The first question anyone incorporating in Turkey faces is: limited liability company (Ltd.) or joint stock company (A.Ş.)? This choice has significant implications for taxation, investor structure and liability. This guide compares both structures with 2026 current costs and walks through the incorporation process step by step.
| Criterion | LLC (Ltd. Şti.) | Joint Stock (A.Ş.) |
|---|---|---|
| Minimum capital | TRY 50,000 (commitment only, no block) | TRY 250,000 (1/4 blocked before registration) |
| Shareholders | 1–50 persons | 1 or more |
| Share certificates | Not issuable | Issuable |
| Raising investment | Limited; vesting is complex | Streamlined; flexible share transfer |
| IPO eligibility | Not eligible | Eligible |
| Incorporation cost (2026) | TRY 26,000 – 32,000 | TRY 35,000 – 45,000 |
| Typical profile | SME, local business, sole trader | Startup, investment-ready, scaling business |
For startups: If you plan to raise investment or scale quickly, incorporate as a joint stock company from the outset. Converting from LLC to A.Ş. is possible but costly and time-consuming.
| Cost Item | LLC | Joint Stock |
|---|---|---|
| Notary fees | TRY 4,500 – 6,000 | TRY 6,000 – 8,500 |
| Trade registry fee | From ~TRY 18,500 | From ~TRY 18,500 |
| Trade Registry Gazette | TRY 3.10 per word | TRY 3.10 per word |
| Book certification fee | TRY 4,500 – 6,500 | TRY 4,500 – 6,500 |
| Accountant incorporation fee | TRY 3,000 – 5,000 | TRY 4,000 – 7,000 |
| Total (excluding capital) | TRY 26,000 – 32,000 | TRY 35,000 – 45,000 |
For joint stock companies, at least one-quarter of the subscribed cash capital must be deposited and blocked at a bank before registration. For TRY 250,000 minimum capital, this amounts to TRY 62,500. The block is released upon registration.
The name must be verified for uniqueness via the MERSİS system. The business purpose must be clearly defined in the articles of association.
The articles must include all elements required by the Turkish Commercial Code and be approved through MERSİS.
One-quarter of cash capital is deposited and blocked at a bank before registration.
The articles and signature circulars for authorised signatories are certified by a notary.
Application is filed with the Trade Registry Directorate. Registration is typically completed within 3–7 business days.
Following registration, tax number, social security and tax certificate filings are completed.
At Koru Legal, we advise on company formation, articles of association drafting, partnership structuring and investment readiness.
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