Our Turkish lawyers are prepared to assist you to buy a business in Turkey. Our business lawyers are experienced in purchasing a business for our foreign clients. We also assist them with the management and governance of their businesses in Istanbul.
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We do provide buying business services in Turkey and provide other company governance services for foreign persons and companies. We provide one-stop shopping for our clients who need to run their businesses successfully.
Buying an established business rather than setting up a new business has many advantages but is not without risk. You will need to know the advantages and disadvantages of buying an existing business and be clear about your ability to run a business.
How to Buy a Business in Turkey?
Buying a business is generally considered less risky than starting your own business in Turkey, especially if you can buy a well-managed, profitable business for the right price. Consider these advantages:
- The difficult start-up work has already been done. The business should have plans and procedures in place.
- Buying an established business means immediate cash flow.
- The business will have a financial history, which gives you an idea of what to expect and can make it easier to secure loans and attract investors.
- You will acquire existing customers, contacts, goodwill, suppliers, staff, plant, equipment, and stock.
- A market for your product or service is already established.
- Existing employees and managers will have the experience they can share.
Disadvantages of Buying a Business in Turkey
Remember that not every business on the market is a good prospect. Many owners will be selling unprofitable or underperforming businesses. While this can be a chance to buy and develop a cheap business, it can also be a risky investment. Consider these disadvantages:
- The business might need major improvements to old plants and equipment.
- You often need to invest a large amount upfront, and will also have to budget for professional fees for solicitors and accountants.
- The business may be poorly located or badly managed, with low staff morale.
- External factors, such as increasing competition or declining industry, can affect future growth.
- Underperforming businesses can require a lot of investment to make them profitable.
- The seller’s personality and established relationships may be major factors in the success of the business.
Roadmap to Buy a Business in Turkey
- Buyer’s passport translation and notarization
- Obtaining tax id numbers for the buyer
- Getting Power of Attorney from the buyer for transferring the business to the buyer’s name
- Determining whether to change the business name
- Getting signature circular notarized at Notary Public
- Giving Power of Attorney to an accountant on behalf of the business
- Giving Power of Attorney to a customs agent on behalf of the business
- Opening company bank account
We Need the Following Documents to Buy a Business in Turkey
From Real Persons;
- 2 Translated and notarized passport copies
- 2 Passport photos
- Power of Attorney to us for transferring the business to your name
Reach us to Buy a Business in Turkey
Our Turkish lawyers are prepared to assist your company establishment in Turkey. Our company formation lawyers are experienced in limited companies, joint stock companies, branch offices, liaison offices, and free trade zone company formation, management, and governance in Istanbul.
Akkas Law Firm is one of the leading law firms providing buying business services in Istanbul, Turkey. You may reach us to buy a business in Turkey through our Contact page.