Turkish Company Formation
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Turkey’s geographical position as a natural gateway between Europe, Asia and the Middle East allows easy access to these huge and dynamic markets. Its own domestic market is also large, and the economy has developed to support this. The Turkish labour force is motivated and educated, but labour costs remain low and foreign investors can also benefit from the range of financial incentives on offer.
Universal Company Incorporations has experience with Turkish company formation and will support every aspect of your incorporation. Our team of local specialists are based in key jurisdictions within Turkey and are experts in the cultural and language differences. We will meet all of your business requirements while reducing your business costs and maximising the available benefits.
Further Information
Turkish company formation is one of the fastest in the world, with a timescale of just one day. The streamlined procedures can take just hours to be completed, but required documentation must be submitted promptly.
There are two main forms of company to incorporate in Turkey:
- Limited Liability Company (LS)
- Joint Stock Company (AS)
Additional forms include:
- Commandite Company
- Collective Company
Foreign investment is facilitated by Turkey’s liberal business environment which came into effect after the introduction of the Foreign Direct Investment Law. The country now conforms to international standards and makes business operations much more efficient with fewer bureaucratic obstacles.
Although small, Turkey’s banking sector is stable. Most international banks are represented in the country, including HSBC and Citibank, and there is also a good availability of well-established local banks in the country. Setting up a local bank account is required during company incorporation.
Foreign investors can benefit from a range of financial incentives in Turkey. These vary with size of investment and location; for example, major investors are exempt from customs duties and/or VAT on plants and equipment, and companies investing in less-developed areas of the country can take advantage of free trade zones and high-technology parks.
A relatively high amount of Turkey’s huge population is unemployed. The workforce is spilt into two types; the rural semi-skilled working population, and the educated, professional urban class. Many foreign companies recruit from the latter as there is a greater availability of modern business skills.