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LIMITED COMPANY ESTABLISHMENT IN TURKEY

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LIMITED COMPANY ESTABLISHMENT IN TURKEY

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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 by the company founder (s) by giving us a special power of attorney via a notary public.

TERMINATION IN LIMITED COMPANIES

The termination conditions of limited companies as determined by the Law are as follows:

  • It ends with the realization of one of the reasons for termination stipulated in the articles of association.
  • It ends with the decision of the general assembly.
  • It ends with the opening of the bankruptcy.
  • It ends with other termination cases stipulated in the law. These are as follows.

o Engaging in Transactions or Activities Contrary to Public Order or Business

o Loss of two-thirds of the capital

o Being in Debt

o Acting in Contrary to the Provisions of the Law in the Establishment

o Not Raising the Minimum Capital Amount to 10,000 TL

o Merger

o Division

o In case of lack of organs in the company, the limited company is dissolved.

o Limited companies are terminated if there is a justifiable reason for the dissolution of the company.

Please contact our Law Office for detailed information about the termination of Limited Companies.

LIQUIDATION IN LIMITED COMPANIES

As a rule, the limited company that is terminated enters the liquidation process. In this process, the limited company that continues its legal personality receives the phrase “in liquidation” in front of its title.

The duties and powers of the organs of the limited company in liquidation are limited.

Except for bankruptcy, the liquidation process of limited companies is carried out through liquidation officers. In case of bankruptcy, liquidation is carried out through bankruptcy offices.

The liquidation officer can be appointed by the articles of association or by the decision of the general assembly. Shareholders or third parties may be liquidators. Liquidation officers are registered and announced in the trade registry by the board of directors or the liquidator. In the event that the limited company is dissolved by the court, the court also appoints the liquidator.

Liquidators may be dismissed at any time by the general assembly and new liquidators may be appointed in their place.

Liquidators may not delegate the powers granted to them by law to others. Liquidators may authorize another liquidator or third parties to perform certain works.

For more detailed information on the liquidation process in Limited Companies, please click here.

2 Comments

2 Comments

  1. kurucuk

    October 17, 2021 at 9:14 pm

    easy turkish citizenship in 60 days nice

  2. alex

    October 17, 2021 at 9:16 pm

    It is really easy to establish a company in Turkey.

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