Please do not hesitate to contact with YMM Emrah Aygül if you require further information. ( email@example.com )
Steps of the establishment procedure are as follows;
Check the appropriateness of the chosen company name and the title to use.
Drown-up and sign an article of association to conform to the approved term.
Get the articles of association notarized by a Public Notary.
Prepare founders declaration signed by founders.
Make the payment of capital contribution if the capital is contributed by the shareholders at establishment.
Make the payment of Fund for Protection of Competition 0, 04% of the capital commitment.
Apply to trade registry office with company establishment form along with all other relevant documents and statements.
Application must be approved by Trade Registry Office for registry and the company becomes a “legal entity” following its registration.
Prepare the signature declaration of the authorized persons under the company name and notarized by a Public Notary.
Get the legal books certified by a Public Notary and apply for e-book to IRS.
Prepare invoices under the conditions required by law and print them by contracted printers.
After ‘legal entity’ status received, the company should apply for following entities;
Registration with district Tax Office must be done.
Entities engaged in trade must register with Chamber of Commerce or Chamber of Industry.
Permits to commence operations must be obtained from Municipal Authorities.
Registration with the provincial office of Social Security Institution required.
Required documents are as follows:
2. Enterprise notification form(4 copies)
3.Passaport copies of founders(translated and notarized)
4. Tax Office number of founders (taken from tax Office in Turkey)
4. Articles of association notarized by a Public Notary (4 copies)
5. Signature declaration of the BDO (2 copies)
6. Founders statement (signed by the founders)
7. Bank receipt of fund, 0,04 of the capital commiment.
8.Bank letter of capital payment.( At least 25 % of the nominal value of the shares subscribed in cash must be paid before registration with Trade Registry.)
9. Chamber registration statement (with pictures of founders)
Also to follow and complete all establishment process, founders should give us a notarized proxy.
SOME RESPONSIBILITIES OF STOCK CORPORATIONS
- Stock corporations are subject to Corporate Income Tax and they pay a tax rate of %20 (this rate will be applied as 22% for the years 2018,2019 and 2020.) out of their quarterly income. If there is a distribution of profit, taxation rate will be %15. This amount could be less according to double taxation agreements. General VAT rate is %18.
- There are multiple controls over document order. Numeral and line numbers are under the cognizance of Revenue Administration Office. Accounting records should be written on empty journals, which are sealed by a public notary.
- There is a legal liability to use the banking system for payments. Small amounts are excluded.
- Within a range of %15 to %35 income tax is withhold from the income of the employee. Social Security contribution of %15 is also cut from the wage of an employee. Employer also pays another %15,5 to the Social Security Institution.
- Severance allowance is calculated every year from the 30 days gross income of each employee. However, these amounts are paid if the employee leaves with fair cause or discharged by the employer.
- Stock corporations must have at least one partner and must have a general annual meeting. If the company has foreign capital, General Directorate of Incentive Practices and Foreign Capital must be informed about the companies operations and changes.
- A member of the board of directors is liable with all his/her assets for all public debts (Social Security contributions and tax etc.)
- Stock corporations inform the Revenue Administration with a list of all companies, which they did commercial transaction, including the number of transactions and amounts.
- %6 resource utilization support fund (KKDF) is paid for buying on account from foreign countries.