|
Running a limited company in Turkey.
Limited companies are the most common form of companies in Turkey. There are two basic reasons that make limited liability companies so popular:
* The number of shareholders: You only need two shareholders to form a limited liability company.
* The minimum required capital: The minimum required capital for establishing a limited liability company is YTL 5,000
How to establish a limited company
A limited company can be formed with only two shareholders. The shareholders can either be real persons or legal entities.
The application is made to the Trade Registry, which is the local representative of Ministry of Industry and Trade.
The articles of association is drafted by a professional considering the needs of your business. It is important to include all necessary elements and objectives of your company that a company can only act in the field of company objectives.
All establishment procedure can be carried out by professionals who are appointed by the shareholders through Power of Attorney.
The whole process of establishing a limited company takes around two days.
Should I have a Turkish partner for establishing a company in Turkey?
It is not necessary to have a Turkish shareholder for establishing a limited company under Turkish law. The shareholders can both be of foreign nationals. In this case there will be a certain paperwork requirements to be fulfilled. To avoid any misunderstanding I have to state that it is not more difficult for a foreigner to establish a limited company. These requirements are for statistics and information purposes regarding the foreign investment in Turkey.
Is there a board of directors for limited liability companies?
No, there is no such board.
A limited liability company is run by the director(s) appointed by the shareholders. There should be at least one director. If there is more than one director, the shareholders can assign powers to the directors to represent and run the company either through joint or individual signatures.
Before establishing a limited company, please make sure of the following:
* The shareholders agree on a well-drafted articles of association. The scope of business should be clearly defined.
* You made a rental contract for an office building. A rental contract or a deed should be submitted to the tax office in order to complete the establishment process.
* The shareholders agree on who will be the director(s).
Voicesnewspaper.com |
