hi all,
Looking for advice please...
I'm an Australian born Turk, looking to move to Istanbul with the family to give life a shot there as my current line of work is flexible, as I work from home....so Istanbul or Melbourne, should not matter.
I work exclusively consulting to one US based scientific instruments company, where I work in the capacity of a Product Manager, with frequent travel to the US and Europe.
I have many questions, but I figure I'll start with a small subset....
1. Since my consultancy is exclusively to a US company, with no to little local (Turkish) consultancy expected, what is the best business structure for such a consultancy?
2. How does tax (personal income & company) work for those running their own consultancy business?
Note, I will be sending monthly invoices to the US company, where they pay into my nominated account
Have more questions on schools...but that's for another time.
Thanks
Mustafa (the Aussie_Turk)
Looking to move family to Turkey & setup consulting business
hi and welcome home,
1. you may continue working from home without any obligation or you can start your company with virtual office (virtual address) , starting a company is easy in 3 days.
2. i do not know about taxes, but if you work from home no one will ask you money.
3. you can open a bank account to send/receive money . (EFT/IBAN/SWIFT...).
good luck.
TO answer your questions:
1. I would create two companies, one can be a Delaware or European company, and the others a regular company here in Turkey. The Delaware/European entity is the one that you bill from. and is where the money is received. It is just cleaner. The Turkish company you keep because your taxations in Turkey can be off-loaded to them.
2. If you are a resident in Turkey for more than 183 days, your income will be taxable, whether you receive it from abroad or locally, hence it is a good idea to have a local Turkish company to offload income into that, and expenses can be applied towards the company (eating out, groceries, rent, utilities, etc.) It lessens the burden.
Banks WILL ask the SOF (Source of Funds) and in your foreign accounts, you will have to provide a tax declaration.
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