TURKEY COMPANY FORMATION

Turkey Limited Liability Company (LLC) Establishment Guide

Basic Establishment Requirements:

Shareholders: At least one individual or legal entity (foreign individuals or foreign legal entities may also be registered as shareholders)
Minimum Capital: 50,000 TL (Turkish Lira / approximately USD 1,280) or more

Total Cost of Turkey Company Establishment Services: USD 5,800

The details of the Turkey company establishment process are as follows:

1) Initial costs related to establishment: USD 800

Local translation and notarization costs
Trade registry office fees
Capital contribution account opening costs

(* This cost is based on two individual shareholders/directors. For corporate shareholders or three or more individual shareholders/directors, translation and notarization costs will be adjusted upward.)

2) Company establishment service fees, post-registration fees, and operating account setup fees: USD 5,000

a. Company establishment

Preparation of board resolution and power of attorney for company establishment
Preparation of articles of association in accordance with Turkish industry codes
Additional local translation and notarization fees
Submission of company establishment documents to the Trade Registry
Obtaining a potential tax number
Application for registration in the MERSIS (Central Trade Registry System)
Approval of legal documents for a limited liability company (LLC) at the Commercial Registry Office
Application to the Commercial Registry Office and publication of the company establishment notice in the Commercial Registry Gazette

b. Post-establishment procedures

Preparation of signature forms for the limited liability company (LLC)
Tax registration with the Tax Office
Application to the social insurance agency
Attend tax audit at the Tax Office
Obtain official UETS (Universal Electronic Notification System) address
Apply for E-TUYS (Electronic Incentive Application and Foreign Capital Information System) system

c. Handling of operating account opening

Prepare documents for operating account opening
Provide basic consultation on account opening

d. Annual registered address service fees

The procedures for establishing a company in Turkey are as follows: -

1) Provide the required documents for establishing a company in Turkey

2) Conduct KYC (Customer Information Verification) procedures and issue an invoice

3) After confirming the costs, prepare a power of attorney and board resolution (an Apostille is required for the power of attorney)

4) Conduct local translation and notarization procedures

5) Register with the Trade Registry Office

6) Opening of the capital account

7) Tax registration and social security registration

8) Opening of the operational account

9) Obtaining the business license (Additional costs will be charged if a separate license is required)

Estimated time required: (from the date of obtaining all documents) minimum 3-5 weeks

Required documents:

1) Scanned copies of passports with apostille and two original copies for each individual shareholder/executive

2) Proof of English address for each individual shareholder/executive

3) One passport photo for each individual shareholder

4) Power of attorney (to be provided later)

## Separate Quote:

Accounting Services (including monthly tax filings and annual tax filings): USD 1,800/month

(including advisory services on tax regulations, labor laws, basic operational structure, etc.)

For limited liability companies, if two of the following three conditions are met for two years, they are exempt from audit regulations.

a. Total assets: TRY 3 million or less (approximately USD 76,000)

b. Total revenue: TRY 6 million or less (approximately USD 150,000)

c. Total number of employees: 150 or fewer

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