Turkey is a country with unique accounting, tax, and other legislation, which is quite different compared to legislation in European countries.
Twenty-five years of hands-on experience have shown that most of the challenges companies face during the initial stage arise from a lack of systems and resources such as ERP systems, employees, and consultancy partners.
If you decide to create your own presence in Turkey by establishing a company, you will have to choose a form of company that will best support your expansion goals:
- A representation office is subject to unique rules and constraints which need to be considered before selection;
- A limited liability company would be sufficient for small and midsize operations;
- A joint-stock company can be established for larger operations.
Once the company is established and the necessary permits have been granted, a decision has to be taken whether accounting and payroll services shall be outsourced or provided in-house. In both cases, you will need an agreement with a Certified Public Accountant for completing and submitting tax returns on behalf of your company. We also will support you in finding reliable and eligible employees and business partners.
The choice of an ERP system is another important aspect to be considered by the companies which are planning to expand in the Turkish market. We will help you select the ERP system making sure it complies with the requirements set by the Ministry of Treasury and Finance and that your local chart of accounts is aligned with your reporting requirements.
An alternative for expanding your business to Turkey is to acquire an existing company. In such a case, we will guide you through the rich Turkish culture and business habits. We will provide assistance and expertise from entering negotiations to the completion of the acquisition.
EXCOIM team will support your entry into this challenging market at every stage and be your business partner for success.
