The main point to set up a company is to determine what to do exactly in Turkey with future forecasted activities along with your main goal. What you need a trusted and experienced setup master, a professional.
Times are desperate, currency is like a yo-yo. With an unstable economy, it is difficult. But (a big but) is the key point of all, every weakness and threat is a great opportunity is waiting to be turned to an asset. Here are opportunities that why you sset up setup a company in Turkey in these difficult times…
Yoyo currency looks a threat but actually is an opportunity on capital aspect. If you have capital in Euros or US Dollars, you are sitting on a good opportunity.
An individual, whom I called setup master, has to know administrative processes, procedures, red tapes, and regulations. He/She has to tailor a customized map for your goals.
Turkey is a logistically ideal place to conduct a business to reach Asia, Middle East, and Europe: A perfect gateway for transportation. On the HR aspect, you can find trained and quality employees with low costs in Turkey, along with incentives of the Turkish Government such as smart marketing, innovation, and administration tax incentives.
Due to the current economic status of Turkey, costs are reduced by almost 50%, such as employment and, utility terms during recent months. The government takes dramatic actions to attract foreign investors, which makes easy to set up company any of red tape procedures (bureaucracy).
FORMATION OF COMPANY IN TURKEY
Basically, this identifies the type of establishment. It has to be chosen accordingly, aimed business objectives in Turkey. It takes 3-4 days to establish and once details are set it is easy to form a company. A certified public accountant (CPA) and a lawyer can form a company, and carry out all red tape procedures easily under the liaison of setup master. Type of the company presents itself with different advantages in terms of liability and taxes. Obligations are title of the company, subject of business activity, HQ of the company, managers of the company (signatory). Important note; In Turkey, foreign partners can establish company but the working in a company is up to different regulation such as work permit, legal documents,etc.. There are 7 options to form a company in Turkey but 3 of them are most used type as follows;
Limited – minumum 10.000 TL as capital. Advantage is low capital to start-up company but, partners have unlimited responsibility on capital terms. Min 1 founder/partner – max 50 founders/partners. The capital is expected to be more than minimum fund due to establishment costs and also can be predicted with feasibility chart.
Corporate – minumum 50.000 TL as capital. Advantage is high capital to start-up company but partners responsibility is limited to their share. Min 1 founder/partner – max unlimited founders/partners. (above 500 partners, the corporate has to register to SPK (Stock Exchange Institution of Turkey). The capital is expected more than minimum fund due to establishment costs and also can be predicted with feasibility chart.
Branch of A Company – The regulations and red tape procedures are difficult and limited to company operations in tax terms, incentives and grant terms and work permits terms. Obligations are more and various.
What Can A Setup Master Do For You?
A setup master can help set up an ideal company according to your needs and future plans with efficiency and economy. When it comes to efficiency, a company’s mandatory needs present the priority lists. Certainly, you don’t need to set up fully decorated departments; suitable outsourced services can serve you well enough for the time being with low costs till your company needs an increase in personnel, such as administration, human resources, accounting, logistics etc. Setup Master does find best outsource options for you and manage them for the best interest for your company.
Setup Master manages intellectual properties of your company with multi-tasking manner. There are serious documentation and deadlines involving government, notary, embassies and outsource company as in to prepare due dilligence processes.
He/She can set up an office and its major organs on technical background/utility and suggest key people (admins) according to your company utility needs. A setup master conduct accounting and admin processes due to core business’ needs, tax applications, regular tax responsibilities, official certificates, ISO processes etc. He/She can run grant and incentive applications on various scale, as the process needs quite a documentation and timely applications.