{"id":6421,"date":"2019-10-31T12:39:22","date_gmt":"2019-10-31T12:39:22","guid":{"rendered":"https:\/\/eglegal.net\/en\/?p=6421"},"modified":"2021-01-24T23:06:40","modified_gmt":"2021-01-24T23:06:40","slug":"company-formation-in-izmir-turkey","status":"publish","type":"post","link":"https:\/\/eglegal.net\/en\/company-formation-in-izmir-turkey\/","title":{"rendered":"Company Formation in Izmir, Turkey"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a20820d1c7f0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a20820d1c7f0\"  aria-label=\"A\u00e7\/Kapat\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/eglegal.net\/en\/company-formation-in-izmir-turkey\/#Introduction\" >Introduction<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/eglegal.net\/en\/company-formation-in-izmir-turkey\/#A_Commercial_Partnerships-_Company_formation_in_Izmir_Turkey\" >A) Commercial Partnerships- (Company formation in Izmir Turkey)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/eglegal.net\/en\/company-formation-in-izmir-turkey\/#1_Corporation_Company_Joint_Stock_Companies_%E2%80%9CAnonim_Sirket%E2%80%9D\" >1) Corporation Company, Joint Stock Companies (&#8220;Anonim \u015eirket&#8221;)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/eglegal.net\/en\/company-formation-in-izmir-turkey\/#2_Limited_Liability_LLC_%E2%80%9CLimited_Sirket%E2%80%9D\" >2) Limited Liability, LLC (&#8220;Limited \u015eirket&#8221;)<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><span style=\"font-family: verdana, geneva, sans-serif; font-size: 12pt;\"><strong>Introduction<\/strong><\/span><br \/><span style=\"font-family: verdana, geneva, sans-serif;\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\r\n<div id=\"attachment_6540\" style=\"width: 273px\" class=\"wp-caption alignright\"><a href=\"https:\/\/eglegal.net\/en\/wp-content\/uploads\/2019\/10\/images-1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6540\" class=\"wp-image-6540 size-full\" src=\"https:\/\/eglegal.net\/en\/wp-content\/uploads\/2019\/10\/images-1.jpg\" alt=\"Company types and registration in Turkey\" width=\"263\" height=\"191\" \/><\/a><p id=\"caption-attachment-6540\" class=\"wp-caption-text\"><span style=\"font-family: verdana, geneva, sans-serif;\">Company formation in Izmir Turkey<\/span><\/p><\/div>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">The pecularities of commercial life render some rules of civil law insufficient for the regulation of commercial transactions, creating a need for special rules. For instance, the rules of the Civil Code applicable to the associations in general but do not apply to various types of other business associations (LLC, Corp. etc). Thus, company formation procedures has been set out under Commercial Code #6102. As E&amp;G Law Firm, we, advise and represent international clients with respect to company formation in Izmir, Turkey.<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Commercial law is the body of rules applicable to commercial relations and organizations. Fundamental source of Turkish commercial law is the Commercial Code, #6102, which came into force 1st of July 2012. Commercial Code covers and regulates such matters as the status of merchants, commercial titles, commercial undertakings, business associations and negotiable instruments. Maritime law and insurance law are considered parts of the Turkish commercial law in its broader framework, and the legal rules in these ares are incorporated into the Commercial Code. Customary law is also of particular importance in the field of company formation in Izmir, Turkey.\r\n\r\n<\/span><\/p>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Commercial_Partnerships-_Company_formation_in_Izmir_Turkey\"><\/span><span style=\"font-family: verdana, geneva, sans-serif;\"><span style=\"font-size: 12pt;\"><strong>A) Commercial Partnerships- (Company formation in Izmir Turkey)<\/strong><\/span>\r\n\r\n<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Commercial partnerships (business associations, companies) play an important role in economic relations. Individuals come together to create partnerships of various types. Partnerships are governed by the specific legal rules that regulate the company types and company formation in Izmir, Turkey. Following types of partnerships are provided for by the <a href=\"https:\/\/www.mevzuat.gov.tr\/Metin1.Aspx?MevzuatKod=1.5.6102&amp;MevzuatIliski=0&amp;sourceXmlSearch=&amp;Tur=1&amp;Tertip=5&amp;No=6102\" target=\"_blank\" rel=\"noopener\">Turkish Commercial Code<\/a>;\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Corporation_Company_Joint_Stock_Companies_%E2%80%9CAnonim_Sirket%E2%80%9D\"><\/span><span style=\"font-family: verdana, geneva, sans-serif;\"><span style=\"font-size: 12pt;\"><strong>1) Corporation Company, Joint Stock Companies (&#8220;Anonim \u015eirket&#8221;)<\/strong><\/span>\r\n\r\n<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">This partnership structure creates an entirely separate legal entity or corporate legal personality which is able to conduct business in its own name independently of the individuals who created it. Because of this legal separation the individual partners do not have any personal liability for the corporation&#8217;s debts and obligations. In corporations it is the capital and not the partners (shareholders) that is the dominant factor.\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">In order to form a corporation, 1 shareholder (irrespective of he\/she a Turkish citizen) would be sufficient to represent a corporation, unlike the previous Commercial Code which requires the presence of at least 5 shareholders who have shares in the company. The minimum capital investment of a corporation must be 50,000.00 TRY. Legal entities may join corporations as incorporatiors, two or more corporations merge and create a new body, called &#8220;holding company&#8221;. Such companies usually supervise the management of the corporations which formed the &#8220;holding&#8221;.\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Ownership in a corporation is distributed by legal instruments called shares. A share represents the monetary value of the ownership that the corporation assign to each share. The person who holds the share &#8211; the shareholder- is an owner of the corporation.\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">An important characteristic of a corporate entity is that the shareholders have no personal liability for the acts of the corporation, unless they represent the company as a board member.\r\n\r\n<\/span><\/p>\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Limited_Liability_LLC_%E2%80%9CLimited_Sirket%E2%80%9D\"><\/span><span style=\"font-family: verdana, geneva, sans-serif;\"><span style=\"font-size: 12pt;\"><strong>2) Limited Liability, LLC (&#8220;Limited \u015eirket&#8221;)<\/strong><\/span>\r\n\r\n<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Limited liability partnerships are very similar to corporations. The liability of limited partnerships is also limited by the amount of its capital. The formation of a limited partnership also requires virtually the same formalities as the creation of a corporation.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Limited liability company (\u201cLLC\u201d) is one of the most preferred company formation in Izmir, Turkey. Investors who intend to form an LLC in Turkey, need to have knowledge about the registration procedure, costs and documents requested by the Trade Registry Office.<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Furthermore, LLC could be incorporated by at least one shareholder which could be a person or an entity. Non-turkish investors are allowed to own %100 of the shares and trade as other Turkish citizens without any restriction. General rule set out that LLC&#8217;s shareholder is responsible to the extent of the subscribed capital. However,\u00a0 shareholder&#8217;s responsibility to the state, which take form as public debt (so called, tax, social security premiums etc.) can exceed the subscibed capital.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">One of the key element is that an LLC has a minimum share capital of 10,000 TRY. LLC is directed by one or more managers which at least one of them shall be appointed as the chairman.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">For more information about company formation in Izmir, Turkey or other commercial law related questions regarding your business investment, please feel free to<strong> <a href=\"https:\/\/eglegal.net\/en\/contacts\/\">contact us<\/a><\/strong>.\u00a0<\/span><\/p>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">\r\n\r\n<\/span><\/p>\r\n<br \/>\r\n<p><span style=\"font-family: verdana, geneva, sans-serif;\"><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Introduction The pecularities of commercial life render some rules of civil law insufficient for the regulation of commercial transactions, creating a need for special rules. For instance, the rules of the Civil Code applicable to the associations in general but do not apply to various types of other business associations (LLC, Corp. etc). Thus, company&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":0,"footnotes":""},"categories":[1,6],"tags":[],"class_list":["post-6421","post","type-post","status-publish","format-standard","hentry","category-genel","category-standard"],"_links":{"self":[{"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/posts\/6421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/comments?post=6421"}],"version-history":[{"count":2,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/posts\/6421\/revisions"}],"predecessor-version":[{"id":6613,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/posts\/6421\/revisions\/6613"}],"wp:attachment":[{"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/media?parent=6421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/categories?post=6421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eglegal.net\/en\/wp-json\/wp\/v2\/tags?post=6421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}