Business formation timeline in Turkey
Do you have what it takes to achieve your dreams of becoming a business owner? Understanding the process of company formation is crucial for a successful start, and Turkey offers a supportive environment for business ventures. This detailed guide covers everything from the initial idea to establishing a formal company, providing approximate timelines and valuable advice to help you make informed choices.
A step-by-step guide
The essential steps for creating a company have been outlined, along with an approximate time frame and comprehensive methods to simplify the process for you. It should be noted that the timeframe for setting up a business can vary greatly, as each company’s registration procedure is distinct and dependent on its specific circumstances and needs.
Define your business plan (1-2 weeks)
It is important to have a well-defined strategy in place before beginning the formal processes. Our team of professionals is ready to provide expert guidance and help you develop a comprehensive business plan tailored to your goals. Schedule a consultation with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and long-lasting name for your company is a crucial part of your marketing strategy. Our prompt and convenient name reservation services ensure that your desired name is available and secured immediately, giving you the confidence to move forward.
Draft and sign the articles of association (1-2 weeks)
The legal framework of your company, which includes its purpose, structure, and internal regulations, is outlined in the Articles of Association. Our team of legal experts can help you create and review these important documents to make sure they comply with laws and regulations in Turkey.
Opening a business bank account (1-2 weeks)
In order to carry out financial transactions for your company, it is necessary for you to establish a business bank account. Necessary documentation, such as identity papers, proof of business registration, and other relevant paperwork, may be required. Typically, this process will take approximately one to two weeks.
Deposit share capital (1-2 weeks)
In Turkey, companies must put down a minimum share capital based on the legal structure chosen. We can help you prepare the necessary paperwork and walk you through the steps of depositing the funds into your newly established bank account to ensure compliance with the law.
Register your business (1-2 weeks)
Enrolling your business with the Trade and Companies Register is a crucial part of getting started. Our team of experts will take care of all the necessary documentation, communicate with the authorities, and speed up the registration process, allowing you to save both time and energy.
Obtain necessary permits and licenses
Your need for specific permits or licenses to legally operate in Turkey will vary depending on your corporate activities. Our team of regulatory experts will help navigate the intricate process, determine the required permits, and aid in their efficient acquisition. The timeframe to obtain these necessary permits will vary based on the type of license required.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business. It involves acquiring a distinct tax identification number, a process that can vary in duration but typically takes two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
Establishing compliant payroll and employment contracts is essential if you intend to hire employees. Our HR professionals can help you with setting up payroll systems, creating employment contracts, and ensuring adherence to labor laws so that you can concentrate on building a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to keep their financial records accurate. Our accounting professionals will assist you in implementing strong accounting and bookkeeping procedures to adhere to Turkey’s accounting standards.
Starting operations
With all regulatory procedures complete, your company is ready to begin operations. The timing of this step will depend on factors such as your company’s category, market conditions, and market readiness.
Form a company with us
Are you ready to begin your business in Turkey? Contact us now for a consultation and our experienced team will assist you throughout the process. We collaborate to achieve your business objectives.