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50% Business share in Turkey - any advice welcomed

Discussion forum for expats moving to or living in Turkey.

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50% Business share in Turkey - any advice welcomed

Post Posted: Sun Oct 24, 2010 7:33 pm

I am a divorced female and just in the process of setting up a business partnership with my Turkish Friend. I will have a 50% stake in his existing business. We plan for this to happen mid January 2011. Does anybody know of any problems I may have regarding my working in Turkey within my own business. Do I have to get any special authorisations, fill out any special tax forms etc or any other legal stuff.

I will be renting an apartment in the Fethiye area to begin with but will be looking to buy my own home in the first 6-12 months.

I would be very grateful for any advice anyone may have.

Thank you

 

BonTai
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Re: 50% Business share in Turkey - any advice welcomed

Post Posted: Sun Oct 24, 2010 8:49 pm

Welcome to the Forum! Hope you will enjoy visiting here ! Smile
Hopefully someone will be able to answer all your questions.
I would suggest you find yourself a good Eng speaking lawyer and not rely too much on your Turkish Friend.
Good Luck!

 

Ikeepforgetting
Forum Leader - Turkey
Forum Leader - Turkey
 
 
  
Re: 50% Business share in Turkey - any advice welcomed

Post Posted: Mon Nov 29, 2010 6:59 pm

Hi

A lawyer and an accountant essential.

Tax and charges build up and can become big surprises down the road if they haven't been paid and your name/investment is involved.

Unless you do things 'right' from the beginning you leave yourself open to later problems. For example you will need a work permit if you have any active role in the work/business. Not having one, and then falling out with either your partner or your competitiors, or locals, can lead to you being reported with possible expuslion and loss of investment. This is not uncommon and can be used to part you from your money.

Make sure you keep paper records involving all monies. If your money buys property then make sure your ownership is definitive and protected.
Putting property in someone else name does not protect you but creates another route for loss of investment.

Operate like you would with a stranger in the UK.

And be aware of the many reported stories of people being ripped off. Live the dream but stay awake!

Tom

 

Tom3434
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Re: 50% Business share in Turkey - any advice welcomed

Post Posted: Fri Dec 17, 2010 9:50 pm

I fully agree with the warnings given earlier.
Didim certainly has a bad record and I haven't heard of one partnership (of over 20) here in which the foreigner didn't lose out monetarily some to a very significant level.
It's not something that I personally would get involved in.
Be extremely careful.
Without a work permit you cannot participate in running the business as in working there.
Often the need from the local is just a cash injection that could well disappear.

 

dweller
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