Izmir, Turkey: A Great Destination to Establish an LLC

Turkey is rapidly developing, and it is one of the top choices when it comes to relocation, business setup, obtaining a second passport by investment, or buying real estate.

The country is not just a well-known resort with stunning nature but also an international business hub with an advantageous geographical location and numerous free economic zones that provide beneficial conditions for foreign entrepreneurs. If you are a non-resident, you may be pleased to find out that you will have the same rights as residents when you form a company. In this post, we will take a closer look at company registration in Izmir, one of the most dynamically developing regions in Turkey or seeking tips when travelling on a budget.

Why Izmir?

Izmir is the third largest city in Turkey in terms of population and the second largest port in the region after Istanbul. Let’s take a closer look at the resources that this province can provide to foreign entrepreneurs who wish to relocate their companies here or start a business from scratch:

If you want to move to Turkey and set up an LLC as a single founder, one of the best ways to receive profit is to provide public services (you can be a guide, an interpreter, or a stylist, and you can also render consulting, make-up, or cleaning services, and so on). If you think that growing vegetables/flowers, renting out a property, or keeping a restaurant is more appealing, these areas can make you a successful entrepreneur as well.
Izmir has extensive agricultural lands, and it grows figs, olives, peaches, pomegranates, nuts, and so on to export them to Europe. You can set up an export company and receive a guaranteed income.
Foreign investors also actively engage in electric-power and chemical industries, as well as building materials production. These may be exactly what you need!
You may be interested in major areas suitable for large corporations, and Izmir provides plenty of opportunities here as well, including the production of steel, pipes, and ferrous metal, mechanical engineering plants, or the processing of oil products.
Textile and food production industries may be interesting not only for seasoned entrepreneurs but also for budding ones.

This list is not exhaustive: you can find virtually anything you want in Izmir to start your business!

If you are interested in this truly amazing country and want to discover more about it, you can read a more detailed article on quick LLC formation in Turkey and find an extensive knowledge base of articles on Turkey and other popular destinations. You can also get a free session with our experienced consultants to discuss any issues and find the best solution in your case. Discover full support in company formation in Turkey, so you will be able to delegate the whole procedure to and focus on your business plans instead.

Set Up an LLC in Izmir

First of all, why should you opt for a limited liability company? If you are going to have a large company that engages in serious projects, a joint-stock company would be a better choice. However, an LLC is an ideal solution for small and medium-sized businesses. The initial capital requirements are not very high, and an LLC can be registered by an individual or a legal entity that may be a non-resident of Turkey.

If you decide to use our support, a company in Turkey can be registered within 3 to 5 days. If you need a bank account as it will take more time (sometimes up to 30 days) as there are a lot of requests for account opening.

Let’s take a look at the main characteristics of an LLC in Izmir:

10,000 Turkish Liras is the minimum threshold for the company’s authorized capital, and it should be credited to the account within 2 years.
The number of LLC founders may range between 1 and 50, and these may be individuals or legal entities.
Make sure to pay 0.04% of the company’s authorized capital specified in the documents to the Turkish anti-monopoly authority.
You will need at least 1 director to run your Izmir company, and it may be an individual or a legal entity.
The liability of all company founders is limited by their contribution.

If you decide to appoint a non-resident as director, this individual will be required to obtain a work visa. We can also help you to appoint a local nominee director.

Opening a Company Remotely

Many of our customers would like to open an LLC remotely, and the good news is that such an opportunity exists! You will need to collect a package of documents and submit them to the Chamber of Commerce via a local authorized representative (we will help you find a reliable one). However, in most cases, you will still need to come to the country once to put a final signature at the bank to open a corporate account.

Documents

Here is a list of documents you need to submit to the Chamber of Commerce to set up an LLC:

Articles of Association
Company’s tax number
ID documents of all company founders
Proof of fee paid to the antimonopoly authority
Application
Confirmation of the LLC’s local address
Photographs
Registered address confirmation (office rental or purchase agreement)

Services Available

Most of our customers prefer concentrating on their business plans rather than the administrative intricacies of another country. This is the reason why they delegate them to our professionals! Namely, companies can help you with the following: