Company formation in Turkey

Company formation in Turkey: who does what

Several public bodies take part, and only some of the work can be bought.

Party	Role in a formation
Trade registry directorate	Certifies signatures for limited companies, registers the company and approves its books; part of the local chamber of commerce, supervised by the Ministry of Trade
MERSİS	The Ministry of Trade’s online system where the company contract is drafted
Tax office	Issues tax numbers to foreign founders, visits the new company’s seat and registers it
Notary	Certifies signatures for joint stock companies when founders choose a notary, notarises translations and powers of attorney
Bank	Holds the capital deposit of a joint stock company, then the operating account
Accounting firm	Bookkeeping, tax returns, payroll, ongoing filings
Law firm	Tailored articles, shareholder agreements, sector permissions
Corporate services provider	Coordination across countries, document handling, an address

The registry decides. A provider can deliver a complete, correct file; it cannot promise the registration date or a bank’s approval.

Where a provider earns its fee

Four parts of a Turkish formation tend to stall founders who work alone.

• The tax number. The Ministry of Trade’s guide says foreigners must first obtain a tax number from the tax office and have it registered in MERSİS before they can be entered as shareholders or managers. A provider usually collects passport copies and applies for every founder at once.
• The Turkish contract. MERSİS produces the company contract in Turkish. A good provider sends you a translation and explains the clauses that matter to you: purpose, capital, who signs, how shares move.
• Papers from abroad. Invest in Türkiye lists the route for foreign-issued documents: notarised and apostilled, or ratified by a Turkish consulate, then officially translated and notarised in Turkey. The provider should tell you exactly which documents to legalise before you start, so nothing is done twice.
• Signing at a distance. The Ministry confirms that the formation can be carried out through a representative holding a power of attorney. Your provider usually drafts it, and it then follows the same legalisation route.

What a formation provider takes on

A full mandate begins with the structure and ends once the company can invoice, hire and file returns. Expect it to cover:

• Structure advice: limited company, joint stock company, branch or liaison office, and what each means for capital, management and later investors.
• Tax numbers for the foreign shareholders and managers.
• The company contract in MERSİS, with a translation for you.
• Legalisation and translations of your documents, and the power of attorney.
• Signature certification at the registry or a notary, and the signature declarations.
• Payments: the Competition Authority share and, for a joint stock company, the capital deposit.
• Registration at the trade registry directorate.
• Follow-up: certified books, the tax office visit, the signature circular, the foreign investment forms in E-TUYS and the electronic notification address.

Matching the firm to your project

In Turkey, 84 of the firms on Accountanty offer company formation. By type, 74 are accounting firms, 5 law firms and 5 corporate services providers. Most are small (76); 4 are medium-sized and 4 belong to a large network.

• Accounting firms suit founders who want the formation and the years after it handled by one team. Of the 84, 76 also offer accounting, all 84 tax compliance, 69 payroll and 62 VAT work.
• Law firms suit companies with several shareholders, investors, a joint venture or a regulated activity, where the contract and a shareholder agreement need real drafting.
• Corporate services providers suit groups that need coordination across countries and document handling. Among the formation firms, 52 offer corporate secretarial work and 12 a virtual office.

A focus on foreign clients is stated by 44 of the formation firms, which are gathered on accountants for foreign clients in Turkey.

Licence titles to ask about

Accounting in Turkey is a regulated profession. Law No. 3568 sets two titles: the Serbest Muhasebeci Mali Müşavir (SMMM), who keeps books and prepares financial statements and tax returns, and the Yeminli Mali Müşavir (YMM), who carries out certification work and is barred from keeping accounting books. Both are organised in chambers under TÜRMOB, and the law prohibits anyone without the right from using either title.

What this means in practice:

• Ask which person at the firm holds the SMMM title and will sign your returns, and confirm the registration with the local chamber.
• If you expect to need a YMM certification, ask whether the firm works with a YMM, since that person cannot also be your bookkeeper.
• If your company may fall under independent audit, ask whether the firm or a partner is authorised to carry it out.
• For a law firm, ask which lawyer is responsible for your contract.

A handful of the listed firms state an SMMM or YMM licence, chamber membership or an audit authorisation in their profile; treat that as a starting point and check it with the body named.

What to prepare before the first call

A precise quote depends on precise facts. Have these ready:

• The business: what you will sell, to whom and from which city, and whether you will hire staff in the first year.
• The people: passport copies of every shareholder and planned manager, and who will sign for the company.
• The form and capital: your first view on a limited or joint stock company, the capital and when you can pay it in.
• A corporate shareholder: its registry extract, articles and the board resolution approving the investment.
• Presence in Turkey: whether you will travel for the signing or work through a power of attorney.
• Premises: whether you have an office or need an address.
• Residence plans: whether a founder or manager will move to Turkey, which adds permit applications to the work.

How to read a company formation quote

Ask every firm to price the same three blocks separately. Comparing offers then takes minutes.

Official and pass-through charges

• Competition Authority share: 0.04% of the company’s capital, paid at the trade registry directorate.
• Registry and notary charges, including signature certification and the notarised translations.
• Legalisation abroad: apostilles or consular ratification, and courier costs.
• The capital. A limited company needs at least 50,000 Turkish liras and a joint stock company 250,000 Turkish liras. That money belongs to the company, so it must never be counted as part of a provider’s fee.

Ask the provider to list each official item with its actual amount at the time of filing.

The provider’s fee

Structure advice, tax numbers, the contract and translation, the power of attorney, the filing and the follow-up steps. Ask what is excluded: a bespoke contract, a corporate shareholder, a second meeting at the registry, sector permissions and changes after the draft are typical extras.

Recurring costs

Formation is paid once, while the monthly work lasts as long as the company. Request a two-year price for:

• bookkeeping in the certified books and the tax returns;
• VAT returns;
• payroll and social security filings once staff are hired;
• certification work, where a YMM is needed;
• an office address, where the firm provides one.

Only 3 of the formation firms listed publish some pricing, so expect to ask. Requesting quotes through Accountanty costs nothing, and the firms that reply set their own prices.

Questions to ask before you sign

• Who applies for the tax numbers, and how long do you expect it to take?
• Will I receive an English translation of the company contract before signing?
• Which of my documents need an apostille, and in which order should I do them?
• Will I sign in Turkey, or will you act under a power of attorney? Who drafts it, and what powers does it give you?
• Which bank do you expect to use, and what will it ask me?
• Are the registry, notary and translation charges inside your fee or billed to me?
• Who files the E-TUYS foreign investment forms and reports later changes?
• Who is my contact after registration, and in which language?

On language, 52 of the formation firms offer English, 46 Turkish, 8 German, 8 Russian and 5 Arabic.

A power of attorney: keep its scope narrow

Working through a representative saves a trip, but the document deserves care. Agree in writing what the attorney may do: apply for tax numbers, sign the contract, deal with the registry, open the capital account. Ask whether it ends once the company is registered or continues, and avoid a general power to sell shares or borrow in your name unless you truly want that. Keep a translated copy, and make sure the person named is the one who will actually attend.

When a foreign company is the shareholder

A corporate shareholder adds documents from its own country. Invest in Türkiye lists activity certificates and shareholder resolutions for foreign corporate shareholders, all legalised and translated, and the bank will want the ownership chain up to the individuals.

The first decision is subsidiary or branch. A branch avoids a new company, but the Ministry of Trade requires a fully authorised representative resident in Turkey for it, and it may only do the parent’s own business. A liaison office is narrower again: it may not trade at all. Ask your provider to compare the options for your plan before any documents are legalised, since the file differs for each.

Services after incorporation

Once the company is registered, the deadlines start. Some owners stay with the formation firm for everything; others bring in specialists for:

• accounting and tax compliance for the certified books, the corporate tax return and the monthly filings;
• VAT for invoicing and returns;
• payroll once staff are hired;
• audit, offered by 40 of the formation firms, if the company falls under independent audit;
• bank account assistance, offered by 17;
• residency and visas, offered by 38, for founders and managers who move to Turkey.

Warning signs

• No plan for the tax numbers. Without them the contract cannot be prepared.
• No translation offered. You should understand what you sign.
• One price with no breakdown. You cannot compare it, and missing items reappear later.
• Capital mixed into the fee. The share capital is the company’s money.
• A bank account promised as certain. Only the bank decides, after reviewing the owners and the business.
• A power of attorney broader than the job. Ask why any wider powers are needed.
• Tax rates quoted without conditions. Rates other than the general one depend on conditions in the law.

Choosing a provider

Send the same brief to two or three firms and compare how they handle the tax numbers, the translation, the power of attorney, the fee blocks and the team that would keep your books. Of the 84 formation firms listed, 46 are in Istanbul, 25 in Ankara and 13 in Antalya. One free quote request reaches several at once: Accountanty checks your brief and passes it to firms suited to your company formation in Turkey.