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Closing My Company

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hi trying to get info about closing my company in turkey, opened it after (what I now know was bad advice)anyway ive closed the company bank account and ive sold my quad bikes ive paid all tax up to date, ive no assetts what would be my next move i have a acountant who says it takes a year to shut down is this so? he also says i need pay him a years acountnt fee in cash to him which i find quite odd and i will not do, so please anyone if you have done this let me know whats the procedure. thanks

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Hi, yes it can take a year sometimes longer to close down a company in Turkey and you would need your accountant within that time. I, like you find that asking you for his fees in cash rather odd as well and would feel rather worried.I only know the basics I'm afraid and there isn't a lot of information on the internet to be found either. I think you should contact the Turkish Chamber of Commerce that you had dealing with when you opened the company and ask them at least you will get a better answer.

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When we had our company we paid our accountant in cash as everyone here seems to do even though it does seem odd. I would not pay any fees upfront though. We wanted to close the company down and we were told the same thing. You have to pay your accountant for one year, logical really because you might have taksit payments or arrears or due payments or rent, but it does mean you have to pay the accountant every month to declare that there is no commercial activity (plus pay the taxes). We totted up the 15O TL per month for the accountant, the monthly and termly taxes, the 330 TL for the Chamber of Commerce and Industry, the Bag-Kur etc. and it seemed a waste of money.So we gave the company away for free (couldn't find anyone who wanted to buy it). It was cheaper for us that way, you just transfer the company ownership and do all the usual rubber-stamping in the notary office and is it all over. We just put an ad on an expat forum and found someone who was interested (saved them about 1500 TL, saved us around 2500 TL) and they took it off our hands.

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Yes, we pay our accountant monthly in cash, I thought when I read it he wanted 1 year fees up front which I thought was odd. Good idea to do what you did Vic with your company as it was a good result for both sides.

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Hello Sherbek, 

I am sorry but in practice it is not that feasible for an enterpreneur to invest to a company which does not operate and generate income. Instead, enterpreneurs would prefer to establish a start-up company which they make sure that company is free from all previous debts and tax responsibilities.

Hence, I would recommend you to initiate the liquidation of the company procedure and completely close it. 

Good luck, 

  

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