Step by Step Company Formation

Step by Step Company Formation

This document contains general information and process on registering a company in Turkey with a non-resident foreign partner in Turkey. The process is 5-10 work days in total. pulvinar dapibus leo.

1. Choose a company type (LLC or JSC) and a company name.
• As mentioned in “The Detailed Registry Process” file about company types. There are five types of companies. As ETITAX we recommend LLC with a Turkish Lira Capital to register.

2. Address
• The virtual office address will be provided.

3. Registration (3 workday)
• ETITAX will organize the documents mentioned in “The Detailed Registry Process” file. And ETITAX will make an appointment for registration from the Trade Registry Directorate. The Client, a Sworn Translator and ETITAX Representative CPA will go to the Trade Registry Directorate to complete the Registration.

4. Tax ID (2 workday)
• ETITAX will obtain the tax number after registration. ETITAX will create a Tax Certificate approved by the Revenue
Administration.

5. Giving Power of Attorney to ETITAX as CPA Representative
• ETITAX will handle of your needs with POA. The POA will be in use to file taxes and any other services. The client and the Sworn Translator should go to the Turkish Consulate or a Turkish Notary to make a Signature Circular and to give a POA to ETITAX as an Authorized Representative. The official company documents needed from the Turkish Consulate or a Turkish Notary to make Signature Circular will be provided by ETITAX as the company established.

6. Opening a Bank Account for the newly established company
• The official company documents needed from the Bank to open an account will be provided by ETITAX as the company established. Prefer ETITAX for a smooth bank account opening.

7. Get User Code and Password for TRA Systems
• To pay the taxes online there will be a need for user code and password to enter Turkish Revenue Administration’s systems. Choose ETITAX for hassle-free system integration.

8. e-Notification Application
• The e-Notification application is mandatory and it ensures you’re registered in Turkish Revenue Administration’s official notification system to receive important government updates and requirements. Simplify e-Notification processes by choosing ETITAX.

9. e-Book Application
• The E-Book application allows you to manage your company’s books digitally, ensuring efficient, accurate, and compliant financial management. It’s mandatory to use Journal and General Ledger to book electronically. Achieve seamless integration with ETITAX's expertise.

10. Lease Agreement Stamp Duty Filing
• In Turkey, agreements/contracts involving money are subject to stamp duty. A lease agreement is also a contract involving money. It’s mandatory to file a Lease Agreement Stamp Duty in 15 days from the Company Foundation date. Say goodbye to complexity file your taxes with ETITAX.

11. Beneficial Ownership Filing
• File your Beneficial Ownership Report, which is legally required for all Turkish companies after 90 days from the Company Formation date. For efficient and worry-free filing, prefer ETITAX.

Step by Step Company Formation with POA

This document contains general information and process on registering a company in Turkey with a non-resident foreignpartner with POA. The process is 15-20 days in total, including the shipping process of the documents.

1. POA – Power of Attorney
• There will be two POA process.
First POA process; The POA is given by the partner or partners to ETITAX to establish the company.
Second POA process; The POA is given by the Foreign Authorized Representative to ETITAX to represent the newly established company and make the company jobs for example opening a bank account and filing taxes. The second POA process will be made after the Company Registration. Because at the first POA process there is no such company and Authorized Representative of the company.

This means the client will go to the Turkish Consulate twice for the two POA process’. The POA process:
The client will work with a Sworn Translator. The client’s passport will be translated in to Turkish by the Sworn Translator. The client and the Sworn Translator will go to the Turkish Consulate together. There will be two transactions at the Consulate:
1.1 The Client’s translated passport photocopy will be notarized. (Three copies)
1.2 The client will give POA to ETITAX to establish a business. The POA paper will be in Turkish (this is the reason for Sworn Translator is coming with the client), so there won’t be any translator fees in Turkey after that.
It’s a good idea to make a call and make an appointment before arriving to the Turkish Consulate.

2. Post (7-15 days)
• The POA Papers and notarized passport photocopy (Three copies) will be posted to CPAs address.

3. Choose a company type (LLC or JSC) and a company name.
• As mentioned in “The Detailed Registry Process” file about company types. There are five types of companies. As ETITAX we recommend LLC with a Turkish Lira Capital to register.

4. Address
• The virtual office address will be provided.

5. Registration (3 workday)
• When the POA papers and notarized passport photocopies arrives in Turkey, ETITAX will organize the documents mentioned in “The Detailed Registry Process” file. And ETITAX will make an appointment for registration from the Trade Registry Directorate.

6. Tax ID (2 workday)
• ETITAX will obtain the tax number after registration. ETITAX will create a Tax Certificate approved by the Revenue Administration.

7. Giving Power of Attorney to ETITAX as CPA Representative
• ETITAX will handle of your needs with POA. The POA will be in use to file taxes and any other services. The client and the Sworn Translator should go to the Turkish Consulate or a Turkish Notary to make a Signature Circular and to give a POA to ETITAX as an Authorized Representative. The official company documents needed from the Turkish Consulate or a Turkish Notary to make Signature Circular will be provided by ETITAX as the company established.

8. Opening a Bank Account for the newly established company
• The official company documents needed from the Bank to open an account will be provided by ETITAX as the company established. Prefer ETITAX for a smooth bank account opening.

9. Get User Code and Password for TRA Systems
• To pay the taxes online there will be a need for user code and password to enter Turkish Revenue Administration’s systems.

10. e-Notification Application
• The e-Notification application is mandatory and it ensures you’re registered in Turkish Revenue Administration’s official notification system to receive important government updates and requirements.

11. e-Book Application
• The E-Book application allows you to manage your company’s books digitally, ensuring efficient, accurate, and compliant financial management. It’s mandatory to use Journal and General Ledger to book electronically.

12. Lease Agreement Stamp Duty Filing
• In Turkey, agreements/contracts involving money are subject to stamp duty. A lease agreement is also a contract involving money. It’s mandatory to file a Lease Agreement Stamp Duty in 15 days from the Company Foundation date.

13. Beneficial Ownership Filing
• File your Beneficial Ownership Report, which is legally required for all Turkish companies after 90 days from the Company Formation date.