Company works and operations Attorney
Company Works and Operations
There are many advantages to setting up companies for foreigners in Turkey since the state support to foreign investors has an incremental trend. Can foreigners create a company? What are the conditions to found a company in Turkey? What preparations do you need to handle? Which direction is beneficial for you? Serka Law Firm will walk you through these answers.
Can Foreigners Establish a Company in Turkey?
The answer is a direct yes. Foreigners can establish a company in Turkey regarding the implementation of the Foreign Direct Investment Law No. 4875 in Turkey. The law underpins the principle of freedom of investment, equal treatment, and encouragement of foreign investors.
Company establishment and commercial activities of foreigners are subject to the provisions of the Turkish Commercial Code No. 6102 and the Turkish Code of Obligations No. 6098, after the law no 4875. Apart from this, there is also a regulation on the implementation of Law No. 4875. In this article, we are going to mention the no 4817 Law on Work Permits of Foreigners.
Which Companies Can Foreigners Establish?
By No. 4875, the law of the principles of equality, foreigners can set up any company types in Turkey (Joint Stock Company, Limited Liability Company, Collective Company, Commodity Company, and Cooperative Company).
What is the Legal Procedure to Establish a Company?
Before the official application process, you must do the preliminary preparation regarding the establishment of the foreigners’ company. You must determine the type of company should and prepare the articles of association depending on what the activity will be, and decide the physical needs. Please follow the whole process with the help of a lawyer. Without lawyers, the process most of the time ends up with legal problems.
Here is what you need to do with respect:
- Duly preparation of the company’s articles of association with your lawyer: At this stage, you must prepare in line with the current purpose and predict the possible future situations should also.
- Sending official reports and contracts via MERSIS (Central Registry Number System): A number given to the company established by foreigners through this system.
- Arrangement of documents and notarization of them: Documents in foreign languages should also be translated into Turkish by authorized translators and certified by a notary.
- Obtaining a potential tax number in the name of the company
- Depositing some part of the capital to the bank account of the Competition Authority: 0.04% of the company’s total money must be deposited into the bank account of the Competition Authority by payment from the Trade Registry Office cash desk.
- Documenting invested capital of some part of the company’s bank account.
- Application to the Trade Registry Office for registration procedures.
- Approval of some legal books of the company.
- Requesting a company establishment statement from the tax office.
- Preparation of the signature circular.
- Transfer of some company-related documents to e-TUYS system.
The process sometimes has an overwhelming effect on entrepreneurs. But don’t worry because Serka Law Firm will set the tone for you.