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Corporate LawInitiate Your Startup In Turkey

Startup in Turkey, well-known for its stable economy and young demographic, is an appealing destination for entrepreneurs worldwide looking to start their own businesses. The Turkish government has made substantial efforts to create a conducive environment for small and medium-sized enterprises (SMEs) and startups. If you’re enticed by the prospect of initiating a startup in Turkey, this article is your comprehensive guide.

The Importance of Startup in Turkey

Startups in Turkey are of significant importance due to the country’s youthful demographic and robust internet infrastructure. The Turkish government’s commitment to creating an environment conducive to entrepreneurial growth is evident in its ongoing efforts to enhance operational systems specifically tailored for SMEs, which commonly serve as breeding grounds for startups. The country’s flourishing startup environment appeals to investors seeking growth and profitability within a robust business climate.

Quick Facts Regarding Startups in Turkey

Startups in Turkey operate across diverse sectors, with the most common business entity being a private limited liability company. Both local and foreign investors can open startups in Turkey. The minimum share capital for a private limited liability company is TRY 10,000, and a comprehensive business plan is required. After registration, the company is granted a tax identification number.

Startups in Turkey

Startups in Turkey focus on innovative sectors, catering to distinct client needs and often requiring substantial initial and ongoing funding via Ministry. These startups typically rely on diverse funding sources, such as incubators, angel investors, and crowdfunding platforms. Turkey’s startup ecosystem has been thriving since 2012, with the creation of the Startup Support Organization and the introduction of an angel investor scheme by the government in 2013.

Legal Aspects: Is There a Minimum Share Capital Required?

There is no mandated share capital for startup companies in Turkey. However, depending on the business entity chosen, certain legal provisions under the Company Law may necessitate a specific amount of capital. For instance, the Turkish private limited liability company requires a minimum of 10,000 Turkish Lira (approximately 1,300 EUR or 1,200 USD).

Documents Necessary for Establishing Startups in Turkey

Apart from the standard Articles of Association, a comprehensive business plan and model are essential. Submission of the Articles of Association, shareholders’ and directors’ details to the Trade Register is crucial to obtain the Certificate of Registration for the startup.

Eligibility to Establish Startups in Turkey

Entrepreneurs, whether local or foreign, have the opportunity to set up startups in Turkey. Therefore, the country’s flourishing startup environment appeals to investors seeking growth and profitability within a robust business climate.

Business Management with Istanbul Law Office

While establishing a startup in Turkey can be straightforward when meeting requisite conditions, the expertise of a specialist in this domain can be invaluable. They can devise a customized business plan tailored to the specific needs of entrepreneurs. Effective business management encompasses a myriad of crucial tasks. Our experts team at Istanbul Law Office will elucidate the essentials of business management.

Startup Lawyer In Turkey

Startup Lawyer In Turkey

At Istanbul Law Office, we pride ourselves with our expertize as Startup Lawyer in Turkey. We understand the importance of startups in the economic growth of Turkey. Our team of proficient company formation specialists stand ready to provide comprehensive support in expeditiously registering startups, catering to a diverse array of sectors. Our team specializes in various services including budget analysis, accounting, marketing and promotional strategies, implementation of business solutions, and more.

FAQs

What are the benefits of opening a business in Turkey?

Turkey has a stable economy, favorable exchange rates, a qualified workforce, duty-free zones with the European Union, and free economic zones that make it an attractive destination for establishing businesses.

Are foreigners allowed to open businesses in Turkey?

Yes, foreigners have the right to open any type of company in Turkey on the same level as citizens.

What types of startups are popular in Turkey?

The most common business entity for startups in Turkey is the Private Limited Liability Company.

Conclusion

Initiating a startup in Turkey can be a complex process given the country’s specific legal and regulatory environment. However, our team of attorneys at Istanbul Law Office can assist in navigating these complexities, offering expert advice and support without you needing to travel to Turkey. Contact our law firm for comprehensive assistance tailored to your needs.