07.10.2026

Many Clients come to me for an apartment, and six months later they ask: "Sergei, can I start my own business here?" Yes, you can. Turkey is one of the most convenient countries for foreign entrepreneurs. But here, just as with real estate, the winner is the one who knows the rules in advance and avoids the typical mistakes.

In this article, I have gathered everything you need to know before opening a company: figures, documents, the step-by-step process and the mistakes that cost the most.

According to the Union of Chambers and Commodity Exchanges of Turkey (TOBB), 75,814 companies were founded in the country in January–August 2026, 6.4% more than a year earlier. Of these, 7,339 companies were set up with foreign capital, and almost all of them (6,776) as limited liability companies.

One in ten new companies in Turkey is founded with foreign participation. That is the best proof that the system works and that foreign businesses are welcome here.

Location. Turkey sits at the crossroads of Europe, Asia and the Middle East. Markets with a combined population of over a billion people are within a 4-hour flight from Istanbul.

Fast registration. A company can be registered within a few business days if the documents are prepared correctly.

Customs union with the EU. Turkish industrial goods enter Europe duty-free. Plus dozens of free trade agreements with other countries.

Skilled workforce. A young, educated population with strong engineering and IT talent.

Infrastructure. Modern airports, ports, roads and logistics hubs.

Business-friendly banks. Turkish banks work with foreign-owned companies and support international payments.

Free economic zones. Substantial tax incentives for manufacturing and export.

A path to citizenship. Investing $500,000 or more in a company's capital qualifies you for Turkish citizenship.

Foreigners most often choose one of two company types:

Under the Turkish Commercial Code, the minimum share capital is 50,000 TL for a limited company (LLC) and 250,000 TL for a joint-stock company. But if you plan to obtain a work permit as a founder, you will need capital of 500,000 TL or more.

This is an important point that many people find out about too late. You can open a company with the minimum capital, but then the founder will not be granted a work permit. Plan your capital from the start based on your goals.

1. International passport: the original and two notarized copies with a Turkish translation.

2. Tax number. Issued by the tax office based on your international passport.

3. Biometric photo 3.5×4.5 cm.

4. Founding agreement in Turkish, signed by all founders.

5. Articles of association setting out the company structure and operating rules.

6. Proof of registered address: a lease agreement or a title document for the premises.

7. Receipt for payment of 0.04% of the share capital to the Turkish Competition Authority.

8. Proof of share capital deposit into the company account.

9. Notarized signature specimens of the founders and directors.

10. Registration form of the Chamber of Commerce and Industry.

The set of documents may vary depending on the company type and the business activity.

1. Choose the registration method. There are two routes.

Directly in the name of the foreigner. A direct and transparent route. However, if you hold a passport from a sanctioned country, opening a bank account and obtaining licenses may take longer.

In the name of a Turkish citizen, followed by a share transfer. A trusted Turkish citizen registers the company and obtains all permits and licenses, and then the shares are transferred to the foreigner. In practice this is faster and simpler, but you should only do it with someone you trust completely and only with a legally executed share transfer agreement.

2. Register the company in the Turkish Trade Registry.

3. Open a corporate account with a Turkish bank and deposit the share capital.

4. Obtain licenses and permits for your type of business: retail, food service, tourism and so on.

5. Prepare the share transfer (if you choose the second route): sign a share purchase agreement and prepare the documents for the change of shareholders.

6. Submit the documents to the Chamber of Commerce through a notary or a company representative. If the articles of association require it, hold a shareholders' meeting.

7. Register the changes and update the company's details, including bank accounts, in the name of the new owner.

8. Update your tax records and notify government authorities of the change of ownership.

With the right setup, the whole process can be completed remotely, without being permanently present in Turkey.

Tourism and hospitality: hotels, apartments, travel agencies.

Restaurants and cafes, especially those serving national cuisine.

Real estate and construction: sales, rentals, management, development.

Education: language courses, creative and vocational schools.

IT and startups, primarily in Istanbul and Ankara.

Fashion and design: boutiques, jewelry, interior design.

Agriculture and food products, including exports.

Transport and logistics between Europe and the Middle East.

Medicine and cosmetology: clinics, dentistry, medical tourism.

Consulting: legal and accounting services, assistance to foreigners.

Owning a company and working in it are different things. For a foreign founder to work legally in their own company, they need a work permit.

The main exception: if the foreign founder's share in the capital is $100,000 or more, the capital requirements and the requirement to hire five Turkish citizens do not apply to them.

Turkey has free zones in Istanbul, İzmir, Bursa, Mersin, Trabzon, Gaziantep, Adana, Antalya, Samsun and other cities. These are areas with a special tax regime for manufacturing and export.

Over the years, I've seen foreigners lose time and money on the same mistakes:

1. An unsuitable registered address. A temporary or "virtual" address causes problems with licenses and inspections.

2. Miscalculating the capital. The company was opened with minimum capital, and then it turned out that a work permit requires 500,000 TL.

3. The wrong company type. The choice between an LLC, a JSC and a branch affects taxes and opportunities.

4. Operating without a license. Some types of activity require a separate permit. Without one, you face fines or closure.

5. No local accountant. In Turkey, an accountant (mali müşavir) is mandatory. Doing your own reporting almost always ends in fines.

6. Disregarding currency regulations. Violations in currency transactions lead to frozen accounts.

7. Careless articles of association. Vaguely defined shares and powers lead to disputes between partners.

8. The language barrier. Without translation and Turkish-speaking support, dealings with government agencies and banks drag on.

9. Ignoring local business culture. In Turkey, trust is built through personal relationships. Without them, clients and partners remain wary.

The wrong premises. Foreigners rent or buy premises that are not permitted for the required type of activity.

Corporate income tax. The standard corporate income tax rate in Turkey is 25%. Build this into your financial model from day one.

Business as a path to citizenship. There are two paths. The first is to invest $500,000 or more in a company's capital and obtain citizenship as an investor. The second is to live and work legally in Turkey on a work permit for five years. After that, you can apply for citizenship on general grounds. To do so, you need to have lived in the country continuously for 5 years (with total absences of no more than 6 months), have a stable income, speak conversational Turkish and have no problems with the law. Processing an application takes from a few months to a year.

Commercial real estate. You don't have to rent business premises; you can buy them. For many types of business, this means both savings on rent and an asset that appreciates in value. The key is that the premises have all the permits for your type of activity. We check this before the deal.

Don't skimp on a lawyer. Registering a company is inexpensive. A mistake in the articles of association or in taxes costs dozens of times more.

We support Clients who are opening a business in Turkey: we select commercial premises with the necessary permits, help with company registration through trusted lawyers and accountants, and arrange residence permits and citizenship for business owners and their families.

If you've long been thinking about moving to a warm sea and running your own business abroad, write to us.