Starting your own business is always an intense, but double-edged sword experience. On the one hand, the excitement of seeing a dream come true and the prospect of financial gain; on the other, the bureaucratic complexities. starting a business in Turkey
Turkey is no different in this respect and setting up your business there involves several administrative procedures. However, the economic opportunities offered by the country are worth it.
Types of businesses in Turkey
The Turkish Commercial Code distinguishes several legal forms of business, all of which are open to foreigners. Here are the most common:
The limited company is relatively simple to set up and is, therefore, the most popular legal form for small and medium-sized enterprises.
The joint-stock company is more suitable for larger projects. These companies must be declared to the local financial market authority and obtain a certificate of participation.
In both types of companies, the liability of the partners is limited to the number of contributions.
On the other hand, you will be liable for your company’s debts if you opt for a sole trader or a partnership. These structures do not require minimum capital. starting a business in Turkey
Turkish company law is based on the principle of equal treatment and offers foreign investors the same rights and duties as Turkish citizens. However, there is one exception to this rule: foreigners must apply for special permission to invest in regulated sectors such as energy or aviation.
You can read the second part of starting a business in Turkey article on our blog.
Useful links :
Investing in Turkey www.invest.gov.tr
Association of Turkish Industrialists and Businessmen www.tusiad.org