Launching the company in Turkey

Interlegal Client filed a request on registration of the company – maritime agency in Turkey. The Client got concerned on the following:

• main requirements and procedure for incorporation in Turkey;
• taxation of the Turkish companies;
• local law requirements upon maritime agency business.

First of all, in Turkey the company can do maritime agency business only given the appropriate license issued by the Ministry of Transport. There are also special requirements for the company director, in particular: citizenship of Turkey, work experience in such industry, regular special training courses.

In Turkey, the most widespread forms of companies are joint-stock company and limited liability company. There are special requirements for each one upon the amount of authorized capital and its formation procedures, as well as there is difference in scope of liability among JSC shareholders and LLC members.

Finally, the Client obtained legal advice containing answers to set questions, followed by meeting in Istanbul at Interlegal Turkish office devoted to discussion of the Client’s plans and recommendation upon further business.

Before launching business in another country, we recommend our clients to study requirements of national legislation and local peculiarities. Turkey is a good and clear example of such a country. Interlegal lawyers provide legal advice and legal assistance upon opening companies in Black Sea/Sea of Azov Region (Ukraine, Georgia, Turkey, Moldova, Romania and Bulgaria) and Caspian Region (Azerbaijan, Turkmenistan and Kazakhstan).

Interlegal associate attorney Marta Sverdlykivska & lawyer Dmytro Bondar led the project jointly with Interlegal Turkish office.