Establishing a Limited Company in Istanbul with a Turkish Business Bank Account

Turkey extends far beyond its reputation as a scenic vacation locale, offering a unique chance to set up a limited company, irrespective of the applicant's residency. Istanbul, strategically positioned at the crossroads of Europe and Asia and contributing a significant 27% share of the GDP, provides an appealing environment for international business ventures. Our international team of experts, in collaboration with Turkish partners, stands ready to provide the services of company registration and securing a business bank account in a local bank for our clients. We can help you establish a limited company in Istanbul within just 15 days - without a personal visit.

Despite prevailing geopolitical and economic challenges, Turkey remains an attractive destination for international business setup and capital protection. However, before embarking on business immigration, a comprehensive understanding of the Turkish lifestyle, culture, and legal regulations is imperative. 

Preferred Businesses for a Limited Company in Istanbul

Istanbul, recognized as a global business hub, hosts 50% of Turkey's operations and transactions. Lucrative sectors, including international trade and tourism, make opening a limited company in Turkey, particularly in the Istanbul Free Zone, a sought-after choice.

The dominant and most profitable sectors contributing to the economy include:

1. Industry (heavy industry and consumer goods);

2. Transport services, logistics, and communications;

3. Real estate market;

4. All forms of trade;

5. Agricultural businesses;

6. Insurance.

Advantages of Company Formation in Turkey

Several features of the Turkish state make it a favorable location for establishing a limited company:

• Proximity to numerous countries and a strategic position in trade routes between Europe and Asia; 

• Amicable relations with many European and Asian countries;

• Equal rights for foreign and Turkish entrepreneurs;

• A wide array of government programs and favorable tax rates.

Turkey is committed to foreign investments; it continuously monitors and develops new incentive programs.

Added Benefits for Limited Company Setup in Turkey

Traditionally renowned as a summer destination, Turkey has evolved to be a preferred choice for businesses of all sizes. Setting up a limited company in Istanbul opens the following paths:

1. Streamlined formation leading to permanent or temporary residency.

2. An enhanced investment climate, enhancing competitiveness in foreign investment.

3. International channels for exporting and importing goods: especially attractive to investors relocating offshore entities.

Istanbul offers customs privileges, various loan programs, secure and client-friendly banking services, export discounts, VAT reimbursement, and other advantages.

Understanding Limited Company (Limited Sirket) in Istanbul

Today, Turkey recognizes five legal forms of business organization, with a limited company (Limited Sirket) standing out as the most popular and cost-effective choice. Basic requirements for limited company registration include:

• At least one and no more than fifty founders. 

• The director can be a founder or an employee, with one or more individuals. 

• Minimum share capital of 10,000 Turkish Liras. 

• Opening a bank account requires a work visa. 

• Founders are individually liable for their investment share. 

• Initial payment is accepted in cash or by transfer.

Notably, limited companies are prohibited from engaging in banking and insurance business and cannot opt for a name identical to a previously registered Turkish company.

Step-by-Step Guide to Company Formation in Istanbul

The process of forming a limited company in Istanbul follows similar steps for both residents and foreign nationals:

1. Registering the Limited Company Memorandum and Articles of Association with MERSIS:

This initial step involves submitting the necessary documentation to MERSIS.

2. Translating, Apostilling, and Notarizing the Documents:

Documents must be translated, apostilled, and notarized to ensure legal compliance.

3. Obtaining a Tax Identification Number:

Acquire a Tax Identification Number from the Tax Office, a prerequisite for opening a business bank account and depositing the share capital.

4. Payment to the Anti-Monopoly Directorate:

Pay 0.04% of the registered capital to the Anti-Monopoly Directorate and deposit 25% in your bank account.

5. Registration with the Turkish Trade Registry:

Complete the registration of the limited company with the Turkish Trade Registry.

6. Notarizing Company Books:

Registering the company books with a notary: an essential step to ensure proper documentation.

While these processes involve time and financial investment, they are indispensable to prevent registration refusals. For a streamlined experience, consider seeking professional assistance from our business partners in Turkey.

Documents Required for Limited Company Registration in Istanbul

To expedite the registration of a limited company in Istanbul, prepare the following documents:

• Passports of all founders;

• Eight photos of each owner;

• Notarized Articles of Association;

• Applications from all founders;

• Bank statement for the initial payment;

• Documents confirming the company's legal address;

• Rental or purchase agreement for the company's office space in Istanbul.

For legal entities, additional apostilled documents are required, expanding the list to include the legal entity's document, company registration certificate, Articles of Association, documents confirming the decision to establish a new legal entity in Istanbul, and the company's signature card.

The limited company registration process in Istanbul, coupled with opening a business bank account, typically takes 9 to 13 days.

Business Bank Account and Additional Services for Limited Companies in Istanbul

Opening a business bank account in Turkey for a limited company necessitates the company director to have a work visa, residence permit, or a Turkish passport. Citizenship can be obtained through a $400,000 real estate investment or other qualifying grounds.

To simplify the process and seamlessly register a limited company in Istanbul, our portal experts, supported by Turkish partners, offer extra services such as:

• Application preparation and submission;

• Drafting the Memorandum and Articles of Association;

• Registered address services;

• Assistance in buying or renting offices;

• Ready-made business acquisition based on specific criteria;

• Submitting documents to the Turkish administration;

• Accounting and reporting services.

Remote Setup of a Limited Company in Istanbul

We are committed to achieving the objectives and goals specified by our clients with integrity and assurance. Our international portal offers a comprehensive range of services, including offshore account opening, bank selection, and business registration, tailored for individuals who are not just dreamers but achievers. For inquiries, check our website.