Entrepreneurship in Turkey

The required documents and qualifications for entrepreneurship in Turkey

One of the best ways to become an entrepreneur in Turkey is to register a company in this country. In order to start the start-up process in Turkey, the applicant must first approve his/her business plan at the Turkish Consulate in his/her home country and then he/she will be able to get the required work permit from the Ministry of Labor in Turkey. Various companies can be registered in Turkey. The applicant must choose one of these companies according to the type of his/her business and then according to the requirements for registering these companies take the required actions to go through this process. In order to invest and start a business in Turkey, applicants must prepare some documents and submit them to the Turkish Immigration Office and then they will get a temporary residence permit in Turkey which is a two-year residence permit. It should be noted that the applicants for start-up in Turkey in order to prove their financial viability must prove that they have $ 6,000 in assets for each member of their family and that they have rented or purchased a property in one of the cities in Turkey. Documents that are required to get a temporary residence permit in Turkey are:

• The license application form which is completed by the applicant
• A copy of a valid passport
• Four photos
• A print of the bank account (bank statement) that shows the applicant’s financial ability and shows that he/she can pay for entrepreneurship and living expenses in Turkey
• Lease or title deed of the place where you want to establish the business

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Topics reviewed in this article:

• Types of entrepreneurship in Turkey
• How to start a business in Turkey?
• Getting a residence permit in Turkey by registering a company

Types of entrepreneurship in Turkey

As we have mentioned, registering a company is one of the best and safest ways for entrepreneurship and getting a residence permit through entrepreneurship in Turkey, and considering the fact the that international entrepreneurs and investors in this country are equally supported by government just like domestic investors and entrepreneurs, therefore so many people are interested in process. Different types of companies are registered in Turkey for entrepreneurship, which are examined in this section of the article.

Private limited company: these types of companies are the ones that can be established by only one person and their required initial capital is 2100 to 2600 US dollars which is equivalent to about 10 thousand Turkish lira. Managers of these type of companies in Turkey can be foreigners or citizens of Turkey.

Joint-stock companies: According to the number of shareholders and investors these types of companies are divided into two categories of public and private joint stock companies, these companies need a capital of about 2800 US dollars. In this type of companies, the share of each shareholder is equal and according to the laws of Turkey, in the general assembly of these companies, there must be some people from the Turkish Ministry of Commerce.

• Limited Partnership: In these companies, one or more people may be responsible for the debts of the company.
• General partnership: In this type of companies, all shareholders and capitalists are responsible for paying the debts of the company.
• Establishing a free zone company in Turkey: People who have the ability to produce special goods can start a business by buying a property or land in the areas which are introduced to them by the Department of Commerce. Applicants for entrepreneurship in Turkey can also use suitable banking facilities by establishing these types of companies.

How to start a business in Turkey?

As mentioned, in order to start a business, the applicants for entrepreneurship in Turkey must register a company in Turkey and start their business. The first step in starting a business and registering a company in Turkey is to provide tax and identity documents of the applicant and his/her partners according to the type of the company. For starting a business and entrepreneurship in Turkey, as well as to support himself/herself and his/her family, the applicant must also prove his/her financial ability by submitting a bank statement. According to the type of the desired company for starting a business, the company’s articles of association must be prepared and the type of company’s activity must be specified in it. The applicant must also go to the Ministry of Treasury and Finance to get the tax number, and after determining the location of the company the inspectors of the Ministry of Treasury and Finance will check the location, then they can register the company’s address. After completing these steps, the applicant can go to the Turkish Chamber of Commerce and register this company and advertise the announcement of its establishment in the official newspapers. Also, an account must be opened in the name of the company and a person must be determined as the company’s accountant or financial advisor.

Getting a residence permit in Turkey by registering a company

As we know, for applicants for entrepreneurship in Turkey and applicants who want to get an entrepreneur visa in Turkey, registering a company in this country is a way to get a residence permit and then obtain the citizenship of this country. People who want to start a business in this country will initially get a two-year residence permit to complete the residency process, during which they must be active in their field of business. People who fail to start a business in the first six months of their stay, their residence permit will become void/invalid. If for 5 years the applicant is an entrepreneur in Turkey through registering a company and if he/she gets to the ideal and desired conditions determined by the Turkish government, he/she will be able to get a permanent residence permit in this country and can use and enjoy all the citizenship rights as Turkish citizens. After getting a permanent residence permit, the applicant can apply for Turkish citizenship. This residence permit includes not only the applicant but also his/her spouse and children under the age of 18.