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2.1. Main Formation Requirements

The following outlines the main steps for establishing a company in Turkey:

  • Verify the uniqueness of the trade name with the Trade Registry Office, which must be in Turkish
  • Draft and notarize the company's formation documents, including:
    • Articles of association
    • Signature declarations of the managers/directors
    • Copy of the founders' declaration
    • Commercial books
    • Copy of a power of attorney authorizing the representative handling the registration process
  • Deposit 0.04% of the company capital to the account of the Turkish Competition Authority at a state bank and obtain receipt of deposit
  • Deposit the initial required capital and obtain receipt of deposit (at least 25% of the capital must be paid prior to registration)
  • Apply for registration at the Trade Registry Office, which includes the submission of the following documentation:
    • Petition requesting registration
    • 3 copies of an incorporation notification form
    • 3 copies of the notarized articles of association
    • Turkish Competition Authority deposit receipt
    • Initial capital deposit receipt
    • An undertaking signed by the authorized company representative
    • Signature declaration of the managers/directors
    • Notarized copy of the founders' declaration
    • Chamber of Commerce registration statement
    • Copies of the ID/Passports for natural person shareholders, and original copy and a notarized translation of the Certificate of Business Activity issued by the competent authorities approved by the related Turkish Consulate for legal entity shareholders
    • Approval from the Ministry of Commerce and Industry for certain regulated areas, such as banking, insurance, financial leasing, factoring, public warehousing, founders and operators of Free Trade Zones and companies subject to the Capital Markets Law

Following company registration, notification of incorporation will be published in the National Gazette, and the company must register with the local tax office and social security administration, and the legal books of the company must be certified by a notary public.

The entire process can typically be completed in 5 to 6 days assuming all documentation is in order.