Everyone believes that starting a business outside of your own country is more difficult. The key reason for this is that you must not only grasp your company’s tax responsibilities, but also the business and environment of that nation.
Turkey’s corporate law is built on the idea of equal treatment, which means that foreign investors have the same rights and obligations as domestic investors. Foreigners must, however, apply for special permission to engage in a few regulated areas, such as energy or aviation.
Regardless of the legal form you choose, you’ll need to register with the Trade Registry System (MERSIS), which will demand notarized copies of the company’s statuses and the partners’ identity certificates, as well as a variety of other papers.
Mentioned below are the steps to set up a business in Turkey-
- Obtain a Potential Tax Identification Number
- Determine the location
- Choose a corporation type.
- Begin working with your accounting firm to complete company setup, including company registration and notary services, as well as the opening of a bank account.
- Begin to familiarize yourself with the Turkish business climate with your accounting firm.
You must perform the same exact things each month after starting your firm, therefore you should learn from your accountant. The cost of forming a company in Turkey is low, but the business owner must include in the costs of company registration, notary fees, and the commission of the Turkish law firm managing the transaction (if one is appointed). In Turkey, forming a business takes roughly three weeks. In the event of a branch office, the procedure takes longer.