Turkey offers a diverse and vibrant business environment that attracts local and foreign investors. One of the key attractions for foreign investors is the presence of free zones in Turkey. The freezones are designated areas with special economic regulations.
These freezones are responsible for encouraging foreign investment and boosting economic growth. By incorporating your company in the freezone, you can get numerous benefits like tax advantages, simplified customs procedures, etc.
Nowadays, there are eighteen free zones in Turkey. The main objective of these free zones is to attract foreign investment.
Obtaining a License is Mandatory
To incorporate a company in the free zone, you need to obtain an Operating License. In Turkey, the Ministry of Trade issues operating licenses to businesses operating in the free zone. Some prominent free zones in Turkey are Mersin Free Zone, Anatolian Side Free Zone, etc.
How to Establish Your Company in a Free Zone?
Here are some steps to follow to opening a free zone company in Turkey.
- Choosing the Right Free Zone
Before commencing the incorporation process, you need to select the free zone that aligns with your business requirements. You must consider factors like proximity to ports, access to skilled labour, etc.
- Obtain Approval
You must apply for preliminary approval from the Free Zone Directorate by submitting a business plan. The business plan must contain information about your proposed organisation’s activities, investments, etc.
- Preparing the Essential Documents
Collect the essential documents for the company incorporation process:
- The notarised signatures of the shareholders, along with your passport
- Bylaws or Articles of Association (AoA)
- Memorandum of Association (MoA)
- Company address proof
- Bank statement depicting your company’s share capital
- Lease agreement for your organisation’s registered office in the free zone
- Select an Ideal Name for Your Company
You must select a unique name for your company and submit it to the free zone authorities for approval. Consider the naming rules as set by the free zone authorities.
- Register the Company in Turkey
After selecting a suitable name and getting the approval, set up your organisation with the relevant Trade Registry Office. Prepare and submit the necessary documents to register the company in Turkey. The authorities will review your application and, upon approval, will issue a letter of intent.
- Opening a Bank Account
After receiving the letter of intent, you should open a bank account in the name of your company. Ensure that you open your account in a bank that operates in the free zone.
- Registration with Trade Registry
You must register your organisation with the local trade registry and the Chamber of Commerce in Turkey.
- Get the Necessary Licenses
Based on the nature of your company, you might require specific permits or licenses. It is crucial to ensure compliance with all applicable regulations and acquire the necessary licenses.
These are a few steps you must follow to establish your free zone company in Turkey. If you want the top foreign operation consultancy to help you with company formation, consult with FO Consultancy. The firm specialises in company formation for foreigners.