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Registration of a Local Company (Joint-Stock Company / Anonim Şirket) in Istanbul, Turkey. Service offer

Turkey has a civil law system which has been wholly integrated with the continental European system. For instance, the Turkish civil law has been modified by incorporating elements of the Swiss Civil Code and the Code of Obligations, as well as the German Commercial Code. The administrative law bears similarities with the French counterpart and the penal code with the Italian counterpart.

The principal forms of business organization in Turkey

sole proprietorship;


limited liability company;

joint-stock company;

сommandite company;


The most optimal option is to register a joint-stock company (Anonim Şirket).

A joint-stock company (JSC) can be formed with one shareholder and one director. These positions can be held by foreign individuals. In accordance with Turkish law, one of the directors acts as signatory to the bank account.

Company name

Every company in Turkey must have a name. The requirements for the company name are as follows:

  • it must be distinct from the names of all other companies;
  • the name must contain a suffix denoting a company type: Anonim Şirket;
  • it must contain a wording to indicate the business activity of the company (main business objective);
  • the company name cannot contain the words such as Turkey or Turkish;
  • the presence of foreign words in the company name is permitted unless such words contradict the law, the national, cultural and historical heritage of Turkey and where the name or brand promoting the goods or services constituting the business activity is in a foreign language or the investment is made by foreign shareholders;
  • it is permitted to use one word in English, the rest of the name must be in Turkish.

Company structure


  • A Turkish JSC is managed by the board of directors appointed by the general meeting of shareholders.
  • The director may be an individual or a legal entity, including a resident of another state.
  • The Board of Directors consists of at least one member, but must include one of the founders of the business (shareholders). If such a director (authorised signatory) is a foreign citizen and does not reside in Turkey, he does not need to obtain a work visa in the case of an JSC, unlike with limited liability companies. However, if the director, being a foreign citizen, does reside in Turkey, having a work visa is mandatory (and the company will be subject to increased requirements for the size and payment of the share capital to apply for a work visa).
  • The Board of Directors of a Turkish JSC decides all business matters other than those reserved to the general meeting of shareholders (by the JSC’s Articles of Association or by law).
  • It should also be noted that the director of the company is liable to the government for the company’s debts.


  • A shareholder can be an individual or a legal entity. There are no residency requirements.
  • Liability of shareholders is limited to the capital commitment. However, the shareholders and directors are liable with their own assets for amounts owed by the company to government authorities that cannot be collected from the company itself(such as taxes, administrative fines and social security premiums).
  • Shareholders are not publicly listed in the Trade Registry.
  • Shareholders must annually hold a general meeting to approve accounts for the previous year.

Share Capital and Shares

  • The minimum capital of a Turkish joint-stock company is TRY 50 000 (Turkish lira).
  • 25% of the capital must be deposited in a company’s account (temporary account created prior to filing a company formation application with the Chamber of Commerce). The funds in this account can be freely used for JSC’s expenses after the company is formed.
  • The remaining 75% must be paid in within 24 months.
  • Shares with no par value and bearer shares are not permitted.
IMPORTANT: from 1 October 2024, the minimum share capital for registering a joint-stock company in Turkey will increase from TRY 50 000 to TRY 250 000.

Company registration procedure

Description of the company registration procedure (with personal visit):

  1. company name check;
  2. entering the territory of Turkey;
  3. obtaining a Turkish TIN (can be obtained remotely on condition of prior entry to Turkey);
  4. depositing 25% of the capital in a temporary bank account (payment can be made from the founder’s account or in cash at the bank);
  5. having the documents of the founder and director translated and certified at a local notary, issuing a power of attorney to a representative to perform the registration;
  6. signing a lease agreement for the company’s office;
  7. having the company registration documents submitted to the Chamber of Commerce by a representative by power of attorney;
  8. signing an agreement and a power of attorney for accounting services to the company.

After electronic documents on company registration are received, one can start opening a bank account at a local bank. To start the procedure, the director must personally visit the bank together with a representative holding the power of attorney.

Documents and information required for registration of a Turkish JSC*:

  • Notarized and apostilled copy of the founder’s passport;
  • Residential address of the founder in the country of nationality, as well as a notarized copy of the proof of this residential address (utility bill / national passport / ID card);
  • 4 photos of the founder in electronic form or on paper;
  • TIN of the founder;
  • Email address;
  • Telephone;
  • Full name of the founder’s mother and father;
  • Company name;
  • Types of business activities (up to 5 activities can be specified);
  • Office lease agreement.

*This list is made for the simplest case when a joint-stock company is registered with a single founder who will also be the JSC’s director. If the company has several founders and/or directors, the list of required documents and information will grow.

If not all the founders can be present at the registration of the company, at least the founder who will be appointed as director of the company is required to be present. The other founders will need to provide an apostilled set of documents.

Documents and information for registration of a JSC with a legal entity as a founder:

  • Notarized and apostilled articles of association of the company (if the founding company is incorporated in a state that is not party to the Hague Convention of 1961 on Apostille[1], consular legalization of the articles will be required);
  • Resolution of the directors of the founding company to open a company (JSC) in Turkey;
  • Resolution on appointment of a director in the new company;
  • Consent of the individual who will be appointed as director of the new company;
  • Power of attorney for a representative;
  • Name of the new company;
  • Types of business activities (up to 5 activities can be specified);
  • Office lease agreement;
  • TINs of the founder and of the director;
  • Notarized and apostilled copy of the director’s passport;
  • Notarized copy of the proof of the director’s residential address (utility bill / national passport / ID card);
  • 4 photos of the director in electronic form or on paper;
  • Residential address of the company director in the country of nationality, email and telephone.
Please note that additional documents and information may be required in the course of company registration (including those requested by a local notary or government authorities).

Remote company registration

It is possible to register a company without visiting Turkey – using an apostilled power of attorney issued to our employee.

The estimated time of company registration without a personal visit is 3-4 weeks.

Subsequent administration of a company

Taxation and Exchange Control

Corporate Income Tax

A company is a resident of Turkey if its registered office or place of management is located in Turkey. Resident companies are taxed on their worldwide income, and non-resident companies – on income received in Turkey.

The standard corporate income tax rate is 20%. Certain groups of taxpayers may be subject to increased or, vice versa, reduced corporate income tax rates.

Value Added Tax (VAT)

By default, all resident companies have an obligation to pay all types of taxes and fees, including VAT.

The standard VAT rate in Turkey is 18%. Reduced rates of 8% and 1% apply to certain goods and services.

Withholding Tax

Dividends are subject to withholding tax at a rate of 10%. This rate applies to dividends paid by a resident company to an individual (wherever resident) and a non-resident company. However, no withholding tax applies to dividends paid by a resident company to another resident company.

Royalties are subject to withholding tax at the rate of 20%.

Different tax rates apply to interest payments. For example, interest on bank loans granted by foreign banks is subject to 0% withholding tax, interest on other loans is taxed at the 10% rate, interest on deposits – at a rate from 0% to 18% (depending on the currency and period of the deposit). The tax rates may be reduced under double tax treaties (DTAs).

Stamp Duty / Stamp Tax

Stamp duty is levied on a variety of documents, including agreements and financial statements, at the rates ranging from 0.189% to 0.948%. Stamp duty is normally levied on salaries at the rate of 0.759%. In some cases, fixed duties in Turkish liras are charged.

Exchange Control

Turkey has some restrictions on foreign exchange transactions. In particular, individuals are prohibited from attracting foreign-currency loans, and Turkish companies are subject to restriction on attracting such loans. Transactions between residents must be made in Turkish lira. Turkey also has a special levy on borrowings from abroad. The rate depends on the loan currency and period. The highest rate for borrowings in foreign currency for a period up to a year is 3% of the loan amount. This levy does not apply to banks or other financial institutions.

Audit and Accounts

Financial Statements

Turkish companies are required to keep accounting records and prepare financial statements in accordance with Turkish Financial Reporting Standards. Financial statements must be presented at the annual meeting of shareholders and need not be submitted to any government authorities.


Joint-stock companies are only subject to audit of their financial statements if they meet two of the following criteria in two consecutive financial periods:

  • total assets are or exceed TRY 35 000 000;
  • net annual sales are or exceed TRY 70 000 000;
  • number of employees is or exceeds 175.

Annual Return

There is no requirement to file the annual return for Turkish companies. This return is usually prepared and filed annually by the company secretary. It normally includes: corporate identification data (date of registration, registered office address); details of the directors and their resignations; details of the secretaries and their resignations; information about the share capital, par value of shares, number of shares issued; details of the shareholders and share transfers.

Tax Returns

As a general rule, the tax period for corporate income tax is the calendar year. The tax return is filed by the 30th day of the fourth month after the reporting period end-date (usually this is 30th April). Quarterly advance payments are made throughout the year. The final tax is paid on the tax return filing deadline date.


Fees (USD)
Registration of a Joint-Stock Company
Ø Payment of fees to the Trade Registry;
Ø Registered agent services:
- registration of a company with one business activity;
- preparation of notarization of the Articles of Association in accordance with the Turkish Commercial Code;
- making of all necessary documents for submission to the Trade Registry;
- approval of the company’s legal books by the Istanbul Chamber of Commerce;
- preparation and notarization of the signature Circular for a company in Turkey.

Other options are available upon request

7 100
Preparation of one apostilled copy of an individual’s passport (with UK notarial certification and apostille) – if necessary[3]
1 060
Making of one apostilled power of attorney (with UK notarial certification and apostille) – if necessary[4]
1 060
Notarized Turkish translation of one apostilled copy of passport
from 30
Notarized Turkish translation of one apostilled power of attorney
from 260
GSL fee for finding an office for a company and registering the lease agreement with government authorities
10% of the rent
(one-time fee)
Virtual registered office address
from 375 / year
+18% VAT per year
Assistance with opening a local bank account
2 000
Adding a new director to the company
Adding a new founder to the company
Adding a new business activity
Compliance fee
Payable in the cases of:
- incorporation of a company;
- renewal of a company;
- liquidation of a company;
- transfer out of a company;
- issue of a power of attorney to a new attorney;
- change of director / shareholder / beneficial owner;
- signing of documents.
350 (standard rate, includes the check of one individual)
+ 150 for each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL
+ 200 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL
450 (rate for a high-risk company, includes the check of one individual)
100 (signing of documents)
Keeping of the company’s accounting records, preparation of financial statements and audit of the statements (if necessary)
100 – 400 / hour[5]
(based on time spent; the rate depends on the type of work and qualification of a specialist involved)
Advising on legal, tax and accounting matters
from 200 / hour
Tax advice on VAT-related and other matters
from 300 / hour

[1] It is a multilateral Convention that abolishes the requirement of legalization for foreign public documents.

[2] The fees are valid as of May 2023.

[3] An apostilled copy of the founder’s passport is required for the registration of a company (both remote and with a visit to Turkey), but the client can prepare it without our help.

[4] It is required in the case of remote company registration (without vising Turkey). The client can prepare an apostilled power of attorney and submit it to us (we will provide the required text of the power of attorney).

[5] The minimum fee for keeping accounting records and preparing financial statements for a Turkish company is USD 500 per month (this fee does not include the audit of financial statements).

Are you interested in the offer?
7100 USD
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