Registering a Limited Liability Company (LLC) in Turkey is one of the most promising and advantageous options for non-residents, as it requires minimal conditions for establishment. The legislation also allows companies to engage in any type of commercial or industrial activity. LLCs are usually chosen by investors planning to manage small or medium-sized businesses. To create and register an LLC, at least one shareholder is required, who can be either a legal or natural person. The maximum number of shareholders is 50. The capital of the limited liability company must be at least 10,000 Turkish Lira, which can be paid in cash within 24 months after the registration of the company. Foreign individuals or legal entities are allowed to create companies independently, without the presence of a Turkish citizen as a founder, meaning the company can be 100% owned by a foreign citizen. However, if desired, a company can be established with a foreign shareholder and a Turkish citizen.
Since registering an LLC in Turkey is a relatively simple process in accordance with Turkish legislation, below we will discuss the steps required for establishment, as well as several important points to consider during this process.
- Step 1: Choosing a legal address. The first step in registering an LLC in Turkey is to choose a legal address. The legal address must be in Turkey and comply with local legislation requirements. You can either choose a legal address or rent it from a legal firm (virtual offices) that provides company registration services.
- Step 2: Preparation of incorporation documents. The second step is to prepare the incorporation documents. This includes the LLC articles of association and identification documents of all company founders. The LLC articles of association should contain information about the company, including its name, legal address, objectives, the amount of registered capital, and the share of each founder in it. The identification documents must be genuine and certified by a notary.
- Step 3: Application for registration with the Chamber of Commerce. The third step is to submit an application for registration. The application must include information about the company, including its name, legal address, business objectives, size of the registered capital, and the shares of each founder. The application must also include the founding documents and proof of identity documents.
- Step 4: Receipt of registration certificate. After submitting the registration application, the process may take from one to several weeks. During this time, the registration authority will verify the founding documents and other materials provided. If all materials are submitted in accordance with Turkish law requirements, and there are no obstacles to registering the company, the authority will register your company and issue a registration certificate.
- Step 5: Registration with the tax authority. After registering the company, the next step is to register with the tax authority. This is necessary to obtain tax identification numbers, which are required for entering into contracts and conducting business in Turkey.
- Step 6: Obtaining licenses and permits. Some types of activities may require obtaining licenses and permits. Depending on the type of activity, it is necessary to find out what documents and procedures are required to obtain the necessary licenses and permits.
- Step 7: Opening a corporate account. Finally, after registering the company and obtaining all necessary permits, it is necessary to open a corporate account in a Turkish bank. This is necessary for conducting banking operations and receiving payments from clients and partners.
In conclusion, registering an LLC in Turkey is a process that must be carried out with caution and in compliance with all requirements of local legislation. Therefore, if you plan to register a company in Turkey, it is strongly recommended to contact law firms that specialize in company registration, which will assist you in all stages of the process and ensure its successful completion.