Company establishment (The Limited Company)

Turkey has one of the best geopolitical positions for business activities around the world. It connects Asia and Europe and is a bridge for Africa. In addition, Tax legislation has noticeably clear in line with international standards.

The government announced some new implementations to supports foreigners who will invest in Turkey.  One of the implementations is to simplify the whole process to set up a company.  

After the required documents are submitted to the relevant trade registry offices, the company establishment procedures can be completed within one hour.

Limited Company: Approximately 82 % of all companies are limited companies in Turkey, thus they are the most common type companies in Turkey.  This type is a company whose capital is defined and divided into shares and is responsible for its debts only with its property holdings. There may be a single shareholder or many shareholders up to fifty. (Partners of a limited company may be real or legal persons.)

  • The capital of the limited company is at least 10,000 TL. It is possible to pay all of the capital brought in cash within 24 months after the registration of the company. 
  • The shareholders are not responsible for the debts of the company, They are obliged to pay only the capital shares they have committed.
  • The shareholders are liable for capital debts due to uncellectible public debts in the rate of their capital shares. (In limited companies, bearer shares can not be issued.)
  • This company must have a contract written and registreted to the trade registry office where its center is.
  • Transfer of limited company shares is subject to the approval of the general assembly.
  • Limited companies cannot be initialed public offering.

Limited Companies have two organization

General Assembly: This organ is exclusively authorized to take some important decisions such as changing the company contract, selecting the directors or auditor, termination of company. ( All shareholders are represented here.)

Board of Directors: This organ is mainly responsible for the management and representation of the company.  There is no requirement for directors to be Turkish Citizens and to be residents in Turkey.  There may be one director in the company and at least one of the directors must be a partner of the company.  

Company Establishment Process in Turkey :

*Application process is started through the Central Registry System ( Mersis)

*Preparation of the company contract and approval of the signatures of the founders

*Payment of competition authority share and cash capital

*Application to the trade registry directorate for registration

Various equivalents of the limited company in the world:

United Kingdom                           :Private Limited Company (Ltd. Limited)
European Union                              :Societas Privata Europaea (SPE)
Austria , Germany, Switzerland  :Gesellschaft mit beschrankter Haftung ( GmbH)
France, Belgium, Switzerland      :Societe a Responsabilite Limitee ( SARKİ SaRL)
Spain                                                  :Sociedad Limitada (S.L.)
The United States (USA):Limited Liability Company (LLC)
Mexico Argentina                          :Sociedad de Responsabilidad Limitada (S.R.L, S. R.L.
Italy                                                   :Societa’a Responsabilita Limitata (Srl)

Other companies types : Joint Stock Company, Collective Company, Limited Partnership, Cooperative

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