Legal Requirements

International students in Turkiye enjoy nearly the same rights as Turkish citizens when it comes to establishing and operating a business. However, there are essential steps to take:

• Valid Residence Permit: You must have a residence permit that allows engagement in business activities.
• Work Permit Application: If you plan to actively manage or work in the business beyond being a shareholder, a work permit is necessary.

Business Structures

International entrepreneurs typically choose from several business structures in Turkiye:

• Limited Liability Company (LLC): This is the most common choice for small to medium-sized ventures. An LLC requires a minimum capital of 10,000 TRY and just one shareholder.
• Sole Proprietorship: Ideal for low-income operations, this structure does not require a minimum capital but is available to those holding residence permits.
• Joint Stock Company (JSC): This option requires a higher minimum capital of 50,000 TRY and is more suited for larger businesses or those seeking investments.

Steps to Start a Business

The following are actionable steps to initiate your business in Turkiye:

1. Obtain a Tax Identification Number (TIN): Secure a TIN from local tax offices using your passport and residence permit.
2. Register the Business Name: Conduct a search through the Turkish Trade Registry to ensure your desired business name is available.
3. Prepare Required Documentation: Essential documents include Articles of Association, copies of shareholders’ or founders’ passports, proof of business address, and notarized signatures.
4. Company Registration: Submit your documentation to the Trade Registry Office via the MERSIS system.
5. Open a Business Bank Account: Establish a local bank account for business transactions.
6. Register with Social Security and Tax Authorities: Ensure compliance with local registration requirements.
7. Obtain Special Licenses (if applicable): Depending on your business type, specific permits may be required.
8. Secure Residence and Work Permits: Apply for a work permit if you intend to participate actively in the business.

Cost Estimates

Starting a business in Turkiye involves various costs:

• Registration Fees: Initial fees range from $1,000 to $2,500.
• Notary and Translation Fees: Typically between $300 and $500.
• Minimum Capital:
  • LLC: 10,000 TRY
  • JSC: 50,000 TRY
• Additional Fees: For accounting, legal, and consultancy services, which can vary significantly.

Benefits of Starting a Business in Turkiye

International students can look forward to the following advantages:

• Access to a Substantial Market: Turkiye offers a vibrant market for various products and services.
• Supportive Government Policies: Numerous initiatives foster foreign investment and startup growth.
• Tax Benefits: Special economic zones offer potential subsidies and favorable tax rates.
• Diverse Opportunities: Key sectors like technology, tourism, and real estate continue to expand.

Challenges

While the prospects are promising, students should also be aware of potential challenges:

• Bureaucratic Hurdles: The registration and licensing processes can be complex.
• Compliance Requirements: Adhering to local tax and labor laws can be demanding.

Conclusion

Starting a business in Turkiye as an international student can unlock many opportunities in a thriving economic environment. With careful planning and navigation of the registration process, you can launch a successful venture.

At Study in Turkiye, we are dedicated to supporting international students in their educational and entrepreneurial ambitions. We provide resources and guidance tailored to your needs, ensuring your journey toward establishing a business in Turkiye is as smooth as possible.

Take the Next Step with Study in Turkiye

Are you ready to embark on your entrepreneurial journey in Turkiye? Connect with us today to discover how Study in Turkiye can assist you in every step of the way, from securing your residence permit to providing insight into effective business strategies.