Types of Companies in Turkey 2024

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Turkey is known for being a commercial country with a strong local economy. Many Arabs and foreigners are interested in opening.

their businesses and company headquarters in Turkey. This requires a process known as “establishing a company in Turkey” to conduct limited and unlimited.

commercial activities in accordance with Turkey’s general laws.

Types of Companies in Turkey:

The types of companies in Turkey vary depending on the business activities one wishes to engage in, and the licenses granted by the official authorities in Turkey.

represented by the Chambers of Commerce in Turkish provinces, depending on the type of company itself. Companies in Turkey can be categorized into four main types:

1-Joint-Stock Company:

The budget of the joint-stock company is distributed among its shareholders (partners), with each having specific responsibilities based on the number of shares they own.
The number of partners in a joint-stock company must not be less than five individuals or legal entities, with a minimum capital of 50,000 Turkish Lira. 25% of this amount is paid as part of the company’s establishment and registration process.
Turkish laws allow joint-stock companies to engage in various commercial or industrial activities, except for certain activities that require special permits from the Turkish Ministry of Industry and Trade.
The company is composed of a Board of Directors and a Supervisory Board.
Joint-stock companies can issue registered shares and bearer shares, as well as bonds and similar debt instruments.
The joint-stock company has a written Articles of Association registered in the commercial registry at its headquarters.
It is possible to establish a joint-stock company with a single shareholder, whether natural or legal persons.

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2- Partnership Company:

Only natural persons can be partners in a partnership company (General Partnership).
Each partner has the right and duty to manage the company separately. However, the management of the business can be assigned to one.
several, or all of the partners, either by the company’s agreement or by the majority of the partners.
A partnership company must have at least two partners.
The partners of the company have unlimited second-degree liability towards the company’s creditors.
There is no minimum capital requirement for partnership companies.
The transfer of shares in the company does not require the approval of the General Assembly, and shareholders can transfer their shares to other parties.

3- Unlimited Liability Company:

It is a private sector company with divided capital, and it is a capital company.
These are the main types of companies in Turkey.
each with its own characteristics and legal requirements for establishment and operation. The choice of the type of company.
depends on the nature of the business and the preferences of the investors.

Limited Liability Company in Turkey:

Turkish laws allow the establishment of a limited liability company by at least two individuals, one of whom is a managing partner (with limited liability).
and the other is a silent partner (with unlimited liability).
Limited partners can be natural persons, while the managing partner can be either natural or legal persons.
The liability of the managing partners is limited to the capital they contributed or committed to, and the managing partner cannot manage the company independently.
There are two types of limited partnerships: ordinary limited partnership and limited partnership with divided capital.
The most significant advantage of a limited liability company is that it combines partners with limited and unlimited liability. Some partners have limited liability, while others have unlimited liability.
The liability of the silent partner is similar to that of a general partnership partner.
Creditors who cannot cover their claims from the company’s assets can apply to the silent partners. The silent partners are the ones who manage the company.

Cooperative Company in Turkey:

Cooperatives refer to joint and shared enterprises established by real and legal persons to provide and protect specific economic interests of the partners.
especially those related to their professions or livelihoods through mutual assistance, solidarity, and financial contributions.
Each partner in cooperatives undertakes at least one thousand shares and a maximum of five thousand shares.
The articles of incorporation must include provisions agreed upon by the partners specifying that they are responsible for second-degree.
unlimited liability for the cooperative’s collaborating creditors or are limited to a certain amount exceeding the share of the capital they committed to.
All partners, except those who are not partners, may participate in the General Assembly of the cooperative before three months from the General Assembly.
This requirement is not mandatory in cooperative formation.
The cooperative company is not a private or capital company but operates as a regular trading company.
A cooperative is established with at least seven partners, without affecting specific types.
The Board of Directors consists of at least three members, Turkish citizens who meet other legal requirements.
Board members can be elected for a maximum of four years unless otherwise specified in the Articles of Association, and re-election is possible.
One or more auditors are elected by the General Assembly as a supervisory body for the cooperative for at least one year, and auditors.
are required to be members of the Board of Directors.

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Solidarity Company in Turkey:

This type of company aims to operate a specific commercial project under a designated trade name with the liability of all contributors being limited.
with no minimum capital requirement. All contributors in a solidarity company must be natural persons.
and the rights and obligations of partners are determined through the Articles of Association.

Unlimited Liability Company:

This type of company is typically referred to as “Unlimited.” Obtaining a license for this type of company can be challenging due to its different.
conditions and administrative reference for licensing.
Unlimited liability companies include banks, private financial institutions, insurance companies, foreign exchange offices, debt collection companies, holding companies, and companies dealing with warehousing.
Partners in unlimited liability companies are personally liable for the company’s debts.
They are obligated to pay the capital shares they committed to and fulfill payment obligations and additional performance specified in the company’s contract.
A partnership can be established with a single partner.
The number of partners should not exceed fifty.
Partners in a limited liability company can be natural or legal persons.
The capital of a limited liability company should not be less than 10,000 Turkish Lira, and the full capital can be paid in cash within 24 months of the company’s registration.
Limited liability companies cannot offer their shares to the public.

Establishing a Company in Turkey:

Turkish law allows the establishment of a limited liability company by a single person or legal entity, and it can be managed by foreigners.
provided they obtain a work permit. Foreigners can own 100% of the company’s shares.
Experts recommend that a lawyer with experience in establishing.
commercial companies oversee the establishment process
It’s also essential to hire a qualified accountant to manage the company’s finances and a legal accountant, as they are recognized by.
the Turkish government and play a crucial role in representing the company in government transactions.
The process of establishing a company in Turkey typically takes no more than one week or less.

Required Documents for Establishing a Company in Turkey:

A valid passport with a minimum of 6 months’ validity.
Entry stamp into Turkey.
A translated copy of the passport into Turkish and notarized.
A tax number obtained from the nearest tax directorate or online.