Company Establishment Process and Customary Time Period in Turkey
The registration and establishment of a company in Turkey can be completed in a few days after required documentations are duly prepared. Founder(s) shall submit 3 copies of signed and notarized articles of association together with the below listed documents to the Trade Register located at the province where the entity will be established.
The company can start to operate its business activity after the approval and the registration of the Trade Register. Company registrations and participations are announced to the third person or related parties by the publication of Turkish Trade Registry Gazette.
No pre-approvals required for company establishments in Turkey. However, the foundation of banks, special financial institutions, insurance companies, leasing companies, factoring companies, foreign exchange dealers, and public companies subject to the Capital Market Law and founders and operators at free trade zones are subject to the prior permission of the Ministry of Industry and Commerce.
List of Necessary Documents for a Company Establishment in Turkey
Company establishment petition
Articles of association including notarized signatures of founders
Founders’ statement proving that all shares constituting the registered capital have been subscribed by the founders
Chamber of commerce registration form
Notarized copy of the signatures of persons with the authority to represent and bind the company.
Notarized translation of passport in case the foreign shareholder is a real person;
In case the foreign shareholder(s) is a legal entity; the original copy of the Certificate of Activity issued by the competent authorities and approved by the relevant Turkish Consulate or apostilled and its notarized translation
Bank letter proving that the share capital has been deposited
Bank receipt indicating that 0.04% of the company capital has been deposited to the account of the Turkish Competition Authority
Potential tax identification number
Tax identification numbers of the founders and foreign directors
Lease contract indicating company’s legal address
In case there are any rights and movable and immovable assets to be put in as capital for the company to be established; the expert report of the assessment made to ascertain the value of these and the related court decision for the expert assignment.
Republic of Turkey is a signatory to the Hague Convention. According to the Convention, legalization is not necessary with respect to public documents issued in a country which is a signatory to the Convention. Documents only need to be certified in the form of an apostille by that country’s authority. If the documents are executed in a non-signatory country, they must be legalized by the Turkish Embassy or a diplomatic representative office of Turkey representing the interests of Turkey in the home country of the founder.
This Article is provided for your convenience and does not constitute legal advice. It is prepared for the general information of our clients and other interested persons. This Article should not be acted upon in any specific situation without appropriate legal advice, and it may include links to websites other than the BEREKET & BALTACI website.
This Article is protected by copyright. Material appearing herein may be reproduced or translated with appropriate consent.
© 2015 BEREKET & BALTACI Law Firm
BEREKET & BALTACI