Information About Establishment Of Company

We, Güneş&Acar Law Firm are legal adviser for companies. As you know companies and establishments usually face with legal problems and they have to take a legal action for solving them. However, being judgment system is too slow and expensive in our country. Because of this it is more important to ask for legal advice neither then bringing suit, to avoid possible problems.

The subject you want to receive consultancy is related to the establishment of a company in Turkey of foreign real/legal persons and we propose the most functional way in terms of application. As you know, after the recent political developments, it is very difficult for foreign citizens to open a bank account in Turkey. We have two suggestions to overcome this obstacle. We recommend an anonymous company as a company type because it is the most functional company type in terms of tax liability and liability from debts.

The first of the ways we recommend is to establish a partnership with someone you trust in Turkey. The total cost for this route will be around 960$ excluding notary and translation. In addition, the paid-in capital of the company is required to be at least 19.231$. According to the new law, if the partners reside abroad, the sample of the residence certificates with the apostille shall be sufficient during the company’s establishment stage. In order to obtain a work permit for a foreigner, it is obligatory to employ at least 5 Turkish citizens. During the establishment phase of the company, no work permit is required for foreign partners and applications can be made.  If you apply for a work permit, we would like to remind you that the entire capital should be paid and the company should not withdraw from the company. However, we want you to know that we often have problems with getting a work permit and cannot guarantee it. Besides, as the number of persons to be employed or to be employed increases, our cost and attorney fee will increase.

The second is to establish a company through someone you trust in Turkey and then perform the transfer process. The total cost for this route will be around 1.540$. Except for expenses,  2.404$ blocked capital of one quarter of the minimum capital is required.

We would like to mention that the company’s bank account is not authorized to use a partner who is a foreign citizen in both ways. Your Turkish citizen partner will be entitled to use on the first road and Turkish citizen person who is the chairman of the board of directors will be entitled to use on the second road.

After you set up your company, we can direct you to the financial advisors we work with.

If you want to process these options, please contact us.

In case the dollar rate depreciates against the Turkish Lira, the effective selling rate at the date of the signing of the contract shall be taken into consideration and the pricing shall be revised accordingly.

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