Akkas & Associates is a globally recognized Turkish law firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our Turkish free trade zone company formation lawyers are prepared to handle your Turkish free trade zone company formation. Our company formation lawyers are prepared to handle all types of company formation needs in Turkey. Our company formation lawyers are experienced in LLC formation, joint stock company formation, holding company formation, branch office formation, liaison office formation, and free trade zone company establishment, and company management and governance.
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.
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 a Free Trade Zone 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
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.
Reach our Free Trade Zone Company Formation Lawyers
Since its foundation in 1992, Akkas & Associates Turkish Law Firm has been the choice of numerous clients in Istanbul, Turkey. Thanks to its nationally recognized Turkish company formation practice, our firm is now one of the leading company formation law firms in Istanbul, Turkey. You may reach our lawyers for free trade zone company formation through our Contact page.