Turkey boasts 21 Export Processing Zones (EPZ), offering export-oriented foreign companies indefinite corporate and duty tax exemption;
Specifically, EPZ companies enjoy exemption from i) corporate tax ii) withholding tax on repatriation of funds iii) VAT iv) income tax v) all customs duties and vi) Resource Utilization Support Fund exemptions;
For companies incorporated in an EPZ, there are no exchange controls, with easy repatriation of capital and profits, access to foreign currency accounts, and domestic and offshore borrowing. Investment by foreigners in the EPZ is unrestricted;
Turkey has a Custom Union Agreement with the EU, allowing free circulation of exported goods into the EU market, without any import tax being levied on the goods;
The EPZs in Turkey offer excellent export infrastructure, with ample amounts of serviced land and ready factory buildings. In addition, Zone developers provide 24 hour security, street lighting and landscaping. Office premises are available for lease in most zones.
In order to start a free zone company in Turkey, the requirements will be i) obtaining the necessary permissions from the relevant authorities ii) reserving the company name iii) preparing the incorporation documents iv) notarizing the documents at the public courts v) applying for the business license vi) registering the company for tax purposes and vii) securing work visas for our Clients and their employees.
What will the benefits of starting a free zone company in Turkey?
If our Client establishes a free zone company in Turkey, they receive benefits including i) 100% tax exemption for all foreign companies exporting goods/services ii) easy repatriation of income (no exchange controls) iii) unrestricted investments in the zones and iv) free circulation of goods within the EU.
How many directors will must be appointed for formation of a free zone company in Turkey?
Only 1 director must be appointed for a Turkey Free Zone company setup.
How many shareholders are required to incorporate in Turkey free zone?
At least 1 shareholder will be required for incorporation of a free zone company in Turkey.