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Limited Company Expenses in Turkey

July 2014 - Corporate & Commercial. Legal Developments by Baspinar & Partners Law Firm.

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1. Limited Companies Establishment Expenses

Limited companies can be established by at least 1 real person or legal entity with a minimum capital of TL 10.000 (app. EUR 3.300-3.400) ÂĽ of the capital shall be paid in advance and blocked. Remaining Âľ of the capital shall be paid within 24 months. The expenses for establishment of a limited company are as follows:

 

·       Translation and notarization of foreign company documents: EUR 500 - 1.000 (depends on the number of pages that will be translated into Turkish)

 

·       Notarization of articles of association of the company: around EUR 550 - 600.

 

·       Company books and notarization of the books: around EUR 200

 

·       Competition Board fee: 4/10.000 of the capital needs to be paid as competition board fee

 

·       Registration fee: Company's registration at the Trade Registry Office and publishing of the registration at the Official Trade Registry Gazette. EUR 650

 

·       Miscellaneous expenses: around EUR 300

 

There will be also expense for notarization, apostille, translation expenses of the mother foreign company documents which will be done in its own jurisdiction. Therefore we cannot give an estimate. 

 2. Limited Companies Post Establishment & Management Expenses

 

·       Important board decisions and general assembly or shareholders meetings of companies need to be registered at the Trade Registry Office. These registrations are sometimes for convenience purposes (shareholder structure, board member appointments, etc.) whereas sometimes for requirements provided by laws. (Capital increase, office address changes, etc.) Each application for registration of companies' decisions at the trade Registry Office costs around EUR 200 - 400.

 

·       Companies should be registered at the relevant tax office. The tax registration requires;

 

i.               Office lease contract, which is the official trade address of a company.

ii.              Certified Public Accountant contract, which is also required for legal bookkeeping of a company and tax declarations