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HOW TO ESTABLISH A COMPANY?

How much capital is required?

Establishing a company usually takes two or three days to complete. The cash amount required by the company should be met during the period until the capital is sufficient for the business to survive. If more investment will be made, devices will be purchased, or large imports will be made, more capital will be required to avoid problems in future payments. The capital size for a single partnership venture can be around 10,000 TL, and the expenses are around 1,500-2,000 TL excluding rent and accountant fees.

The minimum capital amount for limited companies is 10,000 TL, while it is 50,000 TL for joint stock companies. The capital of limited companies is legally determined, but there is no obligation to make payment. However, for joint stock companies, it is mandatory to deposit 25% of the determined capital to the bank before establishment.

What documents should be prepared for company establishment?

The type and title of the company and the shareholders and their share amounts should be determined according to the company type. After determining the company establishment location and company representative, the stage of preparing documents by the founders is entered.
Documents that must be prepared by all partners for company establishment include:

• Identity photocopy,
• Residence certificate,
• Lease agreement,
• Passport photo (Some Chambers of Commerce do not require it depending on the province.)
• Bank letter stating that the minimum blocked amount of capital is deposited for joint stock companies.

After completing the document processes, the application and approval process begins. After the approval process, the activity certificate, commercial registry certificate, and registration letter can be obtained from the related Chamber of Commerce.

Which Type of Company Should Be Selected?

The differences between the "Limited" or "Joint Stock" company types vary in terms of the responsibilities and advantages they bring. Limited and joint-stock companies are generally similar to each other, but they have some differences. For example, limited companies have an advantage due to their unlimited liabilities because of the minimum capital amount. However, the responsibilities of limited company partners are unlimited.

Joint stock company partners are liable only up to the amount of capital they have invested. While share exchange is realized through a notary in limited companies, this requirement is not necessary in joint stock companies. Some incentives are available for value-added gains in the sale of shares in joint stock companies.

Before starting the registration process, we recommend that you choose an accountant. You can decide on the most suitable company model by discussing the business topics of your company with your accountant. It is also important to discuss management, partnership structure, capital, etc. Remember that as the company owner, you will manage the company and have many obligations.

If you cannot decide on whether to choose a limited or joint-stock company, you can check out our article "Limited-Joint Stock Company Establishment".

What Should Be Done To Establish A Company?

• After deciding on the company type, there are two registration processes you need to perform for establishment: registering with the relevant Chamber of Commerce and opening a taxpayer identification number from the relevant tax office.
• First, you need to determine the address you will designate as the company headquarters. After signing the lease agreement, you must prepare the company's articles of association with your accountant. There are points to pay attention to at this stage: company title and NACE code. After the articles of association are prepared, you should go through them with your accountant. The articles of association will be prepared through the Mersis system. The potential tax number will also be given through the system at this stage.
• Then, you need to handle the notary procedures. First, you need to sign under the articles of association to be printed at the notary and give your accountant the authority to establish the company. You can get the necessary signatures by making an appointment with the Istanbul Chamber of Commerce, but I do not recommend it; it can take a long time.
• You need to open an account in the bank on behalf of the company with the notary-approved articles of association and the potential tax number taken through the system and deposit ¼ of the capital into this account. This money will be blocked by the bank until your company is established. After your company is established, the blocking will be lifted, and you can use your money. If the company you establish is a limited company, there is no need to open an account at the bank and deposit capital into this account.
• Your accountant can now apply to the relevant Chamber of Commerce with the file containing the necessary documents (petition, establishment declaration, articles of association, bank blocking letter, competition fund payment, etc.) for company registration. If there are no deficiencies in your documents, the Chamber of Commerce will complete the registration process in one or two days.
• When your company is registered with the Chamber of Commerce, you will need to go to the notary for the second time. This time, you will sign the signature circular of the established company for preparation. You will give a notary power of attorney to your accountant as the company representative. In addition, managers should have their identity or ID cards approved by the notary for the tax office application, and the notarized copies should be delivered to the accountant.
• Your accountant will receive the company's approved official books from the Commercial Registry and apply to the tax office with a petition to issue your company's tax certificate at the end of the day. The tax office will send an inspector to the address of your company, and the inspector will visit the company address and ask you to be present and sign the inspection report. If the inspector cannot find you at the address, you will need to request a new inspection.

What Should Those Who Want to Establish a Company Do?

When deciding to establish a company, working with an expert accountant who can assist you throughout the process ensures that the professional guidance you may need during the establishment procedures is carried out professionally. Starting work with hearsay information will cause you to have difficulty in the taxation process of the sector you are in, what you should pay attention to during your commercial activities, and tracking your accounting processes after establishment. IFASTURK, with its years of experience, informs entrepreneur candidates in detail about company establishment and carries out process follow-up.

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