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7 Tips for Starting a Business in Turkey

Opening a business in another country is always a lot of paperwork, accompanied by worries. However, when you start going into the matter, then you will be able to easily break down the nuances.

If you want to start your business in Turkey, then we hasten to please you that everything is not so bad. The most important thing is to come up with a good idea and choose a suitable niche, as well as be confident in your abilities.

Today we will advise on how a foreigner can register his company, help to deal with taxes, and find staff.

Registration

First of all, you should pay attention to the fact that you need to find an experienced specialist who will advise you on all registration processes. In Turkey, you need to find a qualified accountant. It is these specialists who deal with these issues, not lawyers. The accountant will become the face of your company during the registration period and will represent the interests of your company.

Before starting your search for a specialist, find an interpreter to communicate with your representative, as few professionals here are fluent in English.

First, you need to contact the tax office so that you can get your tax number. This process takes no more than half an hour and all you need is to take your passport. Tax officials will help you fill out all the necessary documents and you will be able to get your tax number on the same day.

Next, you need to contact a notary to confirm the translation of your passport. It is best to do this on the territory of the country, so as not to face the fact that the transfer will be invalid. All other documents and forms can be filled in by your consultant. All you have to do is pay the fee and deposit some of the money into your bank account.

In addition to obtaining a tax number, you should submit the documents to register your company in the Union of Chambers and Commodity Exchanges. Only after the announcement in the Turkish Trade Registry Gazette, the opening of your business will be considered official.

Documents

Your consultant will tell you what documents you need to have and also tell you how many copies you need to make. You will need:

  • Notarized organization charter;
  • International passport;
  • Notarized samples of signatures of each authorized person;
  • Translation of passports of company’s management;
  • Form for filling out an application for registration;
  • Customs receipt;
  • Founders’ statement;
  • Registration form of the Union of Chambers and Commodity Exchanges.
  • Payment of the registered capital.

Each document must be drawn up in the state language. Usually, your accountant-consultant handles the paperwork. The registration process is fast enough. If you are faced with a huge amount of running and nervous conditions in your country, then here is where you can relax. Since here the business culture is developed at a high level.

Calculation of registration costs

You will need about $500 for registration costs. This includes fees, translations, and notary fees. A bank account can be opened for $400. An accountant’s job costs about $50 a month.

You can rent an office from $50 to $400 per month, depending on where it will be located. You can organize a home office if you have already purchased Turkish real estate. Moreover, you can rent a room in an office building or find a separate place for your office.

The biggest expenses await you when paying the registered capital. If you want to register a limited liability company, it can cost about 10 thousand dollars. It is not necessary to pay the entire amount right away. You can make it for several years.

All in all, you need to have about 4 thousand dollars in order to fully register a company and cover minor expenses.

Taxes

Be sure to consult with your specialist about paying taxes. The main ones are KDV, income tax, and tax on the cost of renting the premises and the amount paid to the accountant.

It is better to negotiate in advance what payments you will need to make since in Turkey it is customary to hold meetings with an accountant only once a month.

Company manager

If you have a work permit in Turkey, then this question is simplified for you, since you will be able to identify yourself as the manager of the company.

If you have not yet received such permission, then it is recommended to hire a citizen of this country, as this will simplify the process. This position involves a wide range of job responsibilities, but you can negotiate an employment contract so you don’t face a number of further challenges.

Work permit for foreigners

If you want foreigners to work in your company, then you must fulfill a number of requirements. First of all, you need to obtain a work permit and confirm that this employee is important to your business. In addition, if you want to attract a foreign citizen to work, then at least 5 citizens of Turkey must work for you. Moreover, the company’s annual turnover must be at least $100 thousand per year.

Search for employees

Employees can work no more than 45 hours a week, and if you want employees to sometimes overwork, then you will need to increase their allowance by 50%.

In each district, the average salary is different. In Istanbul, people expect a salary of $500 or more, and in the regions, some are ready to work, receiving the minimum salary.

In general, the citizens of this country willingly take up work without a stable salary. They rely more on a sale fee as they understand that this is the best option in order to receive a decent salary.

Conclusion

If you want to open your business in Turkey, then you do not have to worry that this process will take a long time. Having fulfilled your obligations and provided the necessary documents, you can start your work within a few weeks.

In order to speed up the process and quickly sort out all the nuances, find a qualified accountant who will represent your interests before the state and help collect the necessary documents.