Turkey has become a center of attraction for foreigners in recent years with its nature, seas, Bosphorus, culture, cuisine, clean and warm air, climate and hospitable attitude towards foreigners.
Turkey is one of the center of world trade. Foreigners generally establish companies in Turkey for export purposes. Sea transportation is the most commonly used method.
As Turna Consulting, we help foreigners or foreigners who have obtained Turkish citizenship to establish a firm (company) in Turkey. We manage this process professionally with our experienced and foreign language-speaking staff.
In addition, our accounting service is available.
Joint stock company and limited company are the most common company types in Turkey. Approximately 82% of all companies are limited companies, while 13% are joint stock companies.
LIMITED COMPANY
**A limited company is a company whose capital is determined and divided into shares and is liable for its debts only with its assets.
**A single-partner limited company can be established. The number of partners cannot exceed fifty. Limited company partners can be natural persons or legal entities.
**Partners are not responsible for the company's debts, they are only obliged to pay the basic capital shares they have committed and to fulfill the additional payment and side performance obligations stipulated in the company agreement.
Partners are responsible for public debts that cannot be collected from the company in proportion to their capital shares.
**The basic capital of the limited company is at least 10,000 Turkish Liras. It is possible to pay the entire capital brought in cash within 24 months after the registration of the company.
The payment schedule can be regulated in the company contract or determined by the managers.
**Limited company has a company contract that is written and registered in the trade registry where its headquarters is located.
**In limited companies, bearer shares cannot be issued.
**Limited companies cannot be offered to the public
**Transfer of limited company shares is subject to general assembly approval.
The limited company has two bodies;
General Assembly: As a rule, it is the body in which all shareholders are represented and which is exclusively authorized to make some important decisions regarding the company (e.g. changing the company contract, election of managers, election of auditor, dissolution of the company, etc.).
Board of Directors: It is the body basically responsible for the management and representation of the company. It is possible for the company to have only one director. At least one of the directors must be a company partner. There is no requirement for directors to be Turkish citizens and resident in Turkey.
Various equivalents of limited companies in the world
United States of America ; Limited Liability Company (LLC)
Russia ; Ltd. (limited) ООО (общество с ограниченной ответственностью), ЗАО (Закрытое акционерное общество)
Germany, Austria, Switzerland (German-speaking cantons) ; Gesellschaft mit beschränkter Haftung (GmbH)
France, Belgium, Switzerland (French-speaking cantons) ; Societé à Responsabilité Limiteé (SARL, SàRL)
United Kingdom ; Private Limited Company (Ltd, Limited
Italy ; Società a Responsabilità Limitata (Srl)
Spain ; Sociedad Limitada (S.L.)
Mexico, Argentina ; Sociedad de Responsabilidad Limitada (S.R.L., S. de R.L.)
JOINT STOCK COMPANY
**A joint stock company is a company whose capital is determined and divided into shares, and is liable for its debts only with its assets.
**The minimum capital amount is 50,000 Turkish Liras. (For non-public joint stock companies that accept the registered capital system, the initial capital may be at least 100,000 Turkish Liras.)
At least one quarter of the nominal value of the shares committed in cash must be paid before registration.
The remaining amount is paid within 24 months following the registration of the company. The payment schedule may be regulated in the company's articles of association or may be determined by the board of directors.
**Shareholders are responsible to the company only for the capital shares they have subscribed.
**Joint stock companies can be established for all kinds of economic purposes and subjects that are not prohibited by law.
**A joint stock company has a written articles of association that are registered in the trade registry where its headquarters are located.
**Joint stock companies can issue registered and bearer shares to represent shares. They may also issue bonds and similar debt instruments.
**A joint stock company with a single shareholder can be established. Real and legal persons can have shares
**As a rule, general assembly approval is not required for the transfer of shares. Shareholders can freely transfer their shares to others.
**Joint stock companies that carry out certain fields of activity and joint stock companies that exceed the threshold values of criteria determined according to total balance sheet assets, annual net sales revenue and number of employees are subject to independent audit.
**Joint stock companies are the only type of companies whose shares can be offered to the public and whose shares can be traded on the stock exchange.
A joint stock company has two bodies;
GENERAL ASSEMBLY: As a rule, it is the body in which all shareholders are represented and which has the exclusive authority to make some important decisions regarding the company (e.g. amendment of the articles of association, election of the board of directors, election of the auditor, termination of the company, etc.).
BOARD OF DIRECTORS: It is the body basically responsible for the management and representation of the company. It is possible for the board of directors to consist of a single member. There is no requirement for board members to be Turkish citizens or resident in Turkey.
Various equivalents of joint stock company in the world
United States of America ; Corporation (Inc., Corp.)
Russia
Germany, Austria, Switzerland (German-speaking cantons) ; Aktiengesellschaft (AG)
France, Belgium, Switzerland (French-speaking cantons) ; Societé Anonyme (SA)
United Kingdom ; Public Limited Company (plc)
Italy ; Società per Azioni (SpA)
Spain, Mexico, Argentina ; Sociedad Anónima (S.A.)
If you want to establish a company in Turkey, contact us.
