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Understand the Jurisdictions Setup Requirement Before Proceed Your Turkey Company Incorporation Services
Turkey’s LLC is the most common route to take by foreign investors who are seeking to incorporate a company in Turkey. Why Turkey is enticing to the foreign investor is because there are no business restrictions for foreign entrepreneurs when in comes to incorporating a business in Turkey.
Why would an investor choose to setup a company in Turkey? Because of the incentives that the country has to offer, such as setting up the business in a tax-exempt free zone, a tax minimizing holding company and receiving business incentives from the government.
Turkey is one of the fastest growing economies in Europe and it is projected to be the fastest growing economy in Europe by 2017. Turkey is ranked as the 20th best country in the world when it comes to protecting investors, according to the International Finance Corporation. The country also has a strong legal system in place, which processes disputes and settles contracts much quicker than the European average, which works to the advantage of every business investor because you want your company’s documentation to be in good hands, especially if it involves the incorporation documents.
Incorporating a Company in Turkey
All companies that are incorporated and registered in Turkey must be audited and the financial statements to be submitted to the Government. To establish a company in Turkey, investors would need the following documentation:
- Reservation of the business name
- Incorporation documents kept up-to-date
- Notarization of the documents
- The tax and license registration proof
For the new investor just seeking a foothold in the industry, the entrepreneurs would need to pay a corporate tax of 20%. Registering a company in Turkey is easy. Why?
Because of the limited liability company option, which means businesses can be incorporated within a week as long as the business has a minimum of one shareholder and one director. Both the director and the shareholder can be of any nationality, which means incorporating a company in Turkey will still easily allow you to wholly owned the company.
There are several incentives offered to the investor who chooses to incorporate a company in Turkey, such as setting up a tax-exempt free zone company and minimizing tax on the holding company. The investor would also be receiving business incentives from the Government of Turkey.
Companies incorporated in the Turkey Free Zone pays no corporate tax, VAT of customs duty, a big incentive to pull investors in. Companies established in the free trade zone are also allowed the free repatriation of their profits back to the parent company.
For more information on Turkey company incorporation services, visit 3E Accounting today and let our panel of experts assist you in the right direction.
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