya. It can be set up quickly and safely with the assistance of our Turkish partners.

Advantages of Setting Up a Limited Company in Turkey

One of the advantages of Turkey is its geographical position between Europe and Asia given the disruption of logistics routes in the current circumstances. This opens up a great variety of opportunities for large suppliers of goods and transport companies of international level. Important commercial routes pass through the country, making it possible to set up an international business while remaining a foreign national.

What are the benefits of setting up a limited company in Antalya?

• The process of obtaining permits, licenses and other documents can take place without personal presence of the company founder;
• Residents and non-residents of the Turkish Republic enjoy the same benefits and rights;
• Turkey is in the top ten in Europe in terms of GDP, ranking sixth among such powers as Britain, Germany, Spain;
• Given the total population of 83.6 million people, half of them are under the age of 30, and are skilled workers. So you can hire labor force in many professions;
• The country is continuously undergoing economic reforms which is often associated with fewer restrictions on foreign direct investment in various sectors of the country’s economy;
• A highly developed system of maritime, rail and land transportation systems;
• There are no tough restrictions for foreigners in terms of opening their business in  Antalya. Legal entities from certain countries can use the real estate purchase program;
• Turkish authorities have signed double taxation agreements with 68 countries, and free trade agreements with 12 countries of the world.

Currently, negotiations between the European Parliament and the Turkish government on the country’s membership in the European Union are underway. In the case of a positive decision on the part of the EU, Turkey will become the most attractive jurisdiction for investors and international companies. Today, Antalya has become a hub for those investors who seek stability and safety.

What Is the Best Business to Open in Turkey in 2022?

In Antalya, any foreigner can register a limited company, both those who have a residence and work permit and those without it. When choosing your business field, it is important to take into account a number of criteria:

• Competition in the local and international market.
• Demand and prospects for the business.
• Technical equipment of the company and its financial capabilities to implement the intended project.
• Export routes.
• The use of local resources, which the local officials will first of all pay attention to when issuing a business license/permit in Turkey.

As for the market for goods and services in Turkey, there are several promising areas where a company, if properly organized, can achieve high performance. Foreign business persons choose the following sectors when starting a limited company in Antalya:

• The hotel business, which is always in demand in Antalya, the capital of tourism.
• Rental property for vacationers and business guests.
• Cafeterias, restaurants and entertainment.
• Tourism with all related services including excursions and real estate.
• International trade, including both goods of one’s own production and  the products of other brands.
• Trade in Antalya, which always remains a relevant niche thanks to the large inflow of guests.

Limited Company (Limited Şirket) and Sole Proprietor (GERÇEK KİŞİ) are different organizational forms of business in Turkey/ Each of them can be registered by any foreign national. The difference between sole proprietorship and a limited company in Antalya lies in the liabilities, capital turnover, taxes and scope of business. More information about these differences can be found here.

Where to Set Up a Business in Turkey?

When choosing the right location for your limited company registration in Turkey, it is important to take into account the line of business of the new organization. For example, the tourist business and the service sector are well developed in resort areas, including Antalya. But commerce can be beneficially established in Istanbul, where you can register a limited company, a joint stock company or a branch of the foreign business structure.

Turkey has several free zones established by the government to attract foreign investors. Such zones can be clustered by the benefits they offer and their taxation systems:

• Technology development zones are located in Istanbul and Bursa, bringing together R&D companies. All organizations that develop software are exempted from income tax until 2023.
• Industrial zones provide VAT exemption on the purchase of land with zero tax on the plot for a period of 5 years.
• Free zones are located in port areas near European and Middle-Eastern  markets with customs preferences and zero VAT rate.

Despite all the advantages of free zones, most foreigners choose the most visited cities of Turkey to register a business from scratch or to transfer existing companies from another country. Antalya is one of the cities where you can expand and build your business advantageously in such areas as tourism, real estate services, restaurant business and commerce.

What Is a Limited Company in Turkey? Requirements, Advantages and Downsides 

Limited company in Turkey is an organizational form of business that remains rather popular when it comes to small and medium-sized businesses thanks to the simplified requirements and the wide range of opportunities.

Anything related to the limited company opening is handled by the Chamber of Commerce and no longer requires a notary. The exception is the CEO signature for the bank and other similar institutions. Limited company registration in Antalya also has the following advantages:

• You do not have to be a resident of Turkey to register a limited company in Antalya. Business registration is available to both foreigners and locals.
• Limited company can be founded by at least 1 natural person or legal entity, and the share capital depends on the par value of the shares of all members, but it should not be below 10,000 Turkish Liras.
• Each shareholder takes responsibility  for their share of capital only, and can sell it to the partners or third parties (the latter is allowed in case the partners refuse).
• The company can be managed by one or more people, the CEO or the board of directors, including a foreigner.
• Limited company in Antalya can have one, two or more directors from among the founders or other persons who are not directly related to the business. Depending on the form of governance, the directors have equal or separate powers. In the case of equal powers, the resolution on the documents is made by all members. The decision on the withdrawal/appointment of a director is made by the vote of all members of the company.
• The maximum number of the limited company owners in Turkey should not exceed 50 people.
• 25% of the authorized capital may be paid during the first year of operation, and the remainder should be paid within the next two years. An exception applies to founders/directors who have obtained a work visa. In this case, the amount of 10,000 Liras must be deposited in the organization’s account in full.

As for the downsides, we can note just one. The CEO, being a resident of another country, needs to obtain a work visa or residence permit in Turkey. It is necessary for opening a bank account, without which one cannot run any business.

The solution for such a situation is to appoint a Turkish citizen to the position of the limited company director. In this case, it is recommended to make a contract that will protect your company from  unscrupulous employees. Turkish citizens obviously need no work visa. It is also worth thinking about obtaining Turkish citizenship by purchasing real estate which is also relevant for this jurisdiction.

Limited Company Registration in Antalya. Taxation 

Today, the Turkish tax legislation has been significantly revised in accordance with international standards. In the tax field, all foreign investors have equal rights with local business persons, which makes the jurisdiction attractive and advantageous in terms of business activities. 

In 2022, the tax rates for limited companies in Antalya are as follows:

• Corporate tax is 20% to 22% depending on the line of business.
• Dividends tax is 15%.
• VAT can be 1%, 8%, 18% depending on the line of business.
• Income tax rate is progressive and depends on the income size, from 15% to 35%.
• The immovable property tax is from 0.1% to 0.6%.

As for the countries with which Turkey has entered into double taxation agreements to avoid extra burden on business, they include the UK, Russia, Norway, USA, Germany, France. The country also has a flexible system of preferences. Certain regions enjoy zero tax rates.

Limited company registration in Antalya can be carried out both remotely and with the personal presence of the business owner. When working with the experts of our portal, the registration process usually takes no more than 3 weeks, and in the case of doing it on one’s own, the whole procedure of collecting and submitting the necessary documents can take up to 3 months.

Limited Company Registration in Antalya. Documents, Requirements, Timeline

Our international portal cooperates with many legal and consulting companies in EU and Asian countries. Our partners in Antalya offer an extended range of services including limited company registration with opening a bank account in Turkey.

Here are the requirements for documents from the natural person applicants wishing to set up a limited company and open a bank account in Turkey in 2022:

• Travel passports of all company founders (notarized translations into Turkish);
• 8 photographs for each owner;
• Notarized Articles of Association;
• Application of the founders.

When starting a limited company in Antalya on behalf of a foreign company as a founder, the list of documents is complemented by the decision of the board of directors to open a company in Turkey, the signature of the authorized representative, the company’s Articles of Association, etc. The complete list of requirements will be provided by our experts when discussing all the details and the list of services.

How Much Does It Cost to Register a Limited Company in Antalya? 

What is included in the total cost of the limited company registration in Antalya, Turkey with the assistance of our experts and partners (from $ 3,700):

• Payment of 0.4% of the share capital;
• Bank statement on the minimum payment of the share capital;
• A lease agreement indicating the registered address of the limited company;
• A document confirming the local address of the company;
• Opening of a corporate bank account in Turkey;
• Corporate documents for the limited company in Antalya.

For a separate fee, we can help you develop a tax strategy, obtain a license and permission for any legitimate business in Turkey, purchase commercial property and obtain a residence permit/citizenship, prepare the balance sheet, translate and apostille the documents, open a foreign account (personal/corporate) and much more.

The time required for setting up a limited company and opening a bank account for it in Antalya with the support of our experts usually amounts to 5 to 7 days.

Bank Account for a Limited Company in Antalya 

We work with proven commercial and state banks in Turkey and open bank accounts for limited companies with them. The requirements for the limited company founder/director in Antalya wishing to open a bank account are Turkish citizenship, residence permit or work visa. If one of the conditions is met, opening a bank account with the financial institution in Turkey is not difficult.

In order to avoid any issues with  opening a bank account for your limited company, you can use extra services of our partners in Turkey that include:

• Legal entity registration in Antalya, Turkey, assistance with the application filing/filling out.
• Company Articles of Association and Memorandum for the Chamber of Commerce, elaboration and advice.
• Registration with the tax authorities and social security funds.
• Assistance with the registered address for the company.
• Rent of an office.
• Preparation of documents for the account opening with any bank in the country, including AK Bank, IS Bank, Ziraat Bank, Yapi Kredi Bank, Vakif Bank.
• Acquisition of a legal entity in Turkey according to the specified parameters.
• Accounting services for a limited company in Antalya.

The cost of extra services is not included in the total cost of the limited company registration  in Antalya with a bank account and is charged separately in accordance with the contract.

Limited Company Registration in Antalya with the Professionals

If you wish to register a limited company in Antalya, Turkey in the shortest possible time, you need to contact the experts of our portal by email: info@offshore-pro.info. After that:

• Our managers will send you a list of documents needed for the limited company registration in Antalya and requirements for each item.
• You will choose the services you wish to receive from our partners in Turkey and make an advance payment of 50% of the total amount (from 3,700 USD).
• We will start preparing the documents for your project, from professional advice to the registered address in Antalya and building of the CEO seal.
• Depending on the way of registration of the limited company (via a representative or in person), the rest of the amount will need to be deposited in our account or paid at the meeting in any cash equivalent, including Bitcoins.
• You will receive the set of documents and a new-ly established limited company in Antalya within 5 to 7 days from the date of the contract.