Ukraine–Turkey Investment Relations
Ukraine and Turkey have a bilateral investment protection agreement and a Free Trade Agreement signed in 2022. Turkey maintains a neutral position in the Russia-Ukraine conflict and has maintained strong trade ties with Ukraine. Bilateral trade has continued despite the conflict, with Turkey being a key trading partner for Ukraine.
Ukrainian investment in Turkey has grown significantly since 2022, with many Ukrainian businesses relocating or expanding to Turkey. Istanbul has become a hub for Ukrainian entrepreneurs, IT professionals, and business owners seeking stable operations. Turkey's neutral stance and strong Ukrainian community make it an attractive business destination.
Can Ukrainian Citizens Open a Company in Turkey?
Yes. Citizens of Ukraine can form a company in Turkey with 100% foreign ownership. Turkish law does not require a local partner or Turkish shareholder. Ukrainian nationals receive equal treatment under the Turkish Commercial Code, with the same rights and obligations as Turkish-owned companies.
There are no sector restrictions specific to Ukrainian investors — the vast majority of business activities are open to foreign companies without special permissions.
Visa & Work Permit Information
Ukrainian citizens can enter Turkey without a visa for stays up to 90 days within a 180-day period. This visa-free access is particularly valuable for Ukrainian entrepreneurs seeking to establish businesses abroad. Work permits follow the standard Ministry of Labour application process.
Foreign shareholders who do not intend to work or reside in Turkey do not need a work permit or residence permit to own a company. However, if you plan to actively manage your Turkish company from Turkey, a work permit is legally required.
Recommended Company Type
The most common structure among Ukrainian investors is the Limited Liability Company (LLC / Ltd. Şti.).
LLC (Ltd. Şti.)
- Min. 50,000 TRY capital
- 1–50 shareholders
- Simple management structure
- Best for SMEs and service businesses
Joint Stock (A.Ş.)
- Min. 250,000 TRY capital
- 1+ (no limit) shareholders
- Board of directors required
- Best for large-scale or IPO-track businesses
Branch Office
- No separate legal entity
- No minimum capital
- Extension of parent company
- Best for companies testing the market
Requirements for Ukrainian Citizens
- Valid passport from Ukraine
- Turkish tax identification number (vergi numarası)
- Registered business address in Turkey
- Notarized Articles of Association (in Turkish)
- Minimum share capital deposit at a Turkish bank
- Power of attorney (if forming remotely without visiting Turkey)
Formation Process
- Consultation — Choose your company type, define business activities, and plan your structure
- MERSIS Pre-Registration — Enter company details in Turkey's central registry system
- Articles of Association — Draft, notarize, and sign (or via power of attorney)
- Bank Account & Capital Deposit — Open a Turkish bank account and deposit at least 25% of capital
- Trade Registry — File with the local Trade Registry Office
- Tax & Social Security — Register with the tax office and SGK
- Work Permits — Apply if foreign managers or employees will be based in Turkey
The process typically takes 5–10 business days once all documents are prepared. If documents need apostille or consular legalization from Ukraine, allow additional time.