When incorporating, you must look at the law in the country, in Turkey is civil law (swiss) law. You will want to get some local advice as to how to best structure a company in Turkey. E-signatures are allowed.
The abbreviation TR is for Turkey and the most common company structure in Turkey is a LLC.
The amount you'll have to wait is about 1 Day to incorporate a LLC in TR. The types of cash you can use to setup your business is frequently any legal currency.
Yes, one is allowed to re-domicile a LLC from TR. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least This means it is not possible for you to own a LLC in Turkey as a sole shareholder. You must have other shareholders, they can be nominees or de facto shareholders. Corporate Shareholders are permitted, which means you can have a legal entity as a shareholder. Foreign ownership is encouraged, up to 49% of the ownership of the legal entity.
There is a requirement to have at least 3 directors. Moreover, corporate directors are not permitted. Directors should not expect to be private, as they are disclosed. There is a requirement to have annual meetings of shareholders.
A registered agent is normally required, which means the company will have to pay a fee on a yearly basis, for an agent which can receive any official legal correspondance on behalf of the business. Moreover, a company secretary is not always necessary, at least not by law.
There is a requirement to file accounts to relevant authorities. Furthermore, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are in effect. A company is thinly capitalised when there is a greater proportion of debt than equity. The minimum capitalization for a Turkey Civil Law (Swiss) is 2,500.
A corporate director is not permitted, meaning this country is not a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Turkey, Turkish Trade Registry Gazette. Shareholders are disclosed in the Turkish Trade Registry Gazette.
Typically companies take 1 day to setup and there are 3 director(s) required and 5 shareholder(s) required at the time of incorporation.
Overall we think Turkey is a ok option and have given it a score of 63 as an IO score, using the Incorporations.IO proprietary formula.
1 Dayto form