A Limited Liability Company (LLC) in Turkey is known as a “Limited Şirket” or “Limited Company” in Turkish.
The key characteristic of a Limited Liability Company in Turkey is that the liability of each shareholder (called “ortak” in Turkish) is limited to their capital contributions, which means their personal assets are generally protected from the company’s debts and liabilities.
A Limited Liability Company in Turkey can be formed by one or more individuals or legal entities. The owners are referred to as “ortak” or partners.
The company’s capital is divided into shares, and each partner’s liability is limited to the amount of capital they contribute. The minimum capital requirement for a Limited Liability Company in Turkey is determined by law.
The management structure of an LLC can vary. It can be managed by the partners or appointed managers. If there are appointed managers, they can be chosen from among the partners or external individuals.
To establish an LLC, you need to go through a registration process with the Trade Registry Office. This involves preparing and submitting the necessary documents, including the articles of association.
LLCs in Turkey are subject to corporate income tax. The income of the company is taxed, and any profits distributed to shareholders may also be subject to additional taxes.
Turkish LLCs are required to keep accounting records and submit annual financial statements to the tax authorities.
The company must have a unique name, and it is also required to have a trade name that reflects its main business activity.
Foreign individuals and entities can establish LLCs in Turkey. However, there may be certain restrictions or additional requirements for foreign ownership, depending on the nature of the business.
It’s important to note that business regulations and requirements can change, so it’s advisable to consult with our experts in Turkey to get the most up-to-date and accurate information.
San Global is well-equipped to assist you with your Employer of Record (EOR) and payroll requirements (also known as the Umbrella Company) in Turkey. We are capable of handling your HR (Recruitment) needs, even in the absence of a legal entity in Turkey.