Open a company in Turkey in 2023

The devaluation of the Turkish lira has made Turkey a paradise for foreign investors. They can invest less money than in many European countries and get better results. Other advantages to open a company in Turkey in 2023 include free economic zones (FEZs), access to global markets in Asia and Europe, and good trade relations with many countries worldwide.

Why it is profitable to open a company in Turkey in 2023

• Fast business registration.
• The registration and doing business price is cheaper than in many EU countries.
• No need for a Turkish partner.
• Cost of living is lower than in other European countries.
• Taxes depend on the size of the company income.
• Developed logistics allowing fast goods delivery.
• You can quickly get to any city in Europe.
• Cheap labor.
• Ability to obtain a residence permit and citizenship.
• Developed agriculture.

Turkey Free Zones

Turkey encourages foreign investment through FEZs. These areas have favorable strategic locations for investors (e.g., in different parts of Istanbul), provide tax incentives to foreigners. Their territory is designed in such a way as to provide investors with all the conditions for convenient work. There are office premises and private and shared warehouses. Engaging in a variety of activities, including trade, electronics, finance, insurance, manufacturing, is possible.

Advantages of the FEZ include:

• Total exemption from VAT, income and corporate taxes;
• Possibility of not paying customs duties;
• 100% ownership of the business;
• No profit transfer tax;
• No time limits for storing goods in the warehouse;
• Simplified access to ports after registration in FEZ.

Companies registered in FEZ have easy access to the international and Turkish market. Labor there is cheaper than in other parts of Turkey, as is light, water.

How to start a business

Before starting a business in Turkey, one must choose a name, a type of legal entity (e.g. LLC). To submit the documents for registration, you need to hire a professional translator, who will competently translate and execute the papers.

Other requirements for company registration in Turkey in 2023 include:

• At least one shareholder and one director.
• Lease of an office or industrial space on the territory of the free zone. The license for the lease of the industrial place confirms the transaction.
• Registration of the company in the Commercial Register and the Chamber of Commerce.
• Notarization of documents on the day of registration.
• Publication of the association articles in the Commercial Register's official newspaper.
• Registration with the tax and custom authorities.
• Application for a license that would allow the company to operate in FEZ.
• Registration of the company with the tax inspectorate.
• Opening a bank account, making a share capital of 25%.

Pension and social insurance are compulsory for all employees, that is why a company must pay insurance contributions. In addition, the law requires hiring a licensed accountant to handle tax and administrative issues. Therefore, hiring an experienced, qualified professional to run your business successfully is essential. The official amount of their fee starts at 400 Liras.

How to start a business in Turkey

To register a business in Turkey 2023 contact IT-OFFSHORE experts.