Why is getting services by expert certificated public accountants important for the startup of a business? Our founding partner Zeki Öcal gives insights
Entrepreneurs should be able to analyze the financial and legal processes that they will encounter on their way to implement the idea they believe to be successful, and if they are not competent in these subjects, they should seek external expert support. The support received on the way can reduce the problems that could be encountered in the future or even prevent them from taking place at all.
At the point where the idea is worth investing, it is time to familiarize with the Turkish Commercial Law. What kind of business organization will it be? Will it be a private company or a capital company?
For starters, founding and operating costs are important. Therefore, private company, which is less costly, is preferred. However, it is observed that capital companies are also preferred for the reasons such as share options, public offering, management of the partnership and protection of minority rights etc.
The content of the articles of association is significant due to the shareholding structure and the expectations of the shareholders. Articles of Association should be prepared by experts because they determine how important decisions about the company will be taken in the future.
At the foundation stage, the company is registered and announced in the trade registry. Also, a tax record is created for the company. At this point, an agreement is signed with a certified public accountant to keep the accounting records and submit the returns/declarations. Besides, the workplace is registered by the Social Security Authority for company employees, and registration process is initiated for the insurance of the employees.
Following these procedures, companies are obliged to regularly notify various authorities. Even if the relevant authorities vary according to the procedure to be followed; declarations/notifications are prepared and submitted to tax offices, Social Security Authority, chambers of commerce, audit and statistics organizations on monthly, quarterly and yearly basis. It should be kept in mind that failure to comply with these obligations is subject to various penal sanctions. Besides, response should be sent to the legal notifications and information requests received from official authorities on due time.
It is very important in terms of the organization of commercial activities that certified public accountants prepare regular income statements and balance sheets every month and duly notify business owners.
It is essential to take the frequent amendments introduced in tax legislation into consideration. Failure to adapt to amendments may cause errors and omissions and damage companies. Adapting to the amended legislation is possible thanks to specialized teams.
Finally, it is noteworthy that following up and benefitting from incentive programs can be achieved with specialized knowledge and skills in terms of the complex legislative regulations.