MEDICAL DEVICE COMPANY ESTABLISHMENT COST AND REQUIRED PERMITS

MEDICAL DEVICE COMPANY ESTABLISHMENT COST AND REQUIRED PERMITS

             Everything about the medical device company is in this article. What is the cost of establishing a medical device company? What are the required permissions? If you are looking for answers to questions such as, we will discuss all the details about it in this article.

              The questions most frequently asked by entrepreneurs regarding the establishment of a medical device company are; How to start a medical device company? What documents are required to establish a medical device company? How much are the expenses for establishing a medical device company? How much are medical device company registration fees? What permits should I get to start a medical device company? How many days does it take for the medical device company tax plate to be issued? Can I establish a medical device company as a single person? How much are the monthly expenses of the medical device company? Questions like these.

            If you are wondering about these and similar details about the establishment of the medical device company, we hope that this article we have prepared with the most up-to-date data will provide you with a road map and guide you.

              Following the steps below to establish a medical device company will help you complete the process quickly and safely. However, as it is known, our legal legislation has a dynamic structure and new laws are enacted every day. For this reason, it is worth noting that when you decide to establish a medical device company, there may be some changes within the scope of the legislation.

ESTABLISHMENT PROCEDURES OF A MEDICAL DEVICE COMPANY

1. Determination of Independent Accountant and Financial Advisor

              To establish a medical device company, you must first contact an experienced financial advisor and make an agreement for the establishment and accounting processes of the company.

                Working with a Financial Advisor is a legal requirement, as Financial Advisors are responsible for the medical device company's accounting processes, preparation and submission of tax returns.

                  An experienced financial advisor will ensure that your medical device company is established in a legally sound manner and will protect your business against financial risks. He will guide and guide you in official matters.

    2. Which type of medical device company should I choose?

          While you can choose a private company for your medical device company, you can also choose one of the capital companies such as a limited company or a joint stock company to be more prestigious.

                To establish a medical device company, sole proprietorships are mostly preferred for small-scale operations due to their low setup costs.

             The most preferred company type in Turkey to establish a medical device company is the Limited Company type. Limited companies are preferred because they are much more prestigious and have a fixed corporate tax rate.

              So, is it more advantageous for a medical device company, a sole proprietorship or a limited company? At this point, the amount of profit your company will make becomes important. Our recommendation is that if the net profit you will earn within a year (according to 2023 data) is 70,000 TL or lower, it will be financially more advantageous to choose a private company.

            However, if your net profit will be 70,000 TL or more, a limited company will be more advantageous in terms of having a fixed tax rate. Because, in sole proprietorships, as income increases, the income tax rate increases up to 40%. In limited companies, the corporate tax on income is a fixed 20%, regardless of the income.

3. Determining the establishment address of the medical device company

          According to our laws, company registration cannot be made without a business address. Therefore, when establishing a company, you must determine the legal business address where your medical device company will be registered.

       For your medical device company, you can rent an office or shop. If you do not need a shop, you can also choose a virtual office address, which is a more cost-effective alternative. Using a virtual office address is legal. Since it is a very cost-effective alternative, it is preferred by entrepreneurs who establish medical device companies.

4. What is the total cost to start a medical device company?

     The total cost of starting a medical device company varies depending on the type of company.

        If a sole proprietorship company is preferred, you can establish your company and obtain your tax certificate at a cost of approximately 900 TL, with the minimum requirements in 2023.

         If a limited company is preferred, you can establish your medical device company as a limited company with a cost of approximately 5,500 TL, according to the minimum expense items in 2023.

            If a Joint Stock Company is preferred, you can establish it at a cost of approximately 6,500 TL, according to the minimum costs in 2023. The obligation to block at least one quarter of the capital in the establishment of joint stock companies

There are. Since the capital fee after registration can be withdrawn from the bank on the same day, it is not added to the cost.

5. How many days does it take to establish a medical device company?

     The establishment of a medical device private company can be done in one day, and the tax certificate can be issued on the same day.

       The establishment process of limited companies takes approximately 3 or 4 business days. If a joint stock company is preferred, the processes are completed within an average of 4 or five business days.

6. What are the documents required for medical device company establishment?

      Documents required for medical device company registration;

-Copy of the founder's identity card

- Three photographs (background white)

- Workplace rental agreement

- Founder's e-government password (for approval of the registration process)

7. What are the monthly expenses of the medical device company?

   After registration of your medical device company, there will be some monthly and periodic fees, EVEN IF YOU NEVER INCLUDE ANY INVOICES. Some of the expenses occur on a fixed basis every month.

    Some expenses vary depending on criteria such as the size of the medical device company, the number of invoices, and the number of personnel.

      The monthly fixed expenses of the medical device company are (2023);

- VAT STAMP TAX; 194.60 TL (monthly)

- Temporary STAMP TAX; 393.90 TL (three months)

- Withholding Tax, STAMP TAX; You can calculate it to be around 600 TL. (Three months. However, if there is staff, the declaration is submitted every month.)

- Accountant Fee; Monthly. It is determined according to criteria such as the type of company, number of workers, number of invoices. Ask for price)

- Notary expenses for book certification and annual expense contribution; It varies depending on company size and characteristics.

IMPORTANT ; These expenses are monthly fixed expenses for a Medical device company that has no sales invoices. In addition, there will be expenses based on the size of the company's activity volume, which are incurred according to criteria such as the size of the company, the number of invoices, the amount of income, the number of personnel.

8. What are the permits required to establish a medical device company?

             In the registration process of a medical device company, registration to the chamber of commerce, tax office registration, and SSI workplace registration are carried out by us if personnel are to be recruited or employed.

              If you have a physical workplace/shop for your medical device company, you must apply for a business license to open and operate a business from your municipality after the registration of the company. The documents required for a business license may vary from municipality to municipality. It would be useful to check the required documents on the website of your municipality.

9. Is it mandatory to employ workers in a medical device company?

         There is no obligation to employ workers after establishing a medical device company. If you do not need workers, you can carry out the activities yourself as a founder. You can establish your company and engage in commercial transactions on your own.

10. Is capital required to open a medical device company?

    If you establish your medical device business as a sole proprietorship or a limited company, THERE IS NO OBLIGATION TO DEPOSIT CAPITAL TO THE BANK during the company's establishment process.

           There is a minimum capital requirement of 10,000 TL for the establishment of limited companies. However, this capital fee is not required during the establishment process. After establishing your limited company, you can open a bank account for your company. And according to the law, you can deposit the company capital into the company's bank account within 2 years.

             If a joint stock company is preferred, at least one quarter (25%) of the company's capital must be available during the company's establishment process. The minimum capital required to establish a joint stock company is 50,000 TL. During the establishment process of a joint stock company with a capital of 50,000 TL, at least 12,500 TL must be blocked in the bank account.

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