Turkish Limited Sirket (LS) Company Formation

A Turkish Limited Sirket (LS) is equivalent to a limited company in the UK or a GmbH in Austria and Germany in that it is a legal entity which is separate and distinct from the individuals who run it. For sole traders and for people in partnerships, the individuals’ personal assets are at risk if there is a claim against the organisation but shareholders in a LS are liable to lose only the value of the share capital to which they subscribe.

Over recent years the Turkish government has simplified the procedures required to incorporate a company for both foreign and domestic investors.

Company Name

The company name must be derived from the primary business activities of the company and it can be in any language so long as the Registry approves that the Turkish translation is acceptable; certain words are prohibited. We run a company name check on the proposed company name to ensure it is suitable and can often get approval within a few hours, once approved the name can be reserved free of charge for ten days.

Registered Office

All companies registered in Turkey must have a registered office in Turkey where all company documents and correspondence may be sent. A registered office is included as part of our incorporation service.

Directors

At least one director is required to incorporate and there is no restriction on nationality or residency.

Shareholders

Only one shareholder is required and there is no restriction on nationality or residency; corporate shareholders are permitted. If the shareholder is an individual we will require a copy of their passport and if a corporate entity we will require a Certificate of Good Standing for that company and the directors’ signature.

Share Capital

The minimum share capital is YTL 5,000 (approximately EUR 1,730) with each individual share being worth no less than YTL 25 (approximately EUR 8.70). Upon incorporation at least 25% of total share capital must be paid up in cash and any outstanding capital must be paid within three years.

Filing Requirements

Companies are required to maintain accounts written in the Turkish language and detailed in Turkish Liras. For non-listed companies there is no requirement to file annual financial statements or have accounts audited. All companies must file an annual return and pay the annual government license fee to stay registered.

Timescale

Once all documentation has been received the incorporation process typically takes 10 days.

Turkey Company Formation fees

Turkey Limited Sirket (LS) Company Formation – 10 days

Our professional services include:

  • Reserving your Company Name
  • Prepare your Company Registration Forms
  • Drafting Articles of Association
  • Principal Statutes Notarial fees
  • Notarising incorporation documents: – Articles of Association (€325)
  • Registration fee of Chamber of Commerce (€300)
  • Company Manager Registry Fee (€135)
  • Certification of the Company Commercial Books approval (Journal, Ledger, Case book, Inventory book)
  • Signature declarations of company managers (two, each with five signatures). First manager’s signature. Additional manager’s signature
  • Registration of the company at the Trade Registry and its announcement in the Commercial Registration Gazette
  • Certificate of Incorporation
  • Company Statutes
  • Two months Accountancy service to enable Tax Registration
  • All documents and certificates supplied in a professional folder
  • Delivery of documents by FedEx / DHL courier
£2935
Additional Services
Company Administration &
Registered Office
£2600
Company Secretary (if required)£800
Additional fee if 3 or more shareholders£500
Notary Fee per Passport ( €80)£70
Annual Renewal Fees
Company Administration

  • Provision of the Registered Office and Registered Agent in Turkey
  • Compliance with local domicile requirements
  • Ensuring that your Company is kept in good standing through payment of Annual Government Fee and filing of annual documents
  • Annual membership in the Istanbul Chamber of Commerce TL 100
  • Annual Government Fee declared by the Ministry of Finance
£2600
Directors Register Maintenance£175

Proof of Identity

As part of our due diligence we require proof of identity in the form of a passport copy for all directors and shareholders of the company.

Travel

It is a mandatory requirement that all officers travel to Turkey in order to sign the incorporation documents.

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