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TURKISH ECONOMY / ESTABLISHING A COMPANY

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Upon obtaining approval, the establishing company can register at the Turkish Ministry of Industry and Trade.

For a public stock company, at least five founding members are necessary. In the establishment phase 1/4 of the companys capital should be deposited in a bank by partners or must be paid up within three months. $50,000 US must be brought by each foreign investor as the share of capital in this phase. A private limited company requires at least two partners. Each foreign investor must also pay a minimum of US $50,000. This money must be transferred to Turkey in hard currency and can be blocked in Foreign Exchange Deposits Accounts.

Documents to be presented at the Ministry of Industry and Trade are:

- Articles of Association certified by a notary,
- Certificate of deposit of the foreign currency,
- Investment approval of UT,
- Memorandum of Understanding, where the applicant is a legal entity.

After confirmation of the establishment of the company by the Ministry of Industry and Trade, further procedures are as follows:

- Registration with the city authority. This requires the presentation of:
* Rent contract for office premises
* Articles of Association as approved by the Ministry of Industry and Trade
* Certified sample of signature.
- Registration in the trade register
- Registration with the Chamber of Commerce or Chamber of Industry
- Confirmed completion of the establishment of the company with UT.
- Registration with the local tax and social insurance authority.

 


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