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Guide For Foreigners Investing

Foreign investors are permitted to form or participate in any kind of company established in Turkey under the Turkish Commercial Code and the Code of Liabilities. No additional permission is required for companies or subsidiaries which are established by foreigners. However, data on capital and activity is required to be submitted annually by the end of May, and information on capital payments and share transactions notified within one month to the Under-Secretary of State for Treasury’s Directorate of Foreign Investment.

Foreigners in Turkey may form or participate in the following ventures:
• a joint-stock corporation, which requires a minimum of five living or legal-entity founding partners and an initial capital value of at least 50 thousand Turkish Lira;
• a limited company, which requires at least two living or legal-entity founding partners and an initial capital value of at least five thousand Turkish Lira.

Net profits, dividends, sales, liquidations and compensation fees, licensing, payments for management and other similar agreements and principal and interest payments on foreign loans, may be freely transferred abroad by foreign investors, using the services of banks or other private financial institutions.

Gross earnings of companies which are formed with foreign capital in Turkey are subject to a corporate tax rate of 20%. Income earned in the financial year is declared on a quarterly basis at the provisional tax rate of 20%, and at the end of the financial year, corporate tax on declared annual earnings are deducted from or offset by these prepaid sums.

Foreign staff employed in foreigner-owned ventures and their liaison offices are required to obtain work permits from the relevant government department dealing with foreign personnel. Work permits are issued for finite periods, and are renewable. Foreigners who have resided legally and continually, without interruption, are also eligible to obtain indefinite work permits. There is no difference between the taxation of salaried foreign employees and that of Turkish employees working within foreigner-owned companies or corporations in Turkey.

Foreign entrepreneurs who are considering setting up a company in Fethiye should first consult with the Fethiye Chamber of Commerce to find out how best to proceed.

Companies which are established by, or involve the participation of, foreign investors, are free to acquire real estate or limited tangible rights. These investments are not subject to the necessity that they be in the public interest or for relevant financial provisions or compensations to be paid, cannot be expropriated or nationalized. With regards to this, we strongly advise foreign investors who wish to acquire real estate in Fethiye that they only contact and then make formal agreements for services with a real estate agent who is a member of the Fethiye Chamber of Commerce.

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