The preestablishment permits to be taken from The Undersecretariat of Treasury and Ministry of Industry and Trade, required by the previous legislation has been abolished.Aim is to explain details regarding company establishment in Turkey.
COMPANY ESTABLISHMENT IN 1-DAY
It is now possible to establish a company just in 1 day when applied to the related Trade Registry Office with the required documents. The company gets its “legal entity” upon registration at the Trade Registry.
COMPANIES WHICH CAN BE ESTABLISHED Incorporated Companies such as:
• Joint Stock Companies
• Limited Companies
• Commandite Companies
• Collective Companies
Unincorporated Companies such as:
• Joint-Venture
• Business Association
• Consortium
COMPANIES WITH SPECIAL LEGISLATION
Banks, private finance institutions, insurance companies, financial leasing companies, factoring companies, holding companies, companies operating foreign currency exchange offices, companies dealing with public warehousing, publicly held companies subject to the Capital Markets Law, companies that are founders and operators of free zones are still subject to permit from the Ministry of Industry and Trade.
JOINT STOCK COMPANY
The company’s stock capital is divided into shares and the liability of the shareholders is limited to the capital subscribed and paid by the shareholder. At least 5 shareholders (real person or legal entity) and
minimum capital of TL 50.000 is mandatory. The mandatory company organs are general assembly, board of directors and supervisory board.
LIMITED COMPANY
It is the company established with at least 2 and at most 50 real person or legal entities and the liability of the shareholders is limited to the capital subscribed and paid by the shareholder.Minimum capital of 10.000 is mandatory. Unlike joint stock companies, no stock certificate is
issued.
COMMANDITE COMPANY
It is the company established to operate a commercial enterprise under a trade name. Whereas the liability of some shareholders is limited to the capital subscribed and paid by the shareholder (commanditer), for some shareholders there is no limitation of liability. Legal entities can only be commanditer. No minimum capital is required. The rights and obligations of the shareholders are determined by the Articles of Association.
COLLECTIVE COMPANY
It is the company established to operate a commercial enterprise under a trade name and, the liability of none of the shareholders is limited only to the capital subscribed and paid by the shareholder. No minimum capital is required. It is mandatory that all the shareholders be real person. The rights and obligations of the shareholders are determined by the Articles of Association.
COMPANY ESTABLISHMENT IN TURKEY AND PROCEDURES
3 copies of articles of association (one copy original) which are notarized are prepared.
Following the notarization of articles of association, within 15 days at latest, application to the relevant Trade Registry Office with the documents set below is needed.
Documents for the Company Establishment
1. Company Establishment Petition and Notification Form, duly filled in and signed by persons authorized to represent the company*,