Company formation in Turkey

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Turkey is increasingly recognized as an attractive jurisdiction for company registration due to its strategic location, dynamic economy and favorable business environment. Situated at the crossroads of Europe and Asia, Turkey offers access to a vast market with over 80 million consumers and serves as a gateway to both European and Middle Eastern regions. The country’s growing economy, characterized by a young and entrepreneurial workforce, presents numerous opportunities for businesses across various sectors, including technology, manufacturing, and services.

The Turkish government has implemented a series of reforms aimed at improving the ease of doing business. This includes a streamlined process for company registration, which can often be completed within a few days. Turkey’s legal and regulatory framework supports foreign investment through competitive tax incentives, such as reduced corporate tax rates and exemptions for certain types of investments.

Additionally, Turkey boasts a modern infrastructure, including well-developed transport networks and logistics facilities, which enhances the efficiency of business operations. The country’s membership in various international trade agreements provides businesses with preferential access to numerous global markets. Turkey’s growing focus on innovation and technology also presents opportunities for companies engaged in research and development.

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Our Packages

Our comprehensive packages simplify the process of setting up the perfect legal entity for your business whether you are a small start-up, a non-profit company, or an international company. Let us guide you through every step, ensuring your business begins on a solid foundation.

Company Formation

  • Choosing a company name
  • Registered address for 1 year
  • Company incorporation
  • Banking account for the shared capital
  • Full set of corporate documents after incorporation
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Corporate Services

  • VAT registration
  • Apostille corporate documents
  • Accounting
  • Local director
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Payment Options

  • Payment account in EU EMI
  • Banking account in EU bank
  • Corporate account on a crypto exchange
  • Many other options
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Key Numbers about Incorporations

at least 1

director for a company

up to 2 weeks

timeline for a company registration

TRY 50,000

minimum share capital

25%

is a corporate income tax (CIT) rate

up to 40%

is a personal income tax (PIT) rate

20%

is a value added tax (VAT) rate

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Set up Your Company in Turkey in Several Steps

  1. Step 1. Initial setup
    • Initiating a preliminary project assessment
    • Preparation and filing of the package of documents
  2. Step 2. Company registration
    • Choosing a company name, which must approved by the Trade Registry Office
    • Facilitating the notarial process for the company's official registration
    • Submitting application and all required documents to the Trade Registry Office
    • Obtaining a Tax Identification Number and registering for VAT
    • Opening of a bank account
    • Registering with Social Security and other authorities
    • Obtaining the licenses or permits, if applicable
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Requirements for Company Formation in Turkey

Before deciding to set up a new company in Turkey, read the information below to understand the characteristics of a Limited Liability Company (LLC) / Limited Şirket:

    Shareholders: the company must have a minimum 1 and a maximum of 50 shareholders. Both natural and legal persons can be members of an LLC. They do not necessarily have to reside in Turkey; non-residents can also be shareholders of a Turkish LLC. 100% ownership is available for foreigners.

    Director: the LLC must have at least 1 director. There are no restrictions on the nationality or residency of directors as well as a requirement to obtain a work/residence permit to become a director. A legal entity can also be the director.

    Company secretary: there is no requirement.

    Minimum share capital: the minimum share capital requirement is TRY 50,000 (~ €1,316), which must be paid by shareholders to the bank account of the company within 24 months after the registration or at the time of registration.

    Legal address: the company must have a registered office in Turkey.

    Liability: the liability of the shareholders is confined to the capital invested in the company.

    Accounting: the company is required to prepare annual financial statements in accordance with Turkish accounting standards.

    Taxes in Turkey

    Corporate income tax (CIT)
    • The standard CIT is 25%.
    • This rate applies to the worldwide income of Turkish companies, including LLCs.
    Personal income tax (PIT)
    • The following PIT rates apply to employment income:
      • up to TRY 110,000 (~ €2,896) - 15%
      • over TRY 110,000 (~ €2,896) up to 230,000 (~ €6,056) - 20%
      • over TRY 230,000 (~ €6,056) up to 870,000 (~ €22,910) - 27%
      • over TRY 870,000 (~ €22,910) up to 3,000,000 (~ €79,002) - 35%
      • over TRY 3,000,000 (~ €79,002) - 40%
    • The PIT rates for non-employment income are as follows:
      • up to TRY 110,000 (~ €2,896) - 15%
      • over TRY 110,000 (~ €2,896) up to 230,000 (~ €6,056) - 20%
      • over TRY 230,000 (~ €6,056) up to 580,000 (~ €15,273) - 27%
      • over TRY 580,000 (~ €15,273) up to 3,000,000 (~ €79,002) - 35%
      • over TRY 3,000,000 (~ €79,002) - 40%
    • There are no local taxes on personal income in Turkey.
    Value-added tax (VAT)
    • The standard rate is 20%.
    • The reduced VAT rates are as follows: 10% (certain foods such as meat, milk, dairy products, and produce; textiles; educational services provided by universities and private schools; tickets for cinema, opera, and ballet; medicines and medical products and services, including imports designated by the Ministry of Health; food catering in certain cafes, restaurants, and similar venues, excluding alcoholic beverages; bridge tolls on bridges built, etc.) and 1% (specific unprocessed agricultural products, such as select dried and fresh fruits, nuts, seeds, and grains; wheat flour and bread products; various types of second hand vehicles; funeral services; leasing of transportation vehicles; various financial leases and supplies of goods to leasing companies, etc.).
    • Exemptions from VAT: certain transactions are VAT-exempt, including financial and insurance services, educational services provided by recognized institutions, certain medical services, and transactions within free trade zones.

    Double taxation avoidance agreements in Turkey: Albania, Algeria, Australia, Azerbaijan, Austria, Bahrain, Bangladesh, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Hungary, India, Indonesia, Iran, Israel, Italy, Japan, Jordan, Kazakhstan, Korea (South), Kuwait, Kyrgyz Republic, Latvia, Lebanon, Lithuania, Luxembourg, Macedonia, Malaysia, Moldova, Mongolia, Montenegro, Morocco, New Zealand, Norway, Oman, Netherlands, Cyprus, Pakistan, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, South Africa, Singapore, Slovakia, Slovenia, Spain, Sudan, Syria, Sweden, Tajikistan, Thailand, Tunisia, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uzbekistan, Yemen.

    Start Your Company Formation Process with Manimama

    There are numerous reasons why Manimama is the leading company formation agent in Turkey:

    Expertise in Turkish Regulations

    • 1. Manimama has an in-depth understanding of Turkey's legal and regulatory framework.
    • 2. Our team ensures all legal requirements are meticulously met for a seamless company formation process.

    Local and International Experience

    • 1. With extensive experience in both local and international markets, Manimama can cater to a diverse range of business needs.
    • 2. Our expertise spans various industries, providing customized solutions for each client.

    Efficient and Timely Service

    • 1. We pride ourselves on our swift turnaround times, ensuring your company is registered promptly.
    • 2. Our efficient processes minimize delays and get your business up and running quickly.

    Client-Centric Approach

    • 1. Manimama prioritizes customer satisfaction by offering personalized support and guidance.
    • 2. Our dedicated team is always available to address any concerns and provide expert advice.

    Robust Network of Local Partners

    • 1. We have established strong relationships with local authorities, banks, and service providers.
    • 2. This network ensures that your business receives the best possible support and resources.

    Ongoing Compliance Support

    • 1. We provide continuous support to ensure your business remains compliant with Turkish laws.
    • 2. Our team keeps you updated on any regulatory changes that may impact your company.

    Frequently Asked Questions

    • What types of companies can be registered in Turkey?
      The most common types are Limited Liability Company (LLC) and Joint Stock Company (JSC).
    • What is the minimum share capital required for LLC?
      For LLCs, the minimum is 50,000 TRY.
    • What is the minimum number of shareholders required?
      For LLC, the minimum number of shareholders is 1.
    • Can foreign individuals own a company in Turkey?
      Yes, foreign individuals and entities can own 100% of a company in Turkey without restrictions.
    • How long does the registration process take?
      The registration process typically takes between 1 to 2 weeks, depending on document completeness and local Trade Registry efficiency.
    • Is it necessary to have a physical office?
      A physical office is mandatory for certain sectors, while a virtual office is acceptable for most other activities.
    • Can I register a company in Turkey remotely?
      Yes, registration can be done remotely, but a personal visit is recommended for opening a bank account.
    • What is the company name registration process?
      You must choose a unique name and conduct a name search in the Turkish Trade Registry to ensure it is available.
    • What are the post-registration obligations?
      After registration, you must activate your tax number and comply with local tax regulations.
    • What happens if the registration documents are incomplete?
      Incomplete documents can delay the registration process or require you to restart the application.
    • Do I need a Power of Attorney?
      A Power of Attorney is necessary if you are registering the company remotely or if someone else is acting on your behalf.
    • What are the legal implications of company registration in Turkey?
      Registering a company establishes your legal presence in Turkey, allowing you to conduct business and comply with local laws and regulations.
    • What is the corporate tax rate in Turkey?
      As of 2024, the corporate tax rate in Turkey is 25%.
    • Are there any investment incentives for foreign companies?
      Yes, Turkey offers various incentives, including tax exemptions, R&D incentives, and free trade zones benefits.
    • What is the role of the Trade Registry Office?
      The trade registry office is responsible for the official registration of companies and maintaining company records.
    Semen Kaploushenko

    Semen Kaploushenko

    KUNA, CBDO

    “Special thanks for their attentive attitude and support at every stage. Thanks to their efforts, I was able to solve my case in the shortest possible time”.

    kuna
    Vadym Grusha

    Vadym Grusha

    Trustee Wallet, CEO

    “Turned to the Manimama OU with a rather complex matter, and was extremely pleased with the result”.

    kuna
    Yuriy Soshenko

    Yuriy Soshenko

    WhiteBit, CLO

    "I would like to express my gratitude to Manimama OU for their excellent service. From the very beginning it was obvious that I was dealing with real professionals”.

    kuna
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    Manimama as the Best Solution for Your Company Formation in Turkey

    Choosing the right partner for company registration is crucial for a smooth and successful business launch. At Manimama, our legal experts specialize in navigating complex legal landscapes, providing holistic solutions tailored to your needs.

    Comprehensive Legal Expertise
    Since our inception, Manimama has been at the forefront of tackling intricate legal challenges with innovative and thorough solutions. Our team of dedicated lawyers evolves alongside our firm, reflecting our people-centric philosophy and commitment to excellence.

    Results-Driven Approach
    Manimama is a results-oriented law firm that offers an extensive array of legal services to both individuals and corporate entities. We pride ourselves on maintaining the highest standards of integrity and a "client-first" approach, leveraging our extensive skills and knowledge to achieve the best outcomes for our clients.

    Global Presence and Local Expertise
    Our journey began with the establishment of Manimama OU's first European office in Estonia, a country renowned for its progressive regulation of virtual currencies, international investments, fintech, and gambling sectors. Estonia’s favorable tax system and digital-friendly investment climate provided a robust foundation for our expansion.

    Community Commitment
    At Manimama, we believe in giving back to society and making a positive impact. Our commitment to social responsibility is integral to our operations, ensuring that we contribute to making the world a better place while helping our clients achieve their business goals.

    By choosing our company formation service in Turkey, you are partnering with a law firm that values integrity, expertise, and client satisfaction. Let us help you set up your company in Turkey and pave the way for your business success.

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