Many foreign investors are seeking to start their own business in Turkey, for those who don’t meet the criteria for real estate ownership in Turkey, they are mostly seeking alternatives such as starting a private company in Turkey.
Below, is useful information on how to set up a private company in Turkey, as well as the main differences between it and other types of companies, and the most advantages.
What is a Private Company in Turkey?
A personal company, registered and operated by one person, with no possibilities of co-sharing with other partners, therefore, it doesn’t have the privileges of holding a commercial trade name.
Difference Between Private Company and Other Types of Companies
There are plain differences in which the private company in Turkey can be categorized for:
- Limited privileges- since the private company only operates by one person, it doesn’t have many privileges compared to other types on companies, such as making big deals, or even the ability to hold other types of operations.
- The private company is non-co-shared with other partners, even in cases of expanding the company’s operation or the business fields.
How to Start a Private Company in Turkey?
Normally it’s easy to start a private company in Turkey, due to the small amount of capital which estimates to 10.000 Turkish Lira, and assigned to be the core capital of establishing the company.
Moreover, setting up and authorizing the private company usually takes few days only, however, assigning an experienced lawyer to assist with the process is essential, to avoid legal mistakes as well as preparing the necessary documents.
In addition, starting a private company requires a presence of Turkish financial advisor, who will take care of the company’s financial plans, as well as the legal representative before Turkish authorities.
Advantages of Starting a Private Company in Turkey
Starting private company in Turkey has many advantages for foreign investors:
- 1- Low establishment costs and monthly expenses.
- The ease of procedures for establishing or terminating this type of companies, compared to other companies.
- Suitable for relatively small businesses, such as commercial shops.
- It provides the opportunity to real estate ownership for some nationalities, who are prohibited from owning real estate in Turkey, by registering the property to the company’s name as a Turkish legal entity.
Edited by: Turstus Company©
