Starting a business in Turkey-2

starting your business

Procedures for starting a business in Turkey

Regardless of the legal structure of your choice, you must declare your activity to the Business Registration System (MERSIS) by providing notarised copies of the company’s articles of association, partners’ identity papers, a company tax identifier, bank receipts showing that at least 25% of the capital has been deposited in the bank and 0.04% has been paid to the Turkish Competition Authority via the central bank or a public bank, as well as a declaration of commitment.

Legal operating costs in Turkey

In Turkey, the gross minimum monthly wage is set at 2.943 TL. In addition to the gross wage, the employer must contribute 22.5% and 2% to the social security and unemployment insurance of each employee.

The legal working time is 45 hours per week, with a maximum of 11 hours per day. Overtime is paid 50% more than the normal rate and working on a public holiday is equivalent to double pay. For more information on working conditions, please see our article Working in Turkey.

The corporate tax rate in Turkey is one of the most competitive in the region, at 20%. Starting a business in Turkey

Tips

The tax rate on dividends is 15%.

Useful links :

Investing in Turkey www.invest.gov.tr

Association of Turkish Industrialists and Businessmen www.tusiad.org

You can read the first part of starting a business in Turkey from our blog.

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