If you are seeking a good jurisdiction to start your company, look no further than Turkey. The country has set up multiple free economic zones to attract foreign entrepreneurs from all over the world, and beneficial tax rates and excellent banking are just as important. No matter whether you want to establish a company from scratch, re-domicile the existing business, or form a branch – you will find convenient conditions in any case. A limited liability company is the most popular legal form that does not require much hassle, which is the main reason why we recommend it.
We would like to invite you to our portal where you will find a more detailed article on steps to register a company in Antalya and a knowledge base of articles on Turkey (business, banking, investment in real estate, citizenship by investment, and so on). You can explore our portal to find a lot of things that will be of interest to you or book a free session with our specialist to ask questions and discuss the prospects of setting up a business in Turkey. We can help you establish a company with minimum involvement and open a local corporate account for your needs at a reasonable fee. Click on the link to explore the opportunities!
Turkish LLC: Main Benefits
Turkey has an advantageous geographical location and serves as a logistics hub between Europe and Asia. The country is the crossroads of important trading routes, which is used by many large international businesses.
Let’s take a look at the main advantages of establishing an LLC in Antalya:
- If you are a non-resident, you will have the same rights and benefits as any Turkish resident.
- The company founder does not need to be present in person to obtain the company documents, including permits and licenses.
- If you need local employees, you may be interested to know that there are many highly skilled professionals in the country (Turkish education is good, and half of the country’s population (over 83 million) are people under 30).
- Turkey ranks 6th among the European countries in terms of GDP.
- If you need transportation services, you can choose to do so by sea, rail, or road: all of these are well-developed.
- The Turkish government often implements economic reforms in a bid to attract more foreign capital, leaving fewer and fewer limitations on direct foreign investments.
- Turkey is a party to free trade agreements with 12 countries and double taxation treaties with 68 countries.
- Foreigners who wish to set up a company in Antalya will not face any serious restrictions.
Turkey may become an EU member soon, which will add immensely to its appeal for foreign investors. Meanwhile, opt for Antalya as a great destination for investors seeking stability and safety.
Best Business to Set Up in Turkey
First of all, let’s look at the factors you need to take into account before you choose a business area:
- Demand and overall business prospects
- Competition (both locally and internationally)
- Export routes
- Whether you will need local resources (this will be the first thing taken into account by officials when they issue a local business license or permit)
- The company’s technical equipment and the funds it needs to complete the planned project
And now let’s look at some promising areas that can be good for non-resident entrepreneurs wishing to start their business in Antalya:
- Catering business (cafes, restaurants, and so on)
- Entertainment sphere
- Hotel business (a natural choice for the most popular resort in Turkey)
- International trade (you can deal with the products you manufacture or sell other brands)
- Renting out real estate objects to business guests and holiday-makers
- Local trade (it will always be profitable as there are a lot of guests that come and go)
- Serving tourists (there are many services involved, from excursions to real estate)
Choose the niche that appeals to you and matches your capabilities.
All About Turkish Limited Company
This legal form is extremely popular with small and medium-sized businesses as it gives sufficient opportunities and the requirements are not exorbitant. If you decide to set up a limited company, you will deal with the local Chamber of Commerce only (you will no longer need a notary).
Here are the main features of limited company incorporation in Antalya:
- It takes just one individual or legal entity to set up a limited company, and the minimum share capital equals only 10,000 Turkish Liras (though it depends on the par value of the members’ shares).
- A company can be established by local residents and non-residents alike.
- Shareholders are only liable for their contribution to the company, and they have the right to sell it to other members (or third parties if the members refuse to buy it).
- A limited company can have only one director, and it can be a founder or a person unrelated to business. A director can have equal or separate powers (equal powers mean that the resolution on documents is made by all members). A director is appointed or withdrawn by the vote of all company members.
- The number of Turkish limited company owners cannot exceed 50 persons.
- Company management is flexible (it can be run by one or more managers, including foreigners).
- You are required to pay 25% of the authorized capital at the stage of company registration, and the remaining amount has to be paid in the next two years. However, there is one exception: if a founder or a director obtains a work visa, 10,000 Turkish Liras has to be deposited in the company’s account.
Sounds good?
If we talk about downsides, there is just one: if the company’s CEO is a non-resident, he/she will need to obtain a work visa (otherwise, you will not be able to open a corporate account). An obvious solution here is to appoint a local nominee director, but you need to make an agreement with such a person very carefully to protect yourself from unscrupulous actions.
Interested in establishing a business in Antalya? Click on the above link to read more detailed information on setting up a limited company in Antalya or get in touch with us straight away!