"Dear Berk, Just a couple of questions: Myself and wife are planning on moving to Turkey within the next few months. We are planning on having a house built and in the basement I am having a recording studio built. I live in England and produce music, but can't get the inspiration I need here. I already have the studio so that is not a problem. The house will be paid for and I would like to bring a car over with me from Germany. We will have our own money and not depend on any state benefits from Turkey! What kind of company should I form that would benefit me most as I will not need a stock certificate to be issued! So would this not be the best company to form: Limited company: It is the company established with participation of minimum two and maximum 50 real persons or legal entities. The liability of the shareholders is restricted only to the capital subscribed by the shareholder. Minimum capital of YTL 5000 is mandatory. Unlike joint stock companies no stock certificate is issued.
If possible I would like to set it up as an entertainment company! I would like the house in it, the car, the studio, all under the company name! My vision: I produce and write songs and will be in search of your local talent. I have all the equipment to make and record music. All help given will be greatly received! Wishing you the best of life!"
First, thank you for your letter and decision to move to Turkey. Second, I think this is some good news for local talents of Turkey. I see many of them just waiting to be discovered. Talent shows are receiving the highest ratings among TV shows.
Let's proceed. Yes, a limited company seems to be the best option for your investment strategy. You will need only two shareholders; I assume this will be you and your wife (this is a very common shareholding structure in Turkey). You can put the car and house and all the other assets under the name of the company as long as owning these assets is in line with the articles of association of the company -- in particular with the scope - and the field of activity chapter of the articles of association.
I recommend that you draft the articles of association in consideration of the new law that says having the house registered under the name of the company will only be allowed if the house is used for the purpose and within the scope of the company.
Importing the studio equipment and the car is a different story. Academically speaking you are able to import anything as long as it is legal to import it, so there should be no problem with that. I strongly recommend that you to check the customs clearance rates and other costs for the equipment and the car. I have seen many investors faced with difficulties because of not calculating these costs.
I hope that you succeed and never lose the energy I see in your letter.
NOTE: Berk Çektir is a licensed attorney at law and available to answer questions on the legal aspects of living in Turkey. Send enquiries to b.cektir@todayszaman.com. The names of the readers are disclosed only upon written approval of the sender.
DISCLAIMER: The information provided here is intended to give basic legal information. You should get legal assistance from a licensed attorney at law while conducting legal transactions and not just rely on the information in this corner.
