Global Business Service Agency: legal services for business
Global Business Service Agency provides services in the field of tax optimization. Our experienced professionals help clients with the opening and maintenance of offshore companies and opening bank accounts. GBS Agency organizes and supports the work of companies on all continents.
Turkey is a country that in 2017 received the status of the most rapidly among the G20 states. As a result of political changes in the country, the Republic of Turkey beats all export records: In 2017 a new record was recorded, which in monetary terms amounted to $144 billion. By the end of 2018 the export level is forecasted at a higher level – $169 billion. Short-term investments play a predominating role in the development of export activities, which, due to the instability of the Middle East, now flows into the European-Asian state. That is why to open a firm in Turkey today is to give a start to a new, profitable and ambitious business.
Company registration in Turkey: peculiarities and advantages of the jurisdiction
- Zones of technical development (27), organizational industrial zones (148) and free-economic zones (19), where, depending on the direction of business, incorporation may receive benefits in the form of reduction of the tax rate, Exemption from duties, assistance in research and innovative activities by the State.
- Foreigners who invest in export activities approved by the "Investment incentive certificate" can expect to be exempt from taxes and reduce the rate of loans for business.
- A number of incorporations in the industrial sector may rely on partial or full VAT refund.
- Promotion of direct investment in Turkey is carried out by means of partial or full compensation by the state of payments for electricity, social payments, or partial exemption from customs duty.
- Basic fiscal load in the republic:
- Corporate tax – 33%;
- VAT – 18%;
- Tax at source – 15-20%;
- Donation or inheritance tax – 4-30%;
- Real estate tax – 0.3-0.6%;
- Tax on real estate transactions – 2.4-4.8%.
- All enterprises of the State are required to submit accounting reports, but the passing of tax audit and delivery of the declaration depends on the annual turnover, scope of activity and place of registration of the company.
How to open a business in Turkey: requirements for conducting the procedure
- The foreign counterparty is required to have a certificate of the company's activity issued at the place of residence;
- All incorporations must have a legal address in the territory of the country, which must be issued before the opening of the company;
- Registration of the company is carried out in case of presence of minimum one shareholder and director (depending on the PPR: as or LS) regardless of the form of management and residence;
- Meetings of shareholders and the board of Directors shall be held at least once a year;
- The minimum statutory fund in the jurisdiction must be not less than 5 thousand Turkish lira (for LS) and 50 thousand (for AS), which must be paid at least by 20% at the time of entering the company into the Register;
- The declared capital should be paid not later than 24 months from the moment of registration;
- The release of all types of shares, including the bearer, is available.
The cost of registration with the help of specialists GBS Agency at each stage, including the paperwork-from €4 300. More about the peculiarities of opening a company that is maximally adaptive for your business, please check with our legal experts free of charge right now!
Business at once on two continents – it is real with the firm in Turkey!