In order to set up a limited liability company ("LLC") in Turkey, no minimum shareholders are required. The minimum share capital is 10.000 TL (approximately USD 3300,-).
Shareholders of an LLC, who wish to establish a limited company, can be individual or legal entity. There is no legal limitation for foreigners. Setting up an LLC is the most chosen legal form. Indeed, LLC are well known for their flexible structure.
The legal and financial liabilities of shareholders are limited to their share capital. LLCs can not issue stock certificate unlike on contrary joint stock companies and they shall have at least 2 mandatory organs ; the company general meeting and the general manager or board of managers
The incorporation procedure can be summarized as follows :
1. Execute and notarize articles of association,
2. Sign declaration of the managers, copies of each manager's identity card or passport and commercial
books.
3. Deposit a percentage of capital to the account of Competition Authority
4. Apply and execute administrative procedure, registration statement at the Trade Registry Office
5. Apply to the tax office and follow up
6. Follow up with the Social Security Authority
7. Publishing Articles of Association at the Commercial Registration Gazette
8. Certification of the legal books
