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00:00 - Intro
00:10 - Company Types in Turkey
00:54 - 1. Limit of Shareholders
01:18 - 2. Debt Liability
02:31 - 3. Executive Authorithy
02:48 - 4. Paid Capital Limits
03:41 - 5. Transfer of Shares
04:13 - 6. Annual Red Tape
04:28 - 7. Selection of Executives
05:11 - Foreigner Entrepreneur's Work Permit
07:24 - Importance of an Accountant
07:40 - Business Licence and Legal Compliance
Our Partner Kaan Beylen is providing the crucial points that every entrepreneur should know about starting a business in Turkey. The first step of setting up a business in Turkey as a foreigner is deciding about the type of company that you will pick. There are 2 suitable company types for a foreigner in Turkey listed as (i) Limited Liability Company and (ii) Joint Stock Company. All major differences are being discussed in our video.
According to the International Workforce Law, if the company’s foreigner shareholder wishes to actively work in Turkey as a Manager or a Member of the Board of Directors, then there are some requirements to meet.
1- You must deposit 100,000-TL as paid capital. So, if you are going to be a manager or a member of the board of directors as a foreigner in the company; then forget about the beforementioned minimum capital limits. The new minimum limit is 100,000-TL.
2- You must hire at least 5 (five) Turkish citizens within the second half of the first year of your company. (Oh, by the way, in future you will be obliged to hire five Turkish citizens to be able to hire one foreigner employee, continuously.)
3- To be able to apply for work permit extension after the first year; the company’s background must be clear in respect of tax and social security contribution debts.
4- If there are other shareholders, the foreigner shareholder who will acquire work permit must own at least 20% of the shares in general and such shares must worth at least 40,000-TL. Considering the minimum paid capital limit is 100,000-TL, then it is logical for such shareholder to own at least 40% of the shares that shall worth 40,000-TL. Here is a smooth plan for you.
Please note that every company also needs a diligent accountant which will start by registering your company to the tax office.
Last but not least, you must get a “business license” from the municipality of the city that you wish to operate in with your company. Otherwise, you will be fined and eventually closed down in the worst case scenario for not having your license.
Also, please remember that every business have a special regulation in Turkey and you should learn the law before facing the bitter circumstances during business.
For more info, check our articles below:
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