The Republic of Turkey is a country with one of the fastest-growing economies in the world. Thanks to various government programs for business support, competitions, and grants, both startups and established business projects in any field of activity have great opportunities for growth and development.

Among other advantages of Turkey are its favorable geographical location with access to the global markets of Asia and Europe, the presence of free economic zones, technoparks, and incubators, as well as established trade relations with many countries around the world.

Advantages of company registration

• Uniform and clear requirements for citizens of the jurisdiction and non-residents.
• Fast registration times – about a week.
• Low operating costs.
• Benefits for foreign investors – exemption from VAT and customs duties, the ability to take advantage of tax deductions, and more.
• Investment programs that allow obtaining citizenship through a simplified scheme.

Taxation and reporting

Turkey's tax legislation is distinguished by clear and consistent provisions that comply with international standards. There is a system of tax optimization. The following tax rates apply in the jurisdiction:

corporate tax – 20%;

value-added tax – 18%;

income tax – 15-40% depending on the volume of income.

Companies in Turkey are required to submit financial reports and tax returns on a regular basis in accordance with the requirements of the tax code. A licensed local accountant should handle the reporting of a foreign company. Significant penalties are provided for the absence or late submission of reports.

Features of company registration

The optimal option for business in Turkey is to register a company in the form of a Limited Sirket (LS) limited liability company. Minimal capital and only one founder are required for LS registration.

When registering a company, it is necessary to submit an application to the regulator indicating the main information about the company, signed by the director. The application is accompanied by a package of documents, including the charter, declaration, copies of passports, and TINs of shareholders and directors.

To register your business in Turkey in 2024, contact the lawyers at IT-OFFSHORE.