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Pros and Cons of Doing Business in Turkey

Omur Boyu Ehliyet Donemi Sona Erdi

For business men’s Turkey is a great platform to invest in the business and retain a global amount of profits as well as provides the opportunity to expand the business. Turkish business law states import and export duties should be zero percent according to the free trade agreements in 22 countries.

Turkey has an exceptional business growth rate which is increasing day by day as well as more companies have started investing money in the global market. The work permit Turkey visa applications are continuously increasing also the foriegn land is offering many opportunities in various business sectors such as Transportation, Energy, Telecommunication, and more.

PROS

No Taxes

The organization who has started business in Turkey under the Free Zone act need not make any installment for the Corporate Tax for Business in Turkey, Value Added Tax or Customs Duty. The organizations enrolled under the free zone can restore the benefits of unreservedly to the parent organization.

Import and Exports

Turkey has a great source of imports and exports which provides the opportunity for business expansion. It has gigantic railroad courses to European and Asian districts just as an immediate course to China.

Turkey is situated between the two significant landmasses, for example, Asia and Europe, which eventually decreases the transport expenses of the organizations enrolled in Turkey. It likewise has the best savvy ocean course and operational foundation which empowers quicker shipment of products across Europe area.

Foriegn Inventors can retain many benefits

Turkey is relatively a monetary nation in Europe. The rental charges for whole office space or loft in Turkey are just about 1/sixth of the all-out cost London. The composed legitimate framework in Turkey has a superior normal than different nations in Europe by settling debates and agreements settlements inside 4 months faster than the European normal and implements property rights all through the nation;

The organizations proposing to put resources into Turkey can pick profoundly talented and incompetent work for their business. The new alumni drop from the Turkish Universities empowering unfamiliar organizations to pick new gifts according to the business prerequisites.

CONS

Corruption Rate

The pace of corruption in Turkey is high and it has been recorded at 66th situation on the planet according to the ‘Defilements Perception Index by Transparency International.

High bankruptcy Rates

Turkey holds a terrible bankruptcy rate and insolvencies of the organization as it has one of the most troublesome and testing measures. The normal time taken is around 3.3 years which is twofold the time taken according to the OECD normal. The pace of insolvencies is likewise pitiful in Turkey contrasted with different nations on the planet.

The downside in the Construction business

The construction business has more hassle in Turkey as it requires an assortment earlier and without any disapproval from government officials. Entrepreneurs who want to join or put resources into development business ought to be set up to follow long cycles, authorizations, endorsements, expenses, and allows.

Foreigners have to apply for the work permit to get a work right in Turkey.

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Company formation in Turkey https://www.wiklundkurucuk.com/company-formation-in-turkey/ Wed, 31 Mar 2021 11:15:41 +0000 https://www.wiklundkurucuk.com/?p=225674 Curabitur fringilla malesuada magna, in vehicula tortor hendrerit quis. Cras dolor odio, faucibus elementum egestas a, auctor sed nisl. Suspendisse in odio justo. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Cras ut laoreet nibh, ac luctus enim.

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Company formation in Turkey

Omur Boyu Ehliyet Donemi Sona Erdi

LIMITED COMPANY ESTABLISHMENT

 

What is a Limited Company?

Limited Company is a company which is established under the title of a trade by Turkish and / or foreign, one and / or more natural and / or legal persons, and the responsibility of the partners is limited to the capital they undertake to set and whose basic capital is determined regarding the Turkish Commercial Law no. 6102. There cannot be more than 50 partners in limited companies. The basic capital of limited companies must be at least 10,000 TL.

How to Establish a Limited Company?

The Limited Company is established with an application to be made to the Trade Registry Directorate by preparing the necessary documents to be notified to the Client by coming together under the specific title of the above-mentioned partner / partners.

Limited Company can be established by one person or it can be established by gathering more than one person. In this regard, individuals may be natural persons or legal persons. It is also possible for individuals to be foreign or Turkish.

 

Company establishments are made through the MERSIS system in accordance with Article 4 of the Communiqué on the Signing of the Company Establishment Agreement published in the Official Gazette on 06.12.2016 by the Ministry of Customs and Trade.

 

An application is made for the establishment of the company through the MERSİS system. In the relevant application, basic issues such as the main activity, purpose and subject of the Limited Company to be established, address of the center, capital, share distribution, and the company’s representative are recorded. The application regarding the company establishment made for the Limited Company whose main contract is prepared through the MERSİS system is sent to the approval through the MERSIS system for review by the relevant and affiliated Trade Registry Directorates.

If approval is given by the Trade Registry Office regarding the establishment of the relevant Limited Company, an appointment is made for the delivery of the documents requested for the establishment of the company from the address https://randevu.ito.org.tr/.

 

On the day and time of the appointment, the documents are delivered by the founder of the company or the lawyer representing it. Upon delivery, the company is registered to the Trade Registry by the Trade Registry Directorate and the company’s main contract is published in the Trade Registry Gazette; company is announced. The company is deemed to have been established by the registration and announcement of the company.

 

With the establishment of the company, the company is now considered a taxpayer. Accordingly, it is mandatory for the company to work with the accountant / financial advisor to carry out the accounting procedures of the company. Following the establishment of the company, opening of commercial bank accounts of companies is also mandatory.

 

All these processes, such as company establishment and bank account opening, are carried out by our law firm with special power of attorney via a notary public given by the company founder (s).

Av.Miray Çelebi

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