Joint stock companies and limited companies are the most common type of companies in Turkey. Approximately 82% of all companies are limited companies, while 13% are joint stock companies. In capital companies, the partners are only liable to the company with the capital they have committed. Setting up a new business in Turkey involves several legal and administrative steps, including obtaining necessary permits and licenses, registering the company with relevant government agencies, and obtaining tax identification numbers. It is important to comply with Turkish labor laws, which include rules on employment contracts, working hours, and employee benefits. Companies must also comply with tax, accounting, and financial reporting regulations. The minimum capital required to establish a company in Turkey is TL50.000 for an LLC and TL250.000 for a JSC.

Once you have chosen the right legal structure for your business, you will need to gather the necessary documents and information such as title, Articles of Association (AoA), passport copies of the shareholders and directors, address for the shareholders and directors, proof of the capital amount, Tax Identification Numbers for the shareholders and directors, and registration for Commercial Activity Certificate. After the establishment of your company, it is important to open a business bank account in Turkey. This will allow you to manage your company’s finances, make payments, and receive customer payments.  After that you need to register your employees with the social security and tax authorities. You need to get a social security number for each employee, and register your company for the necessary taxes, such as income tax, value-added tax (VAT), and corporate tax. Kindly note that foreign nationals can establish a business in Turkey, but they must follow local laws and regulations and obtain the necessary licenses and permits. Establishing a company takes approximately 15 (fifteen) days. The process takes longer in the event of a branch or liaison office of the foreign company.