The realities of the market are such that it is necessary to share with you the main stages and nuances of company liquidation in Turkey.

1. Decision on liquidation

• Conducting general meeting of shareholders or members (for LLCs).
• Decision-making on voluntary liquidation.
• Assignment liquidator (may be the owner or a third party).

Documents:

• Minutes of the general meeting (resolution on liquidation and appointment of a liquidator). 
• Notarized copies of the minutes
• Updated list of shareholders/participants

2. Registration of the liquidation process

• Filing a resolution on liquidation with the Chamber of Commerce (Ticaret Odası).
• Publication of the notice of commencement of liquidation in Trade Gazette (Türkiye Ticaret Sicil Gazetesi).

From the date of publication, the liquidation period begins.

Documents:

• Copy of the decision on liquidation
• Publication and registration fees

3. Notification of tax authorities and funds

• Notification tax office (Vergi Dairesi).
• Notification social funds (e.g. SGK - contributions to insurance funds).
• Transfer of books of accounts for audit (if required).

4. Settlement of liabilities

• Collecting debts and settling with creditors.
• Repayment of all taxes, fees, insurance premiums.
• The sale or distribution of the remaining estate.

It may be necessary to publish a notice of settlement of creditors.

Documents:

• Act of reconciliation with the tax authorities
• Receipts for payment of debts and taxes
• Statement of settlements with creditors

5. Final reporting

• Preparation liquidation balance sheet.
• Conducting an audit (mandatory for some types of companies).
• Preparation of final tax returns.

Documents:

• Liquidation balance
• Final tax report
• Auditor's report (if required)

6. Completion of liquidation

• It reconvenes general meeting for approval of the final documents.
• Submitting an application to Chamber of Commerce on the completion of the liquidation.
• Publication of the notice of completion of liquidation in the Trade Gazette.

Documents:

• Final minutes of the general meeting
• Statement on completion of liquidation
• Copy of the publication on completion

7. Archiving of documents

• All accounting and legal documents must be kept to a minimum of 10 years after liquidation from the owner of the company.

Key Points:

The assistance of an accountant will be required (muhasebeci) or an attorney.

Minimum liquidation period - about 6 months (due to mandatory publications and deadlines for creditors to file claims).

In case of debts, disputes with the tax office or creditors, the procedure may be delayed.

Indicative timeframe by phase

LIQUIDATION OF A COMPANY IN TURKEY WITH FOREIGN OWNERS: MAIN DIFFERENCES

1. The liquidation procedure is the same

• All legal entities in Turkey (with Turkish or foreign owners) are liquidated by uniform procedureprovided for Turkish Commercial Code (Türk Ticaret Kanunu).
• Key steps (decision - registration - publication - calculation - finalization) are identical.

2. differences in the execution of documents

• A liquidation resolution signed by the foreign participant, must be notarized and apostilled in his country of residence.
• The document is then translated into Turkish through the sworn translator and certified Turkish notary.

Important:
If the foreign owner is in Turkey, he can sign the documents directly with a Turkish notary - then no apostille is needed.

(3) Peculiarities of authority

• Foreign owner must appoint an authorized representative in Turkey (if not planning to personally participate in the process).
• It is required to execute a power of attorney (vekaletname) on the liquidator or attorney:
  • Notarization + apostille (if issued abroad)
  • Turkish translation and notarization in Turkey

4. Banking operations

• Bank accounts must be closed when the liquidation is completed.
• Foreign owners must:
  • Present in person at the bank or
  • Draw up a power of attorney for an authorized representative to close accounts.

5. Additional currency control checks

• Sometimes the tax authorities may additionally request foreign direct investment documents, especially if the authorized capital was contributed in foreign currency.
• It is required to confirm that there are no violations of Turkey's foreign exchange laws.

6. Liquidation time

• Liquidation of a company with foreign owners might take a little longer (by approx. 1-2 months longer), because of:
  • getting apostilles,
  • of translating documents,
  • possible coordination between countries.

Briefly:

Indicative costs of liquidation of the company in Turkey (2025)

1. State and compulsory levies

• Notary services: certification of general meeting resolutions, powers of attorney and other documents.
• Publication in the Trade Register Gazette (Türkiye Ticaret Sicil Gazetesi): mandatory announcements of the commencement and completion of liquidation.
• Registration fees at the Chamber of Commerce: amendment of the register.
• Tax reporting and audits: possible costs of preparing and filing final tax returns and undergoing tax audits.

The total amount of these costs may range from €500 to €1,500depending on the specific circumstances of the company.​

2. Liquidation support services

Many companies turn to professional advisors to guide them through the liquidation process. The following are indicative fees.

• A company with minimal activity:
  
  • One-off payment: from. €999
  • Monthly payment: from. €199/month​

• Company with active operations:
  
  • One-off payment: from. €2,499
  • Monthly payment: from. €499/month​

• A company with high activity and significant turnover:
  
  • One-off payment: from. €4,999
  • Monthly payment: from. €999/month​

Additionally, the services of a professional liquidator can cost approx. €499/month.​

3. Additional costs

• Translation and certification of documents: if the company has foreign founders, translation and apostilization of documents may be required.
• Audit services: for companies subject to statutory audit.
• Legal advice: in case of complex legal issues or disputes.

Final evaluation

The total cost of liquidating a company in Turkey in 2025 could range from €1,500 to €6,000 and more, depending on the specifics of the company and the scope of services required.