Both local and foreign real persons and corporate entities can establish Free Zone-based companies on the condition that they will operate exclusively within the zone.
- Incorporation Process
- Application to the General Directorate of Free Zones, Overseas Investment and Services under the Ministry of Trade to obtain an operating license.
- Setting up a corporate bank account
- Signing a lease or rental agreement for office space in the Turkey Free Zone
- Establishment of a company before the chamber of commerce
- Application for the Free Zone Operating License
The following documents should be prepared;
- Free Zone Operating License Application Form should be
fulfilled. In the subject form the following information should be
declared:
- Descriptive information about the Applicant and its Free Zone operation,
- Authorization document and specimen signature of the signatory as well as the power of attorney and specimen signature of the representative of the firm (if any),
- The original receipt of the application fee was deposited to the Central Bank of Turkey and its copy,
- Turkish Trade Registration Gazette that announces the establishment of the Applicant Firm showing its current capital composition (for foreign firms Trade Registration Document ratified by the related Turkish Consulate),
- Last three years' balance sheets and income statements,
- Documents related to the foreign currency brought into Turkey in the last three years (if any)
- If the company plans to make production in the Free Zone, a flow of production,
- The list of customs tariff numbers of the goods entering or leaving the zone. If the General Directorate of Free Zones accepts the application, an Operation License is granted for an appropriate period usually varying between 10-30 years (up to 99 years for the very special projects), taking into consideration the request.
- A draft of an article of association of a company to be incorporated should be filed.
- Application Fee of 5.000,00 USD should be deposited to the Ministry of Trade.
- The application form should be submitted to Istanbul Industry and Trade Free Zone Directorate.
- The Ministry of Trade evaluates the application, if rejected, the application fee will be reimbursed.
- If the application is accepted a rental/lease contract should be signed with Free Zone Operator within 30 days.
- Required Documents for Establishing A Company Before the Chamber of Commerce
- A Power of Attorney (issued on behalf of our firm by the prospective shareholders and directors of the Turkish Company)
- Identification documents for the company founders- two copies of their passports
- Notarized identity cards of the company managers
- Determination of a company name
- All the founders should sign articles of incorporation to be prepared by our firm
- Payment made to the bank account of the Competition Authority (0.04 percent of the company's capital)
- Payment of the capital as explained above
- The signature declarations for each person authorized to represent the founders of the limited liability company (two copies)
- The written statement of non-shareholder members of the board of directors that states acknowledgment of this duty
- Founders' declaration (one original)
If the above-stated documents are issued outside Turkey, the required documents shall be notarized and apostilled.
Please also note that once the company is incorporated, any bank account in any currency can be opened in any Turkish Bank, and the company can be used in international trade. Once the documents are ready, opening a bank account will take 1 or 2 days maximum.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
