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HOW MUCH DOES IT COST TO FOUND A PERSONAL COMPANY?

The first step in this process is to establish the company. Once you start earning income by establishing your business and making sales, you'll need to start invoicing for those sales and paying taxes on your income. Therefore, establishing a company becomes inevitable once you start earning money. The term "company" can be so daunting and irreversible to the public that most people lose their courage at this point and give up on bringing their dreams to life.

However, this is a big misconception. With the support of experienced and knowledgeable people in this field, the process becomes so simple and easy that it is very likely that you will say "Is that all?" when all your procedures are completed.

Process of Establishing a Sole Proprietorship

Let's take the first step and get started then:

1. The first step is to decide. We have decided and believed that we will work for ourselves and enter the business world.
2. The second step is to consult. You're saying, "I'm venturing into the business world for the first time and I need someone to guide me." At this point, there should be accountants who will provide consulting in the relevant field and take control of your accounting system.
3. The final step is to implement. We have made our decision, consulted knowledgeable people, and agreed with our accountant who will guide us. Now, all that's left to do is to provide the documents requested by your accountant and start your business.

What Documents Are Required to Establish a Sole Proprietorship?

• Copy of the ID card
• Residence certificate
• The business you want to do and the related activity code (Your accountant will assist you in selecting the activity code.)
• Business address

Your accountant will need the above information and documents to establish your company on your behalf. After your accountant establishes your company, you'll wait for your tax certificate to be issued, and your first tax inspection will be carried out by tax officials.

Monthly Cost of Establishing a Sole Proprietorship

You've taken the first step, but you still have questions in your mind, don't you? How much tax will I pay? How will my insurance procedures work? Will I pay withholding tax? Many questions like these will arise. To briefly address them:

• Stamp Duty
  - KDV Stamp Duty for monthly VAT returns: 64.10 TL
  - Stamp Duty for Provisional Tax Return every three months: 97.20 TL
  - Stamp duty for annual Income Tax Return: 133 TL
  - When we add up these items, the total stamp duty for one year will be 1,291 TL.
  
• Value Added Tax
  Later, if there are revenues, they will pay VAT every month. So how is this VAT calculated? The difference between the KDV of your revenues for that month and the KDV of your expenses is deducted from the total KDV of your revenues for that month, and the remaining amount is reflected as the KDV to be paid in your return. However, if the KDV amount of your expenses is greater than the KDV amount of your revenues, you will be considered to have lost money for that month, and you will not have to pay KDV for that month.
  For example; You earned 5,000 TL from a product with a 18% VAT rate in September 2020. If your expenses were not calculated, you would have to pay 5,000 TL x 0.18 = 900 TL KDV. However, in the same month, you had a total expense of 3,000 TL. You spent 2,000 TL on products with an 18% VAT rate and 1,000 TL on food products with an 8% VAT rate. So, while spending a total of 3,000 TL, you paid 360 TL (2,000 TL x 0.18 = 360 TL) for the products with 18% VAT rate and 80 TL (1,000 TL x 0.08 = 80 TL) for products with 8% VAT rate. Therefore, you paid a total of 440 TL VAT in that month. So, while you should have paid 900 TL for your 5,000 TL revenue, you subtracted the 440 TL VAT you paid for your expenses from this amount. That is, the KDV amount you have to pay for that month is 900-440=460 TL.
• Withholding Tax
  - If your workplace is rented, you must pay 25% withholding tax on the rent amount. For companies with up to 10 employees, withholding tax is paid every three months, and for companies with more than 10 employees, the withholding tax is paid once a month with the Muhtasar Tax Return.
  - If you have a withholding deduction, you will also need to pay 64.10 TL Muhtasar Declaration Stamp Duty for each period, in addition to your deductions for each three-month period.
• Bag-Kur Premium
  - If you are not already insured as an employee somewhere else or are not retired, you must pay monthly 4/B Bag-Kur premium.
  - If you have employees in your company, you must pay their insurance premiums on a monthly basis.
  - For more information about Bağ-Kur premium, read our blog post: What is Bağ-Kur Premium and How to Pay It?
• Income Tax
  The year-end Income Tax calculation is reported to you in the third month of the year following the year being followed. Income tax is collected as provisional tax in four periods during the year.

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