Published: 06 Oct 2008 17:49:22 PST
Setting up a company
Legal business entities
| Different types of companies | Number of partners/shareholders | Maximum and/or minimum capital | Liabilities | Registration fees |
| The Limited Sirket is a limited liability company. | 2 partners minimum. 50 maximum. |
500 million TRY, fully paid up at its constitution | Liability is limited to the amount of capital contributed. | |
| The Anonim Sirket is a public limited company. | 5 partners minimum | 5 billion TRY minimum, fully paid up at its constitution | Liability is limited to the amount of capital contributed. | |
| General partnership | 2 partners minimum | A capital base must be set up, but no minimum amount is required. | The liability which is on the partners is joint and indefinite. | |
| Individual company | 1 person | The notion of capital does not exist. The assets of the company are merged with those of the head of the company. | The businessman is indefinitely liable for the professional debts on the whole of his assets. |
- Business setup procedures
- The articles must be drawn up by notarial deed and approved by the Ministry of Industry and Commerce.The registration of the company must be carried out after the Ministry's approval at the Register of Commerce in the place where the company has its headquarters. For further details, click here.
Working conditions
- Legal weekly duration
- 45 hours. For further details concerning work regulations, click here.
- Retirement age
- 50 for women and 55 for men.
- Working contracts
- The work contract is first and foremost governed by individual negotiation.
The formality of the work contract and the conditions of dismissal are rigid. Dismissals have to be justified only if the number of employees in the firm is more than 30.
Cost of labor
- Minimum wage
- 305 EUR / month
- Average wage
- This data is nonexistent and irrelevant in Turkey. A salary is very variable according to the town, the function, the sector of activity, the company, age, experience, etc.
- Social security contributions paid by employers
- 19.5 %.
- Social security contributions paid by employees
- 14%
Social partners
- Bargaining power
- In general, the power of the unions is not at all strong.
- Unionization rate
- The unionization rate in Turkey is quite low. The unions are stronger in the public or semi-public sectors.
- Labor regulation bodies
-
Ministry of Labor
Employers' confederation
Employers' confederation
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Source:
FITA
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