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Business registration and support in Turkey ACCOUNTING SUPPORT FOR BUSINESS ( COMPANY ) IN TURKEY

Taras Miroshnychenko

Head of practice

E-mail

miroshnychenko@prikhodko.com.ua

Phone numbers

Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.

ACCOUNTING SUPPORT FOR BUSINESS ( COMPANY ) IN TURKEY

Accounting outsourcing of companies in Turkey is the optimal option for business owners in the Republic of Turkey. The cost of such accounting support is much lower than keeping your own accountant on staff.

Accounting support of activities in the Republic of Turkey

Most Turkish companies use the services of external ( outsourced ) accountants.

Accounting firm in Turkey, what are the advantages of working with it? External accounting service in Poland has one very important advantage. Such an accounting company can guarantee, in case of incorrect submission of reports or calculation of payments, payment at its own expense of all fines issued by the controlling body.

Ukrainian-speaking or Russian-speaking accountants in Turkey, in particular in Istanbul, Ankara, Antalya, and other cities – this is our advantage over other accounting companies.

Consulting on accounting in Turkey in Ukrainian or Russian will simplify the understanding between you and the accountant, and make it more accessible for you to understand the legislation of the Republic of Turkey in the field of accounting and taxes.

Accounting in Turkey

Turkish law requires mandatory accounting and tax records. For this, individual entrepreneurs are required to keep books on income and expenses.

In Turkey, as in most countries, there are three possible options for accounting.

When a director or an individual entrepreneur independently maintains accounting.

In this option, there are practically no advantages, but there are many disadvantages, in particular, lack of time to directly conduct business, making mistakes due to overload and lack of time to monitor all legislative changes, etc.;

When a Turkish accountant is included in the company’s staff (in-house accountant ).

On the plus side, it works only for your business, all the focus is on your finances. Of the minuses, the salary of such a specialist is from 1,000 euros per month. The services of an accountant with significant experience can cost 3-5 thousand euros per month, it is important to find an accountant to join the company and it takes a lot of time due to the specifics of various types of business, and there are no universal accountants, if such an accountant gets sick or resigns, you will immediately have problems, because it will be difficult to replace it quickly.

Accounting support ( outsourcing ) of business in the Republic of Turkey.

There are no cons if the company you contacted is reliable.

From the advantages – due to a large number of accountants of various specializations, we guarantee a lower cost, work in 24/7 mode, taking responsibility for the actions of our accountants, perfect knowledge in almost all types of business, collective discussions of complex accounting or tax issues, service in almost the entire territory of Turkey Republic.

In more detail about the last point, we provide accountant services in the Republic of Turkey, in particular:

Accountant in Ankara
Accountant in Istanbul
Accountant in Antalya

Our accountant can help you with the following services:

Our accountants in Turkey use the latest software;
Keeping a tax book of income and fees by an accountant in Turkey;
Keeping a trade book for a company in Turkey;
Calculation of wages for employees;
Accounting and tax audit of a company (business) in Turkey;
Preparation and submission of declarations and reports to tax and control authorities;
Representation of a lawyer and accountant in the tax authorities of Turkey;
Keeping personnel records, calculation of salary, payment of relevant taxes for employees, submission of personnel reports;
Import-export operations ( WDT, WNT ) ;
Preparation of invoices and invoices ;
Making bank payments ;
Debt monitoring and risk assessment;
Communication with regulatory bodies.

Accounting services in Turkey

One of the main areas of activity of YK Prykhodko and partners, is we clearly understand how Turkish legislation works, we will help you choose the optimal tax system for your business, legal optimization mechanisms, etc.

Can a Ukrainian open a company in Turkey without a local partner?

For many ordinary types of commercial activity, a company with wholly foreign capital is possible. A foreign founder may be an individual or a legal entity. A Turkish partner is not a universal requirement for every company, but before registration, restrictions applicable specifically to the selected sector should be checked.

Management is determined separately: who will represent the company, sign agreements and operate the account. The ability to own a business does not automatically mean the right to work personally in Turkey. Therefore, the ownership structure, authority and immigration matters are considered together, before the documents are prepared.

Is it mandatory to establish a Turkish company in order to open an account in Turkey?

This depends on who needs the account and for which transactions. An individual’s account, an account of a Turkish company and banking services for a foreign legal entity involve different banking procedures. This service primarily covers launching a Turkish company and preparing it for corporate banking.

If the legal entity is already registered in another country, it is first necessary to clarify whether the bank will consider servicing it and which documents and local connections it expects. Establishing an additional company solely for the account should be considered only after the business need has been reviewed. It is also important to take into account the accounting and corporate obligations that will arise for the new structure.

What practical advantage does an account in Turkey provide for trade?

An account helps organise payments in the country where the company purchases or sells goods: paying suppliers, receiving local proceeds and handling settlements for business transactions. Foreign currency accounts and international transfers can complement this model for working with overseas clients.

For more complex supplies, letters of credit, documentary collections or guarantees can be considered separately. For example, a letter of credit links payment to the presentation of the documents specified in it. At the same time, the bank checks the documents in accordance with the terms of the instrument and does not guarantee the quality of the goods. This is why the banking product and supply agreement should be aligned.

Can a company and an account be opened entirely online?

Representation under a power of attorney is permitted for some registration actions, but the possibility of completing the entire process without travelling depends on the specific composition of founders and signatories. Documents issued abroad must be prepared in a form acceptable to the Turkish registry. Incorrectly worded authority may result in the power of attorney having to be reissued.

The bank establishes its own identification procedure and may require the personal participation of a company representative. Online banking after the account has been opened does not confirm the possibility of making the initial application remotely. Therefore, the format of participation is agreed before booking travel, executing a power of attorney and planning the first payment.

How long does registration and the launch of settlements take?

Registration in the trade registry is only one stage. Before it, the structure must be determined and documents and translations prepared; afterwards, the necessary organisational procedures must be completed and the bank review passed. Therefore, the date on which the company appears in the registry and the date on which the account is ready for the required payments may differ.

The overall plan is affected by the founder’s documents, participation of a foreign legal entity, the need for a power of attorney, a regulated type of activity and additional bank requests. An indicative timeframe should be determined after analysing the source information. For the first contract, it is advisable to separately check whether the required currency, access and payment direction have already been activated.

Does company registration give the right to live and work in Turkey?

Company registration formalises the business but does not in itself give the founder an unrestricted right to reside or work. If the owner plans to work personally or perform management functions in Turkey, the relevant immigration and employment regime, including possible exceptions, must be assessed.

Separate financial and staffing criteria may apply to a work permit. They cannot be replaced by the minimum share capital established for company registration. This is why plans to relocate and work personally should be disclosed at the beginning of the consultation: they may affect the organisation of the business.

Is accounting required if the company is not yet earning income?

After registration, the company must comply with applicable accounting and reporting obligations even while preparing to start sales. At this stage, there may already be owner contributions, rent, equipment purchases and other transactions. They must be properly recorded and supported by documents.

The list of tax returns, notifications and electronic tools is determined by the local accountant according to the company’s status and activities. It is advisable to agree the calendar and document transfer procedure immediately. If the company will not be used for a long period, further actions regarding it should be assessed separately rather than simply discontinuing accounting and communication with the authorities.

Do CFC obligations arise in Ukraine?

Such obligations may arise if the owner is a Ukrainian tax resident and meets the statutory criteria for control of a foreign company. Ukrainian citizenship alone is insufficient for a conclusion: tax residence, ownership structure and actual control must be assessed.

Where the relevant ground exists, a CFC notification is submitted within 60 calendar days from the event. The annual report is a separate obligation. A possible exemption of CFC profit from taxation should not be equated with an exemption from reporting. To ensure the required information is available later, Turkish financial documents and corporate changes should be collected systematically from the moment the company is established.

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