Turkish flag
With a population of 70.6 million, Turkey is a melting pot of Eastern culture and West. While the Turkish economy has traditionally hinged on agriculture, the diversification of the economy has allowed for growth in sectors like construction, home appliances, textiles, banking, automotive, oil refining, food, mining, iron, steel, petrochemical and electronics. If you're a foreign investor, it's very important to become familiar with the customs, people, culture, history and business environment of Turkey before venturing into your business.
Instructions
1. Draw up a business plan. Just as in any other country, in Turkey a business plan illustrates the full scope of a business and how it will be operated. The elements of a business plan are: executive summary, market analysis, company description, organization/management, product/service, marketing plan, personnel, and financial plan---with profit and loss expectations. Be specific and clear. Let your business plan reflect how you company will benefit the people of Turkey.
2. Draft the articles of association. The articles of association contains the regulations that will govern a company and defines the relationship between the company directors and stockholders. The articles must be signed in the presence of, and signed by, a Turkish notary public---three copies are needed. At this time you will also need two copies of a signature declaration notarized, along with notarized copies of identification cards---passports for foreigners---of all company directors. A certification fee must be rendered to the notary.
3. Make a deposit into the account of the Turkish Competition Authority---also called Rekabet Kurumu in Turkish (see Resources). You must pay 0.04 percent of the company's capital to the Competition Authority and obtain a receipt from Ziraat Bankas---the largest bank in Turkey. Your original receipt will be needed to register with the Commercial Registry.
4. Deposit your initial capital into a bank. What the Turkish call the "certificate of paid-in capital" will be issued once the deposit is made. Turkish regulations require a company to deposit 25 percent of the company's capital within the first three months, and the remainder of the subscribed balance must be deposited within three years of incorporation.
5. File commitment letter, chamber registration statement and the incorporation notice form. This filing must be done at the Trade Registry Office and must be accompanied by all documents notarized by the notary public---including all copies of the articles of association and signature declaration, bank deposit receipt from the Competition Authority account---at Ziraat Bankas, an undertaking signed by authorized company representatives and identification cards---or passports for foreigners. Once you have registered your documentation, the Commercial Registry Office will notify the Tax Office, District Employment Office, Ministry of Labor and Social Security and the Directorate of Social Security. The registry will also arrange for your company announcement to be published in the Commercial Registration Gazette within ten days of company registration.
6. Have your legal books certified by a notary. Turkish law requires businesses to obtain and have a notary certify a ledger, journal, inventory book and case book. The legal books must be registered the same day the company is registered with the Turkish Commercial Registry. Your notary will notify the tax office about the commercial book certification.
Tags: business plan, articles association, Commercial Registry, company capital, company directors