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Turkey Company Formation

Turkey
Type of Entity: Limited Liability Company (LLC) Joint stock company (JSC)
Type of law: The Turkish Commercial Code numbered 6102 (“TCC”) The Turkish Commercial Code numbered 6102 (“TCC”)
Shelf company availability: Yes Yes
Incorporation time frame: 3 weeks 4 weeks
Minimum Government fees: TL 3,100 (EUR 220) TL 3,800 (EUR 270)
Regular Corporate Income Tax: 25% 25%
Double Tax Treaty access: Yes Yes
Minimum issued share capital TL 10,000 (EUR 720) TL 50,000 (EUR 3,600)
Minimum paid up share capital on incorporation: None 25%
Minimum number of Shareholders required: One One
Bearer Shares Yes (but in order to prevent the misuse of such shares, they have to be converted into registered shares) Yes (but in order to prevent the misuse of such shares, they have to be converted into registered shares)
Nominee Shareholders Permitted Yes Yes
Minimum number of directors One One
Corporate directors permitted Yes Yes
Local directors required No (work permit required for non-Turkish citizen) No (work permit required for non-Turkish citizen)
Local meeting required Yes (As often as internal operations of the company require) Yes (As often as internal operations of the company require)
Company secretary required Not mandatory Not mandatory
General Meetings of Shareholders Yes, (It is mandatory to hold general meetings with a certain agenda within 3 months from the end of the accounting period) Yes, (It is mandatory to hold general meetings with a certain agenda within 3 months from the end of the accounting period)
Local Registered office required Yes (it is a mandatory) Yes (it is a mandatory)
Exchange Control: Not existing Not existing
Disclosure of beneficial owner to Company Registrar Yes (the natural person or persons who ultimately own or control the company subject to registration in the trade register by the direct or indirect exercise of ownership over a sufficient percentage of the number of shares or voting rights or by participation in the company’s equity respectively) Yes, (the natural person or persons who ultimately own or control the company subject to registration in the trade register by the direct or indirect exercise of ownership over a sufficient percentage of the number of shares or voting rights or by participation in the company’s equity respectively)
Government register of directors Yes (in the Turkish commercial Registry) Yes (in the Turkish commercial Registry)
Annual return Yes, annually Yes, annually
Submission of accounts Yes (at the end of each financial year) Yes (at the end of each financial year)
Audit Yes Yes
Change of domicile permited Yes Yes

We do our best to monitor the compliance of this jurisdiction with the latest international regulations set by OECD and other international institutions and countries.

At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.

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