How Much Does it Cost to Start a Business in Turkey?
It is one thing to start a business in your own country knowing the rules and laws, and it is different to start a business according to the laws of a different country. It is important to know the bilateral regulations and necessary regulations. People with capital research the stages and cost of starting a business in emerging countries. The situation is the same for foreigners who want to start a business in Turkey.
Before starting a business in Turkey, you must first decide what type of business you want to start. For foreigners, there are primarily two companies to choose from. The first is a Limited Liability Company (LLC), and the second is a Corporate Company C- Corp. In Turkey, you can form a business with just one shareholder. Because restricting money to a bank is not required throughout the formation procedure, forming an LLC is easier than forming a corporation.
Steps to Start a Business in Turkey
Although it may seem difficult to start a business in Turkey, the first thing you need to do is to get information from people who are knowledgeable about this subject, talk to your accountant and apply to business consultants. We can list the steps that determine the cost as follows:
The first step that applies to legal processes in the state is to obtain a tax number. You should apply for the tax number with the help of your business consultant.
In any case, whether it is a virtual or a physical office, you need to specify a company address with your tax number.
You need to decide whether to establish a limited liability company or a corporate company.
A professional and reliable partner in a foreign country is important for all investors. For this reason, you will be relieved to find an accounting outsourcing company for the company installation process.
It is necessary to register your company legally. You need to confirm with the trade registry, the tax office, and other necessary official bodies that your company has been registered. It is necessary to confirm the signature circulars at a notary accompanied by a sworn translator.
To complete all of the financial requirements, your organization will require a bank account. Even though it is a simple procedure, you should be aware of Turkish bank requirements and obtain assistance from your accountant.
Based on the above requirements and according to 2021 data, the legal fees for establishing a company in Turkey are between 1500 and 2000 USD, excluding the service fee.