Turkey Company Formation Benefits
What are the benefits of company formation in Turkey? Shares can be owned by foreigners and Turkish corporate law permits for a single shareholder to also become the sole director. Smaller private firms only have to submit a more straightforward annual financial statement to the authorities to satisfy the annual filing requirement in Turkey. The full audit requirement is only for publicly-listed companies.
What are some other Turkey company formation benefits?
If you obtain the Investor Incentive Ceritficate (IIC) from the Turkish government, you can access the following benefits: reduced taxes, exemption on VAT and customs duties, support for interest rates and social security premiums, VAT refunds, support for withholding taxes and the allocating of land. Turkey is also home to a network of local manufacturers that are open to producing small minimum orders.
The benefits of company formation in Turkey are:
- 100% foreign ownership is available
- Operating costs are low in Turkey
- Simple annual financial statement satisfies the annual filing requirements for private firms
- Investor Incentive Certificate (IIC) grants you access to a wealth of benefits to lower business costs
- Home to robust local manufacturing industry that’s ideal for firms in that sector
- The single shareholder can also become the sole director