EryilmazCPA - Company Formation Department / 2023-08-02

How can I set up Joint Stock Company JSC in Turkey



           There are many issues that many entrepreneurs who will set up a new company in Turkey are curious about joint stock companies. They seek answers to many questions like the following.


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    If you are thinking of establishing a new joint stock company for your commercial activities in Turkey, you are in the right place. On this page, we will discuss in detail how to set up a new JSC company from scratch, what are the stages of its establishment.





A -  CPA -  Certified Public Accountant / Bookkeeper


      When you establish a new joint stock company in Turkey, you must first determine a correct address for accounting processes.


      Working with CPA is not optional, it is a legal obligation. CPAs are authorized for the preparation, submission and accounting processes of monthly tax declerations of joint stock companies in Turkey.


        In addition, a competent CPA will ensure that your company establishment processes are fast and healthy, as well as inform you about legal incentives and discounts. By contributing to the establishment of your business on a sound financial basis, it will protect your business against financial and legal risks.



B - Determination of Joint Stock / Incorporated Company INC Establishment Address


       As a second step, you should determine your company's establishment address. Joint Stock company formation is not possible without a legal business address in Turkey. For this reason, it is important to determine your workplace first.


       On the other hand, if you do not need a physical workplace / office for your commercial activities, you can rent a virtual office and use this address as a joint stock company address, provided that it is suitable for your activities.  


(Note ; We also serving virtual office adress)


C - Necessary Documents For joint stock / Incorporated Company in Turkey


      Documents required to establish a joint stock company in Turkey  are as follows;

  • Founding partners' identity photocopy
  • 3 passport photos
  • Workplace address (If you are going to rent a new workplace, the address is sufficient at this stage. The lease will be made with the company title after the trade registry has approved the title)
  • If the establishment is to be made by proxy, the company establishment power of attorney (If the founding partners come to the trade registry for signature, there will be no need for an establishment power of attorney.)
  • Notarized translation of the partners' passport and Turkish tax number
  • If you reside in Turkey, a notarized copy of the residence permit card.




D - Preparation of Joint Stock Company Articles of Association


       Since the articles of incorporation of a joint stock company are important and require expertise, it would be appropriate to prepare them by experienced certified public accountant. Because, due to the mistakes to be made in the main contract, the chamber of commerce does not register and additional costs are incurred.


       Information required to be included in the joint stock company's articles of association;

  • The founders of the company,
  • Establishment address of the company,
  • The title of the company (It should be checked whether it is suitable for the establishment, whether there is another company with a similar title. This control is provided by us)
  • Company capital (minimum 50.000 TL)
  • Shareholders' capital ratios / shares
  • Company director / legal representative
  • The main sector of the company and its commercial activitiesd.


Important; If the representative of the joint stock company is not a Turkish citizen and wants to get a work permit in future ; He / she is capital must be minimum 100.000 TL in company for work permit process.


E - Required documents for JSC / INC registration in Turkey

  • Petition
  • Chamber of Commerce registration statement
  • Chamber of Commerce appointment form
  • Mersis registration number
  • If there is a foreign partner, establishment notification form (must be approved by the CPA)
  • If the establishment is to be made by proxy, "company establishment power of attorney"
  • If the legal representative / manager of the company comes to the chamber of commerce, a notary statement is not required. If the establishment process is to be carried out by proxy, the signature of the manager is also required from the notary public.



F - Joint Stock company capital payment and bank process 


     When establishing a joint stock company, a bank account must be opened and at least twenty-five percent of the capital must be deposited into the bank account. 


     After going to the chamber of commerce with the joint stock company establishment documents; The authorized officer will make the necessary checks. If there is no problem, the bank will issue a letter so that the account can be opened and the capital paid. 


    After the bank account is opened and the capital is deposited, the bank issues a letter and a receipt. With this receipt, the remaining transactions are completed by going to the chamber of commerce.


IMPORTANT NOTE ;  With the large number of foreign citizens coming to Turkey in recent years, some banks do not open accounts for foreign citizens or require extra procedures. 


    For this reason ; if company manager is not Turkish citizen , we recommend that you contact the bank and confirm whether there is a problem in opening an account before the company establishment process. 


    If the banks do not help with the account, you can consider establishing a Limited Company as an alternative. When establishing a limited company, there is no obligation to pay capital and open a bank account. You can open the bank account later.



G - Joint Stock Company signature circular and accountant power of attorney


      After the chamber of commerce approves the jsc / inc establishment request, the legal representative of the company must issue a signature circular from the notary. Signature circulars will be required in all legal transactions of the company. Accountant power of attorney must be issued to CPA, which will carry out the accounting works of the company, together with the signature circular.



H - Joint Stock Company abolition of the capital blockade

           After the registration of the company to the trade registry, you can go to bank for ablotion of the capital blockade with necessary documents. 


       Required documents for JSC ablotion of the capital blockade;

  • Signature Circulars,
  • Trade registry gazette,
  • Tax plate,
  • Company stamp,
  • Chamber of Commerce activity certificate



IMPORTANT ; In order to bank proces for a joint stock company, the legal representative / manager of the company must personally go to the bank. Banks in Turkey do not do process to joint stock companies with a power of attorney.



I - Joint Stock Company tax office registration;

     After the registration of the company application to the trade registry, the tax office registration must be made. CPAs do this with the power of attorney of the accountant. Documents required to be submitted to the tax office;

  • Email registration form
  • Interactive tax office password request form
  • Workplace lease agreement and stamp tax declaration of the lease agreement
  • Stamp duty declaration of workplace rental agreement and CPA agreement

       An official from the tax office will come to your workplace within an average of 5 to 7 working days after the application and will prepare an attendance report. The company director, the insured personnel or the third person authorized by power of attorney can sign the attendance report.



J - Joint stock company municipality workplace opening and operating license

      If the JSC company uses a physical workplace, an application must be made to the municipality of affiliation with company documents, and a business license must be obtained. Documents required for business and operating licenses may vary according to each municipality. Before you go, it will be useful to get the necessary documents from your municipality.

Important ; If the legal director of the company is not a Turkish citizen, he must first obtain a work permit. The municipality does not issue a license without a work permit.



K - JSC / Incorporated Company Commercial activities start
        After these stages, your joint stock company can start its commercial activities. Now you can issue invoices, employ workers, import & export. According to the requirements of your business, CPA will inform you about the monthly financial processes after the establishment.





1 - Can foreigners establish a JSC/INC company in Turkey ; Yes. Foreigners can establish a  joint stock company in Turkey with their passports.


2 - How much does it cost to establish a JSC company in Turkey ; JSC  company formation cost start from 540 USD in Turkey. It depends on the characteristics of the company.


3 - Is it necessary to have a Turkish partner to establish a joint stock company in Turkey? ;   No. Turkish citizen partner is not a common requirement.


4 - Can a joint stock company be established in Turkey without a Turkish citizen partner? ; Yes. Foreigners can establish a limited company with their passports as authorized persons.


5 - Is it necessary to get a work permit to establish a joint stock company in Turkey? ;  It is not necessary to obtain a work permit to establish a joint stock company. Because a joint stock company is a separate person according to the law. You can set up a joint stock company with your passport. And you can be manager of company. 


6 - What are the documents required to establish a company in Turkey ? ;  Passport, Turkish Translation of Passport, Turkey tax number. We are preparing all documents if you come our office. 


7 - Can I establish a joint stock company at a virtual business address in Turkey? ; Yes. Joint stock company can be established at the virtual business address. It does not have to be a physically used office.


8 - What are the monthly expenses of a joint stock company registered in Turkey? ; Even if the companies registered in Turkey have no activity, they have fixed expenses of around 100 USD - 120 USD per month.


9 - In how many days a joint stock company is established in Turkey;  If you come to our office with your passport, we will establish your limited company within four to five (4 - 5) working days. We complete all official records and procedures. We prepare all the official documents of the company.


10 - Can I establish a joint stock company in Turkey without going to Turkey? ; Before coming to Turkey, you can establish a joint stock  company in Turkey. If you receive and send the necessary documents from the Turkish embassy in your country, we can establish your company by proxy. However, this method is a bit longer and a bit more costly. If you come to Turkey, everything will be easier and cheaper. 


11 - What is the minimum capital to establish a joint stock company in Turkey? ; The minimum capital of the joint stock company is 50.000 TL. However, we recommend foreign investors to have a minimum capital of 100.000 TL.  When establishing the company, minimum %25 percent of the company capital should be ready. You should open bank account, and you must have at least 25% of the capital blocked. After company registry you can get your money from bank. 



    You can always contact us to get an updated and detailed cost table specific to your Joint Stock Company FREE OF CHARGE.




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