Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our accounting team is prepared to handle your company’s accounting services in Turkey. Akkas CPA handles all kinds of Accounting services in Turkey required to run your company in Turkey.

Akkas CPA offers the best accounting services, at competitive prices to foreign businessmen who already established or getting ready to establish a company in Turkey.

After registering a new company in Turkey, you will need to hire an accountant & CPA in order to manage the financial issues and offer solutions to lower the costs for your business. A good accountant will help you save money and make your company more efficient in terms of costs. In a short time, if your company is managed well from all points of view, the profit will increase.

An experienced accountant knows all the rules and regulations related to your business activity and will offer you the best advice in order to protect your money. Before hiring an accountant, you should check if he/she is registered before an accounting body in Turkey, so you will be sure that he/she is a professional and you can trust him.

Accounting Services in Turkey

Accounting Services in Turkey

The accountant will prepare financial statements for tax return, make an audit, will be responsible for book-keeping and financial planning and other different accounting services. He can help you with services such as:

  • Payroll
  • Tax registration and compliance
  • Annual tax fillings
  • Consolidation
  • Tax returns
  • Debt monitoring and risk assessment

The accountant you choose can represent you in front of the Turkish authorities and can act on behalf of you in the financial field. He will help you manage your business related to accounting even if you can’t spend too much time in Turkey. When you are abroad, the accountant will offer professional assistance with business management and he can take care of the property administration.

One Accountant or a Team of Accountants?

You can choose to hire one accountant, make sure he or she is registered by TURMOB, UNION OF CHAMBERS OF CERTIFIED PUBLIC ACCOUNTANTS OF TURKEY, if you have a small business or an accounting firm if you run a large company. A team of accountants with different backgrounds can provide a wide range of financial services and will find the best solutions to grow your profit and lower your costs. The accountants will inform you anytime about the income, costs and taxes and they will offer you confidentiality regarding the financial documents.

An experienced team of accountants can offer you studies and analysis in order that you can choose the best ways to manage your business and to obtain the best results. Besides this information, the team provides regular updates related to the Turkish legislation and regulations that can be changed year after year and can have a great impact on your business outlook.

Whenever you need accounting services in Turkey, you can contact our specialists in company formation who can help you hire the best accountant for your business, at low costs. If you have a large business we can recommend you an accounting firm or a team of experienced accountants.

Turkish Accounting Services

After registering a new company in Turkey, you will need to hire an accountant in order to manage the financial issues and offer solutions to lower the costs for your business. A good accountant will help you save money and make your company more efficient in terms of costs. In a short time, if your company is managed well from all points of view, the profit will increase.

An experienced accountant knows all the rules and regulations related to your business activity and will offer you the best advice in order to protect your money. Before hiring an accountant, you should check if he/she is registered before an accounting body in Turkey, so you will be sure that he/she is a professional and you can trust him.

Auditing Services in Turkey

Auditing Services in Turkey

Audit services are essential to establish credibility and build reputation – critically important assets in a global economy undermined by business scandals on multiple continents. Companies that successfully address audit issues improve the quality of their financial reporting and stand to gain credibility internationally with leading sources of capital.

Given the importance of audit services, many senior executives and audit committees look to accounting firms for efficient procedures, the value of their work, and personal service. Your organization stands to gain in multiple areas – reputation, insight, service, and cost – by finding experienced auditors who truly value your business.

Our Auditing Services in Turkey

As auditors in Turkey, we provide independent, objective and reliable audit opinions on the financial statements.

  • Auditing services for financial statements
  • Preparation of financial statements
  • IFRS reporting
  • Systems and process assurance
  • Assistance on capital market transactions
  • Corporate reporting
  • Internal Audits
  • Financial risk management
  • Due diligence
  • Company valuation

Experience and Respectful Reputation in Turkey

Akkas CPA & Turkish Accounting Firm has the knowledge and expertise necessary to help you with complex financial accounting issues. Our firm audits many of Turkey’s best-known companies and many of other organisations both large and small. Our audit approach, at the leading edge of best practice, is tailored to suit the size and nature of your organisation and draws upon our extensive industry knowledge. Our deep understanding of regulation and legislation means we can also help with complex reporting issues involving Sarbanes-Oxley and International Financial Reporting Standards (IFRS).

Additionally, we are leaders in the development of non-financial performance reporting, helping our clients respond to the need for greater transparency, improved corporate governance, and business models based on the principles of sustainability.

Our Commitment

Our mission is to help our clients improve their companies’ value, improve their development, create competitive advantage and diminish their managerial risk.

The globalization effect causes the increase in mergers and acquisitions. Companies do not only use domestic financing instruments but also to foreign ones. Due to fact that individuals, shareholders or other institutions need more reliable, comprehensible and considerable data in order to make companies reach realistic results, all of these make independent auditing a must.

Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors.

Meeting investor expectations begins with the completeness and accuracy of information contained in a companies financial statements. In the present economic conditions, business ethics and social responsibility constitute our starting point for success. In this sense, the relationship with our clients fundamentally based on values such as honesty, independence and objectiveness.

Compliance Services in Turkey

Compliance Services in Turkey

Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our compliance team is prepared to handle your company’s compliance services in Turkey. Akkas CPA & Turkish Accounting Firm handles all kinds of compliance services required to run your company in Turkey.

Today, clients are faced with unprecedented challenges as new laws and regulations are changing the way the corporate world works. Akkas CPA & Turkish Accounting Firm has one of the preeminent corporate governance practices in Turkey, drawing upon the expertise of our corporate, securities, governance, litigation, and compensation specialists to provide our clients with the information and analysis needed to respond to a rapidly changing regulatory environment.

Akkas CPA & Turkish Accounting Firm is globally recognized Turkish accounting firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our Istanbul team is prepared to handle your company’s compliance needs.

In today’s increasingly competitive environment, companies are under constant pressure to improve their performance and build shareholder value at the same time. Therefore, leading edge companies tend towards outsourcing for their secondary “non-core” activities, in order to allow their personnel to focus on their core business.

In line with this trend, Akkas CPA & Turkish Accounting Firm compliance serves its clients in order to meet their outsourcing needs for secondary activities such as accounting, payroll, management reporting and others. Our approach to outsourcing is, to build a close cooperation with our clients in a flexible way, in order to meet their different needs.

Akkas CPA & Turkish Accounting Firm compliance team assists many local and multinational entities from various sectors, with its team of 14 professionals specialised in different areas.

Accounting services

  • Bookkeeping in accordance with Turkish statutory requirements
  • Inflation accounting in line with Law No:5024
  • Management reporting in foreign currency and in accordance with IFRS
  • Services on fixed assets (fixed asset count, recording and reporting)
  • Controlling and checking the accounting records
  • Software selection, chart of accounts set-up and short-term secondments for accounting services

Corporate income tax compliance services

  • Preparation of; annual corporate income tax return
  • Quarterly advance tax return, monthly/quarterly VAT return
  • Preparation and filing of e-tax returns
  • Review of tax accounts and returns
  • Preparation of tax reports in lien with company reporting policies
  • Tax compliance services

Indirect tax compliance services

  • Preparation of monthly VAT return
  • Stamp tax return
  • Preparation and filing of e-tax returns
  • Review of tax accounts and returns
  • Preparation of tax reports in line with company reporting policies, tax status reporting through Global Compliance Solutions Database and short-term secondments for tax compliance services

Payroll services

  • Processing and checking the payroll
  • Monitoring payroll related payments
  • Preparation of social security and e-declarations
  • Computation of indemnity and severance pay liability
  • Handling application / leaving documentation for new recruits and leaving personnel
  • Preparation of payroll reports and related accounting records and checking personnel special expense allowance documents

Corporate secretarial services

  • Finalisation of the establishment
  • Closing and address changing procedures of companies
  • Branches and liaison offices with tax and social security administration
  • Extending liaison office licences, preparation of liaison office annual reports to the Foreign Investment Directorate
  • Obtaining work and residence permits for expatriate personnel and short-term secondments for administrative support

Foreign Investment Laws in Turkey

Foreign Investment Laws in Turkey

Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our foreign investment laws attorneys are prepared to handle your foreign direct investment needs in Turkey. Our foreign direct investment lawyers are experienced in company formation including LLC establishment, joint stock company, holding company, branch office, liaison office, and free trade zone company incorporation, and company management and governance. We also assist our client with investment incentives and other investment opportunities in Turkey.

As the complexity of Turkish foreign investment laws and business transactions continues to increase, Akkas CPA & Turkish Accounting Firm’s experts advise clients how to effectively navigate this difficult terrain by developing creative, practical and cost-effective solutions to investing in Turkey. Our foreign investment lawyers use their in-depth knowledge and expertise to help our clients achieve their business goals and objectives in the most tax-efficient manner.

As the 16th largest economy in the world and 6th in Europe, and with a growth average rate of 4.8% per year for the last 8 years, Turkey has attracted an approximate of 100 billion dollars of foreign direct investment over the last ten years.

Our Services for Foreign Investment in Turkey

Akkas CPA & Turkish Accounting Firm has the most extensive legal expertise and a great track record to help foreign investments to be smooth and efficient processes. More than 60% of our clients are foreign investors operating in Turkey. Accordingly, our expertise assisting foreign investors is among the most prominent in Turkish legal market.

In addition to a wide range of legal services that foreign investors may need, Akkas CPA & Turkish Accounting Firm also acts as a guide for investors assisting them to understand the legal and economic environment of Turkey. Akkas CPA & Turkish Accounting Firm supports its clients directly or with reliable referrals for any additional services that may be needed including virtual office formations, outsourced accounting and tax submissions.

In Turkish legal practice, not many Turkish law firms offer a strong litigation team and full variety of dispute resolution services along with professional consulting and corporate law services. Akkas CPA & Turkish Accounting Firm is among few offices proudly stating litigation as one of its strong-suits. We try cases virtually in all areas of trial practice and across a wide range of issues. Our litigation department is well equipped to handle any types of inquiries and we aggressively pursue and promote the interests of our foreign investor clients in any dispute and before all available venues.

Foreign Investment Incentives In Turkey

We have an open office policy for our litigation services. We work closely with our foreign investor clients and keep them informed at all stages. We assist and lead them to make informed strategy decisions.

Our wide range of litigation services are not limited with but contain subjects of corporate and commercial litigation, breach of contracts, product liability and consumer protection, torts, labor and employment, white collar crimes, real estate and construction disputes, tax, regulatory and administrative fines and measures.

We offer our corporate and individual clients assistance for obtaining work and residence permits both for independent purposes or for employees inclusive of their immediate family members. We help for drafting and filing necessary documents and submissions to relevant authorities and our associates escort expatriates and their families when their actual presence is required. In cases of rejections for permission applications, fines issued by administrative authorities or deportation issues including ban of access, we offer our clients representation for litigating against such decisions or measures.

Mergers and Acquisitions in Turkey

Mergers and Acquisitions in Turkey

Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our mergers and acquisitions attorneys are prepared to handle your company’s merger and acquisition transactions. We have extensive experience representing clients involved in all types of mergers, acquisitions, joint ventures and other strategic alliances, with exceptional expertise in cross-border transactions. We have represented clients involved in merger and acquisition transactions from large to small and from simple to extremely complex. Our typical activities in these transactions include:

  • Drafting and negotiating asset purchase, stock purchase and merger agreements,
  • Preparing filings under applicable securities laws,
  • Counseling boards of directors, special committees and in-house counsel in acquisition related matters,
  • Representing investment banking firms in connection with their fairness opinions with respect to these transactions,
  • Handling exchange offers, tender offers, proxy contests and going private transactions

Our acute focus on each client’s unique needs leads us to approach each transaction with an interdisciplinary team of attorneys tailored to the specific transaction, handling the various corporate, securities, intellectual property, litigation, employee benefits, tax, environmental, antitrust, and other issues inherent in mergers and acquisitions.

Our Mergers Acquisitions Services

Our Turkish mergers & acquisitions services attorneys are prepared to handle your company’s merger and acquisition transactions. We have extensive experience representing clients involved in all types of mergers, acquisitions, joint ventures and other strategic alliances, with exceptional expertise in cross-border transactions. We have represented clients involved in merger and acquisition transactions from large to small and from simple to extremely complex. Our typical activities in these transactions include:

Mergers & Acquisitions Proceedings

We have unsurpassed experience counseling business enterprises in a wide range of negotiated and contested transactions including: mergers, asset purchases, spin-offs, exchange offers, tender offers, proxy contests, going-private transactions, and leveraged buy-outs. We represent publicly and privately held companies, as well as private equity investors, in complex matters such as joint ventures, strategic alliances and cross-border transactions. And we also have extensive experience representing acquirers, private equity funds and targets in all manner of transactions, including mergers, stock purchases, recapitalizations and tender and exchange offers.

Payroll Services in Turkey

Payroll Services in Turkey

Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our accounting team is prepared to handle your company’s accounting services in Turkey. Akkas CPA handles all kinds of accounting services required to run your company in Turkey.

Akkas CPA & Turkish Accounting Firm offers the best accounting services, at competitive prices to foreign businessmen who already established or getting ready to establish a company in Turkey.

After registering a new company in Turkey, you will need to hire an accountant & CPA in order to manage the financial issues and offer solutions to lower the costs for your business. A good accountant will help you save money and make your company more efficient in terms of costs. In a short time, if your company is managed well from all points of view, the profit will increase.

An experienced accountant knows all the rules and regulations related to your business activity and will offer you the best advice in order to protect your money. Before hiring an accountant, you should check if he/she is registered before an accounting body in Turkey, so you will be sure that he/she is a professional and you can trust him.

Turkish Payroll Services

After registering a new company in Turkey, you will need to hire an accountant & CPA in order to manage the financial issues and offer solutions to lower the costs for your business. A good accountant will help you save money and make your company more efficient in terms of costs. In a short time, if your company is managed well from all points of view, the profit will increase.

An experienced accountant knows all the rules and regulations related to your business activity and will offer you the best advice in order to protect your money. Before hiring an accountant, you should check if he/she is registered before an accounting body in Turkey, so you will be sure that he/she is a professional and you can trust him.

Social Security Services in Turkey

The three insurance funds, namely SSK, Emekli Sandigi and Bag-Kur, were merged under a sole body called the Social Security Institution (SSI) in 2007. The three insurance funds together cover around 81% of the population as of 2008. The system started to be fully operational at the beginning of 2008.

Social Security Premium Payments

Social security premiums (as a percentage of employee’s gross earnings) are payable by both employers and employees.

Turkish Social Security System

Foreigners making social security contributions in their home countries do not have to pay the Turkish Social Security (SGK) premiums if there is a reciprocal agreement between the home country and Turkey.

Unemployment Insurance Premium Payments

Employees, employers and the state are required to make a compulsory contribution to the Unemployment Insurance Plan at the rates of 1%, 2% and 1%, respectively, of the gross salary of the employee. Like the social security premium payments, unemployment insurance premiums are also to be paid on a monthly basis. Employers are able to deduct such contributions from their taxable income. On the other hand, an employee’s contributions are deductible from the income tax base of the employee.

A foreign individual who remains covered under the compulsory social security system of his/her home country that has a social security agreement in effect with Turkey is not liable for insurance payments to the Turkish social security. The proof of foreign coverage is to be filed with the local social security office. If the employee is not subject to a foreign social security, full contributions will generally be imposed. Unemployment insurance premiums are declared and paid to the Social Security Institution together with social security premium contributions.

Tax Services in Turkey

Tax Services in Turkey

Akkas CPA & Turkish Accounting Firm is a globally recognized Turkish Accounting Firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our tax team is prepared to handle your company’s tax services in Turkey. Akkas CPA handles all kinds of tax services required to run your company in Turkey.

As Akkas CPA tax professionals, we believe that we have a duty to engage in the discussion and debate surrounding Tax Transparency and Responsibility. As the tax strategies of multinationals and domestic companies continue to be examined by both tax authorities and the public alike, we work with our clients to develop tax strategies that are fit for purpose in the tax system of tomorrow.

Our accounting firm provides a wide range of services designed to provide effective tax compliance and advice, aiming to give your business a competitive advantage both in local and international context.

At Akkas CPA, we provide tax certification, audit and consultancy services on a local and global scale. Using our in-depth experience and knowledge, we are providing competitive analyses and alternative solutions to our clients while offering them services in terms of compliance to financial legislation.

Every day – somewhere in the world – tax regulations, rules, and treaties change. Strategies that reduced taxes yesterday may not work today. New opportunities to save money could be missed – especially as you enter new markets. The talented tax staff in your organization might not have time to keep up with each nuance. Your current tax advisor may think your company is too small for personal attention – or your advisor may be too small to serve you.

Successful companies consider tax implications before they make business decisions, so they do not pay more than their legal obligation. This makes international tax compliance, consulting, and structuring a crucial element in your global strategy.

Turkish Tax Law

Our accounting firm provides a wide range of services designed to provide effective tax compliance and advice, aiming to give your business a competitive advantage both in local and international context.

At Akkas CPA & Turkish Accounting Firm, we provide tax certification, audit and consultancy services on a local and global scale. Using our in-depth experience and knowledge, we are providing competitive analyses and alternative solutions to our clients while offering them services in terms of compliance to financial legislation.

Every day – somewhere in the world – tax regulations, rules, and treaties change. Strategies that reduced taxes yesterday may not work today. New opportunities to save money could be missed – especially as you enter new markets. The talented tax staff in your organization might not have time to keep up with each nuance. Your current tax advisor may think your company is too small for personal attention – or your advisor may be too small to serve you.

Successful companies consider tax implications before they make business decisions, so they do not pay more than their legal obligation. This makes international tax compliance, consulting, and structuring a crucial element in your global strategy.

Our Tax Services in Turkey

The accountant will prepare financial statements for tax return, make an audit, will be responsible for book-keeping and financial planning and other different accounting services. He can help you with services such as:

  • Corporate tax consultancy
  • Tax audits – Tax certification and other Sworn financial advisory services
  • Tax and customs litigation
  • Global compliance
  • Human resources
  • Legal services
  • VAT advisory and VAT refunds
  • Foreign trade, customs and indirect
  • Tax Consultancy in transfer pricing
  • Tax Due Diligence
  • Expatriates Tax Consultancy

Due Diligence In Turkey

Due Diligence In Turkey

At Akkas CPA & Turkish Accounting Firm, we have the experience and knowledge necessary to assist our clients with virtually any type of corporate transaction. Conducting business transactions, engaging in property acquisitions and hiring new employees, should be carefully and thoroughly investigated before committing your business to any legal obligation. At Akkas CPA & Turkish Accounting Firm, we help business owners with a wide range of corporate law topics, including due diligence reviews. We can help you with due diligence reviews if your business is:

  • Looking to acquire another business
  • Being approached by an investor who wants to purchase your business
  • Looking to make a substantial investment
  • Looking to hire a high-level employee

Turkish Due Diligence Proceedings

There are many factors to look into when performing a due diligence review of another company, including examining:

  • Financial information
  • Bylaws and articles of incorporation
  • Trademarks and other intellectual property
  • All physical assets
  • Employment matters
  • Tax issues
  • Past litigation
  • Information about the company’s customers

An experienced business attorney knows where to look for information that is crucial to the future of your business venture. We have been helping business owners with their most critical legal needs since 1992.

Company Formation in Turkey

Company Formation in Turkey

Today, clients are faced with unprecedented challenges as new laws and regulations are changing the way the corporate world works. Akkas CPA & Accounting Firm has one of the preeminent corporate governance practices in Turkey, drawing upon the expertise of our corporate, securities, governance, litigation, and compensation specialists to provide our clients with the information and analysis needed to respond to a rapidly changing regulatory environment.

We regularly advise clients with respect to the formation of companies. Our services with respect to company formation include advising and drafting documents in connection with the formation of corporations, limited liability companies, and liaison offices. We provide targeted advice with respect to both the choice of entity and Turkish laws under the entity is to be organized.

Types of Companies in Turkey

Our company formation team is experienced in formation and governance of;

in Turkey. We maintain a unsurpassed practice counseling and representing large and small companies and boards of directors regarding entity formation and corporate governance matters. We advise our public and private clients on all matters concerning formation of new entities from corporate formalities to tax issues.

We also advise our company clients on a full range of new laws and related matters, as well as other corporate governance rules. Our clients range from small private companies with no internal legal staff to medium size companies with their own internal legal staff. For each of our clients we tailor our approach to that client’s unique requirements.

Limited Company Formation in Turkey

A Turkish Limited Liability Company (LLC) needs to have an initial capitalization of 10.000.-TL (around 2,500.-USD) and 1 to 50 shareholders. A shareholder of an LLC has a partnership share calculated in accordance with the nominal value of capital subscribed to. In certain cases, the total share of each shareholder is regarded as one equity share, regardless of nominal value. Transfer of shares is subject to major restrictions in an LLC (such as approval by other shareholders representing 75% of the capital) and may be altogether restricted.

Subject to the conditions prescribed in the Turkish Commercial Code and any conditions provided for in the Articles, it is possible to expel a shareholder, and a shareholder may also request from a court the dissolution of an LLC subject to certain conditions. As shares of an LLC is not represented by share certificates, share transfers are effected through registration of an executed and notarised sale and purchase agreement with the competent trade registry together with a shareholders’ decision approving such share transfer.

Turkish Limited Company Formation Services

Although liability of the shareholders is limited to the amount of share capital owned in the company, and the shareholders are not personally liable for any debt or other liability of the company, shareholders of an LLC may be held liable for the public debts of the company, such as tax liabilities. Despite the restriction on the companies for acquiring their own shares, if an LLC ends up acquiring the shares of one of its shareholders against its receivables, then the shareholders are jointly liable for the payment of the un-paid portion of the newly acquired shares by the company.

We maintain a unsurpassed practice counseling and representing large and small companies and boards of directors regarding LLC formation and governance matters. We advise our clients on all matters concerning formation of new entities from corporate formalities to tax issues.

We regularly advise clients with respect to the formation of companies. Our services with respect to company formation include advising and drafting documents in connection with the formation of corporations, limited liability companies, and Turkish liaison and branch offices. We provide targeted advice with respect to both the choice of entity and Turkish laws under the entity is to be organized.

Our clients range from small private companies with no internal legal staff to large companies with their own internal compliance teams. For each of our clients we tailor our approach to that client’s unique requirements.

Joint Venture Formation in Turkey

Joint ventures are becoming more commonly used in all industries as businesses with complementary operations seek to collaborate to develop new projects, pursue joint financing to expand distribution, or realize other strategic business objectives in Turkey and around the world. Akkas CPA & Turkish Accounting Firm has extensive experience with joint ventures in various industries and practices. We work with clients on all stages of joint venture formation and management. Our Joint Ventures attorneys focus on specific industries:

Energy Joint Ventures

Our attorneys have significant experience in negotiating joint ventures in the energy industry. We have represented publicly traded energy companies, large private equity funds, public and private institutions, foreign investors, university endowments and a variety of taxable and tax-exempt investors in their energy investments and joint ventures. We also have significant experience in representing management teams in their negotiations with private equity fund investors. Our practice group has assembled a team of lawyers and legal professionals with diverse, but complementary, experience so that we may provide assistance in all matters affecting our energy clients and their businesses.

Our lawyers have knowledge in oil and gas, power, clean energy, corporate-securities, mergers and acquisitions, partnership, tax, international, venture capital, employment, environmental, finance, and litigation issues that affect the energy industry. This multi-disciplinary approach affords our clients efficient access to lawyers possessing the depth of experience necessary to address any need they may have, while creating a team of professionals particularly suited to providing the creativity and flexibility necessary to guide those clients through the rapidly evolving legal and regulatory landscape.

Projects Joint Ventures

Akkas CPA & Turkish Accounting Firm has extensive experience counseling joint ventures and investors in joint ventures, often in cross-border situations. Our lawyers work closely with consortium members or venturers and their in-house counsel, or with an individual investor in a project, to identify their business, tax, financing, governance and other concerns and priorities, and to develop appropriate structures and approaches. Our experience and understanding of the underlying business allows us to provide practical advice to help clients achieve project success.

The significant capital costs and high commercial risks associated with the energy industry frequently create the need for complicated and innovative joint venture structures to achieve economies of scale, to allocate risks and to access market opportunities for substantial capital investments, including joint ventures involving oil and gas exploration and development, electric power projects, gas storage facilities and pipeline and LNG projects. We have structured, negotiated and documented joint venture arrangements in many sectors of the energy industry, where industry participants frequently act through joint ventures.

In addition to the energy sector, we have extensive joint venture experience across many other industries, including telecommunications (cable, telephony, satellite services and the Internet), transportation (airlines), pharmaceuticals and healthcare, entertainment and sports, real estate, information technology, computer technology, software development, transportation and mining.

Akkas CPA & Turkish Accounting Firm’s corporate practice handles entire joint venture endeavors from inception to final agreement, with special emphasis on structuring the venture entity, tax planning and corporate governance between or among the partners.

Real Estate Joint Ventures

Real estate joint ventures are a common vehicle for blending development expertise, product expertise and local knowledge with capital sources. These capital sources include public funds, private funds, high net worth individuals, and tax-exempt investors (including retirement funds and sovereign funds). Akkas CPA & Turkish Accounting Firm has extensive experience in the formation of joint ventures representing the service provider and the capital source. Akkas CPA & Turkish Accounting Firm‘s experience extends to the formation of joint ventures involving tax-exempt entities in joint enterprises with taxable entities. Our joint venture experience includes both acquisition and development of the following real estate product types: office, hospitality, retail, mixed use, special venues, and land development.

Free Trade Zone Company Formation in Turkey

A Turkish Free Trade Zone is a specially designed production site which aims at increasing export-oriented investment and production in Turkey, accelerating the entry of foreign capital and technology into Turkey, enhancing the productivity and economies of scale and increasing the utilization of external financial sources and trade opportunities. Although an Free Trade Zone is within the boundaries of the Republic of Turkey, it is treated as if it were a territory abroad. National regulations relating to foreign trade, financial and economic areas are partially applicable to Free Trade Zones. There are 20 Free Trade Zones in Turkey and their annual trade volume amounted to more than $ 23 billion in year 2005.

Turkish Free Trade Zone Company Formation Services

We maintain a unsurpassed practice counseling and representing large and small companies and boards of directors regarding company formation in a Turkish Free Trade Zone and governance matters. We advise our clients on all matters concerning formation of new entities from corporate formalities to tax issues.

We regularly advise clients with respect to the formation of companies. Our services with respect to company formation include advising and drafting documents in connection with the formation of corporations, limited liability companies, and Turkish liaison and branch offices. We provide targeted advice with respect to both the choice of entity and Turkish laws under the entity is to be organized.

Our clients range from small private companies with no internal legal staff to large companies with their own internal compliance teams. For each of our clients we tailor our approach to that client’s unique requirements.

Free Trade Zone Company Tax Incentives

  • Production companies in one of Turkish Free Trade Zones are exempt from both corporate and income taxes
  • Goods imported from abroad are exempt from customs duty. In addition, there are no restrictions on the age/model of machinery to be imported from abroad, and these items are exempt from both VAT and customs duty
  • Goods purchased in Turkey by companies located in a Free Trade Zone are exempt from VAT
  • Companies based in a Free Trade Zone can keep their products in a designated duty-free storage area for an indefinite period of time and they can export the products in lots at any time (at the time of export, a customs duty for the lots is paid)
  • Energy, water and telephone utilities supplied within a zone are all exempt from special consumption tax (OTV) and VAT
  • 100% exemption from customs duties and other assorted duties.
  • 100% exemption from corporate income tax for manufacturing companies.
  • 100% exemption from value-added tax (VAT) and special consumption tax.
  • 100% exemption from stamp duty for applicable documents.
  • 100% exemption from the real estate tax.
  • 100% income and corporate tax exemption for certain logistics services to be offered at the FZs, provided that they are export-oriented.
  • 100% exemption from income tax on employees’ wages (for companies that export at least 85% of the FOB value of the goods they produce in the FZs.
  • Goods may remain in FZs for an unlimited period.
  • Companies are free to transfer profits from FZs to abroad as well as to Turkey, without restrictions.
  • Exemption from title deed fees when acquiring and selling a property.
  • VAT exemption during construction, design, settlement, and approval processes.
  • Ready infrastructure exempt from VAT and other taxes.
  • Import permit for second-hand, used machinery. ​

Free Trade Zone Company Operating Licence

In order to operate in a Turkish Free Trade Zone, companies need an Operating Licence which is granted by the Regulator mentioned above. The firms which are found appropriate to get an Operating Licence and which intend to rent an open area must sign a rental contract with the Zone Operator, or Founder & Operator. Firms intending to rent a closed area must sign a rental contract with one of the users holding Renting Operating Licence. Upon the submission of a copy of the rental contract approved by the related Zone Directorate to the regulator, operating licence is granted to the applicant.

List of Turkish Free Trade Zones

FREE ZONES IN TURKEYDATE OF EST.
1MERSIN FREE ZONE1985
2ANTALYA FREE ZONE1985
3AEGEAN FREE ZONE1987
4ISTANBUL ATATURK AIRPORT FREE ZONE1990
5TRABZON FREE ZONE1990
6ISTANBUL THRACE FREE ZONE1990
7ADANA YUMURTALIK FREE ZONE1992
8ISTANBUL INDUSTRY & TRADE FREE ZONE1992
9MARDIN FREE ZONE1994
10SAMSUN FREE ZONE1995
11EUROPE FREE ZONE1996
12RIZE FREE ZONE1997
13KAYSERI FREE ZONE1997
14IZMIR FREE ZONE1997
15GAZIANTEP FREE ZONE1998
16TUBITAK-MRC FREE ZONE1999
17DENIZLI FREE ZONE2000
18BURSA FREE ZONE2000
19KOCAELI FREE ZONE2000

Joint Stock Company Formation in Turkey

A Turkish Joint Stock Company (JSC) can be established for an indefinite period with at least one real person or legal entity shareholder, and an initial capital of at least 50.000.-TL (around 12,500.- USD). Under Turkish law, certain activities such as banking or insurance can only be carried out by companies established as a JSC. In addition, only JSC may offer its shares to public, and trade its shares at the stock exchange.

The capital of a JSC is divided into shares, each being separate and conferring equal rights in proportion to their nominal value, except in case of special privileges. Shares are freely transferable, however certain transfer restrictions may be set forth in the Articles of Incorporation. Share transfer in JSC is effected through endorsement and delivery of the share certificate or provisional share certificate, as the case may be. Furthermore, once a share subscribed is paid in full, the holder of that share may not be expelled.

Turkish Joint Stock Company Formation Services

We maintain a unsurpassed practice counseling and representing large and small companies and boards of directors regarding JSC formation and governance matters. We advise our clients on all matters concerning formation of new entities from corporate formalities to tax issues.

We regularly advise clients with respect to the formation of companies. Our services with respect to company formation include advising and drafting documents in connection with the formation of corporations, limited liability companies, and Turkish liaison and branch offices. We provide targeted advice with respect to both the choice of entity and Turkish laws under the entity is to be organized.

Our clients range from small private companies with no internal legal staff to large companies with their own internal compliance teams. For each of our clients we tailor our approach to that client’s unique requirements.

Liaison Office Formation in Turkey

Companies established in accordance with laws of foreign countries can open liaison offices in Turkey provided that those offices do not carry out any commercial activities in Turkey. So as to open a liaison office in Turkey, the relevant company has to apply to the Directorate General of Foreign Investments of the Undersecretariat of Treasury.

Applications for establishment and extension are to be finalized within 5 days following the application provided that the necessary documents are complete and proper. Applications of foreign companies to establish liaison offices so as to operate in sectors subject to special legislation such as money and capital markets, insurance, etc. are assessed by the relevant regulatory and supervisory authorities.

Turkish Liaison Office Formation Application Documents

The following documents have to be submitted to the Directorate General for establishing a liaison office in Turkey:

  • The original copy of Certificate of Activity approved by the related Turkish Consulate or approved in accordance with the provisions of the Convention on the Abolishing the Requirement of Legalization for Foreign Official Documents Approval Obligation, prepared on the basis of the Hague Conference on International Private Law,
  • Operational report or balance sheet and income statement of the main company,
  • The original copy of power of authority issued to the name of the person who is appointed to carry out the operations of the liaison office,
  • The original copy of power of attorney in case that another person will carry out the establishment transactions of the liaison office.

Starting Operations

After an establishment permit is granted by the Directorate General of Foreign Investments, the relevant Liaison office is supposed to register to the local tax office and to send a copy of the tax office registration document to the Directorate General latest within 1 month.

Periodically Informing the Undersecreariat of Treasury

Liaison offices are supposed to provide the Directorate General with the followings every year latest until end of May so as to inform the authority about their activities of previous years. Documents certifying that the previous years expenses of the office have been covered by foreign currency transferred from abroad have to be enclosed as well.

Duration of Operation Permits and the Extensions

Liaison offices are granted operation permits for 3 years at most. For extensions, successive extensions of maximum 3 years each may be granted by taking into consideration the activities of previous years and plans and objectives for the future.

Termination of Activities

In case a liaison office terminates its activities, the termination and examination of business note to be received from the related tax office has to be submitted to the Directorate General of Foreign Investments. Liaison offices cannot claim any money transfer except the residue arising due to termination or liquidation. The Undersecretariat might cancel the permits of liaison offices in case the offices are found to have violated the legislation.

Branch Office Formation in Turkey

Branch offices have autonomous capital and accounting to carry out commercial transactions with third parties, although they are closely associated with the parent company in respect of internal management. This means that rights, debts, profits and losses of the branch offices are assumed by the parent company.

A branch office can only engage in activities of its parent company. It cannot provide goods and services or engage in any commercial activities that are not specified in the parent company’s articles of association. Although there is no legal capital requirement for branch offices, it is required that the incorporating company maintains a capital sufficient to run the branch office in practice.

A branch office shall use the same corporate name as that of the parent company by indicating that it is a branch office and also contain the location of the head office and the branch office. A fully authorized commercial representative (branch office manager) residing in Turkey needs to be appointed in order to run day-to-day business of the branch office.

Turkish Branch Office Formation Services

We maintain a unsurpassed practice counseling and representing large and small companies and boards of directors regarding branch office formation and governance matters. We advise our clients on all matters concerning formation of new entities from corporate formalities to tax issues.

We regularly advise clients with respect to the formation of companies. Our services with respect to company formation include advising and drafting documents in connection with the formation of corporations, limited liability companies, and Turkish liaison and branch offices. We provide targeted advice with respect to both the choice of entity and Turkish laws under the entity is to be organized.

Our clients range from small private companies with no internal legal staff to large companies with their own internal compliance teams. For each of our clients we tailor our approach to that client’s unique requirements.

Turkish Work Permit Law

Turkish Work Permit Law

Applications for Turkish work permit are made through e-Government portal of Turkey. The automated work permit application system enables the users to fill the online work permit application form and upload necessary documents into the system. Once online application is made through the e-government portal, the employer is required to make direct application to the Ministry by mail or in person.

Duly applications are finalized by the Ministry at most thirty days and once the decision is made, the ministry informs the applicant through e-mail. Foreigners residing outside the Turkey can make their work permit applications through the Turkish representative offices in their home countries. In the existence of residence permit valid for at least 6 months, foreigners residing in Turkey can make their applications directly to Ministry of Labor and Social Security.

Foreigners Residing Outside of Turkey

Foreigners residing outside the Turkey are subject to apply for Turkish work permit from the representative offices of Turkey in their own countries. Pursuance to work permit application of foreigner, within 10 working days the employer should process both online and direct applications to the Ministry of Labor and Social Security in Turkey. Once the approval from the Ministry is granted, foreigners are required to apply for work visa to the Turkish representative office within 90 days.

As per new rules on residence permits, valid working permissions will be now used as residence permits as well. Thus work permit validity requirement of residence permit application within 30 days upon obtaining the work permit (for consulate applications 30 days was starting upon arrival of work permit holders) will be outlawed. On the other hand the same as work permits, “Work Permit Exemption Certificates” will also be used as residence permits.

Foreigners Residing Inside Turkey

Foreigners with residence permit valid for at least 6 months may make their applications to the Ministry of Labor and Social Security internally. Internal applications are made by the employer directly to the Ministry. Once the online application is submitted, the employer is required to make direct application to the Ministry within 6 working days.

Turkish Work Permit Extension Applications

Extension application of the work permit period is made to the Ministry of Labor and Social Security. As Internal applications, after submitting online applications, direct application to ministry should be made within 6 working days. The application for extension should be filed within 2 months before or 15 days after the expiry date of the work permit. After 15 days period, the applicant no longer may request for extension and the application is regarded as initial application.

Resident Permit Application in Turkey

Foreigners who intend to stay in Turkey for a period longer than permitted in their visa, visa exemption, or for more than ninety days must obtain a residence permit.

Short-Term Residence Permit for Foreigners

To apply for a short-term residence permit, foreigners who own real estate in Turkey or will establish a business or commercial connections in Turkey must submit the following documents to the relevant Provincial Directorate of Immigration Administration (Göç İdaresi) after the application is made through the e-residence system. Short-term residence permits are issued for a maximum of two years. A residence permit is invalidated if it is not used within six months.

Documents for Initial Application

  • Residence permit application form
  • The original and a copy of the passport or travel document
  • Four passport-size photographs
  • Declaration regarding sufficient and sustainable financial resources for the duration of the stay (Stated in the application form. The authority may request supporting documents.)
  • Official document regarding the applicant’s ownership of the residence
  • An invitation letter or documents of such written by the person or companies to be contacted
  • Valid medical insurance

Documents for Extension

Applications for an extension of the residence permit may be made within sixty days prior to its expiration, but under no circumstances may this be done after the expiry date. For the extension, foreigners are required to apply for a residence permit through the e-residence system. The completed application and required documents should be sent to the related Provincial Immigration Administration Office (Göç İdaresi) by mail within five days.

  • Residence permit application form
  • The original and a copy of the passport or travel document
  • Submission of the previous residence permit document
  • Two passport-size photographs
  • Declaration regarding sufficient and sustainable financial resources for the duration of the stay (Stated in the application form. The authority may request supporting documents.)
  • Official document regarding the applicant’s ownership of the residence
  • An invitation letter or documents of such written by the person or companies to be contacted
  • Valid medical insurance

Long-Term Residence Permit for Foreigners

For a long-term residence permit, foreigners that have continuously resided in Turkey for at least eight years should submit the following documents to the relevant Provincial Directorate of Immigration Administration (Göç İdaresi):

Documents for Initial Application

  • Residence permit application form
  • The original and a copy of the passport or travel document
  • Submission of the previous residence permit document
  • Two passport-size photographs
  • The document showing that the applicant has not received any social aid from governmental institutions and organizations in the last three years
  • Declaration regarding sufficient and sustainable financial resources for the duration of the stay
  • Police record document
  • Valid medical insurance

Long-term residence permits are issued indefinitely.

Reach us for Accounting Services in Turkey

Our firm’s team of skilled tax professionals are up-to-date with the latest tax laws and regulations and are experienced with tax planning and compliance for a wide range of client circumstances and reporting, from self-employment and brokerage accounts, equity and incentive based compensation, foreign income, foreign asset reporting, and more.

Through proactive projection and planning, we aim to provide you with transparency into your tax liability and to tax savings opportunities when it matters so you can make more timely and informed decisions. Through the use of industry leading technology platforms and processes we are able to enhance the quality, timeliness and convenience of our tax services and security of your data. Thanks to its nationally recognized accounting services, our accounting firm is now one of the leading accounting firms in Istanbul, Turkey. You may reach our accountants for Accounting services in Turkey by sending an email to us.