All shareholders of a limited liability (LLC) or joint stock company (JSC) to be established in Türkiye can be foreign nationals.
One shareholder is sufficient for both limited liability company and joint stock company. There can be more shareholders if desired.
The limit for the number of shareholders in limited liability companies is 50 persons.
There is no limit to the number of shareholders in joint stock companies.
Foreign nationals who wish to establish a company in Türkiye, i.e. real persons, can become a company shareholder by preparing some basic documents and information together with their passport. Foreign companies can also be a shareholder (partner) of a company to be established or already established in Türkiye.
A foreign legal entity, in other words, a limited liability or joint stock company established abroad, can be a shareholder of a limited liability or joint stock company established or to be established in Türkiye. It may own all of the shares of the company by itself.
It is also possible for a foreign company to be the manager or board of directors of a company to be established or established in Türkiye. In this case, a real person who will sign on behalf of the foreign legal entity in Türkiye must be appointed. The real person who will sign on behalf of the authorized signatory of the legal entity can be an abandoned national or a foreign national. If the foreign representative is present in Türkiye, he/she must obtain a residence permit and a work permit. If he/she does not reside in Türkiye, there is no need for a residence and work permit.
The signatory powers of the authorized signatory manager or board member of the company may be unlimited or limited. In limited liability companies, managers may be elected indefinitely or for a certain period of time. Board members authorized to sign in joint stock companies can be elected for a maximum of 3 years. At the end of 3 years, the same persons can be re-elected. A board member elected for 3 years may be dismissed before the end of the term.
The shareholders of the company to be established in Türkiye may include both foreign or Turkish real persons and legal entities. In other words, the above-mentioned shareholders can be the shareholders of the company in Türkiye in a mixed manner.
In order for a foreign company abroad to become a shareholder of a company in Türkiye, documents showing the registry records of the company abroad and a power of attorney for incorporation must be prepared. Then, the incorporation procedures in Türkiye are started. The incorporation process of companies with foreign shareholders in Türkiye takes approximately 5-7 business days. The cost varies depending on whether the foreign shareholders are real persons or legal entities, the number of shareholders, the language, number of pages, number of words in the documents to be submitted, and the type of company in Türkiye, signatories, capital. The cost of establishment, which varies according to many criteria, can vary between 1,500 USD and 3,000 USD.
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