Business in Turkey – FAQ – Turkey‎ Company Setup

Here are the most common questions we get. Please find the answers accordingly.

• Are there any legal barriers during the establishment of a company in Turkey for foreign citizens or companies? (Such as a local partner/manager required)

There are no legal barriers for foreign citizens or companies.

• What are the rates for corporate tax / income tax in Turkey?

Corporate Tax: %20

Income Tax: Up to 18.000 TL %15, 18.000 TL –  40.000 TL %20, 40.000 TL – 98.000 TL %27, 98.000 TL and over %35

• What is the rate for VAT?

VAT Rates: 1%, 8%, and 18% depending on the product

• Is it possible to setup company in turkey with a virtual office service? Do you have a partner for this service?

It is possible and also a common choice in Turkey. We have a partner. And the average price for a virtual office service is 50,00 USD per month.

• What is the minimum wage in Turkey?

Minimum wage in Turkey is 2.020,59 TL + National Insurance Cost

• Are there any restrictions on bank transfer in Turkey?

We dont have any restrictions in Turkey.

• Are there any government incentives for foreign investor in Turkey?

Turkey has incentives for foreign investors both in establishment of a company and afterwards.

• Do partners and managers need a working permit? What are the terms of getting a working permit for them?

According to the new law, the working permit requirement is abolished in case directors of incorporated companies do not reside in Turkey and in case foreign partners of limited companies are not the authority in these companies. In order to get one company should have 100.000 TL stock capital and for every work permit company should have 5 Turkish employees for every foreigner (in 6 months after the establishment).

• Do you need the presence of partners/managers to open a bank account and establish the company?

We suggest to do so. But it is not a must. Our lawyers can provide services via PoA.

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