Fees and timelines in 2023
Fees
Incorporation costs for a Turkey LLC in year 1 amount to €6,940 and annual company costs in year 2 and thereafter amount to €2,140. Healy Consultants average engagement fees amounts to €16,815 including company registration in Turkey, opening a corporate bank account, VAT registration and all government fees are as detailed in the table below.
| Different Turkey entity types | Cost | Draft invoice |
|---|---|---|
| Tax resident LLC | €16,815 | View invoice PDF |
| Branch of a foreign company | €14,010 | View invoice PDF |
| Representative office | €13,210 | View invoice PDF |
| Free zone company | €16,460 | View invoice PDF |
Timelines
The average engagement period for registering a company in Turkey is 11 weeks as outlined below:
| Service | LLC | Branch | Rep. office | Freezone |
|---|---|---|---|---|
| Engagement planning | 1 week | 2 weeks | 2 weeks | 1 week |
| Company incorporation period | 3 weeks | 4 weeks | 4 weeks | 4 weeks |
| Bank account approval | 3 weeks | 3 weeks | 3 weeks | 3 weeks |
| Corporate internet banking approval | 3 weeks | 3 weeks | 3 weeks | 3 weeks |
| Engagement completion | 1 week | 1 week | 1 week | 1 week |
| Total engagement period | 11 weeks | 13 weeks | 13 weeks | 12 weeks |
