Joint-stock company: pros and cons of setting one up

A joint-stock company (Anonim Şirket, A.Ş.) is built for ventures that plan to grow fast, raise capital, or eventually list publicly. It’s heavier than a limited company — but the upside is decisive in specific cases.

Advantages

Easy share transfers

Shares of an A.Ş. can be transferred without notarization. Limited-company share transfers each require a notary deed — friction during fundraising rounds.

Optimal structure for investors

VC funds prefer A.Ş. — share classes (preferred/common), option pools (ESOP), tag-along/drag-along rights are all clean to structure here.

Path to IPO

Public listing requires A.Ş. status. Limited companies must convert first, then go through IPO.

Governance maturity

Board of directors, audit committee, general assembly — formal structures bring discipline.

Institutional trust

Large enterprise customers, multinationals, and public-sector tenders trust A.Ş.s more.

Disadvantages

Higher capital requirement

• TRY 50,000 minimum capital (single-shareholder A.Ş.).
• Above TRY 250,000 in capital, independent audit is mandatory.

Heavier ongoing operations

• Annual general assembly (agenda, ministry rep, minutes).
• Board decisions logged in a notarized decision book.
• Share register must be maintained even if changes aren’t filed with the trade registry.

Higher CPA fees

A.Ş. bookkeeping and reporting load is heavier — CPA fees are typically 1.5–2× of a limited company.

Independent audit cost

Above the TRY 250,000 capital threshold, annual audits add TRY 50,000–150,000.

When does an A.Ş. make sense?

• Planning a VC round within 12 months.
• Targeting IPO within 3–5 years.
• Building a multi-partner (5+) structure.
• Running an ESOP / share option plan.

If none of these apply, an LLC is usually better; conversion is possible later.

A.Ş. formation with ŞirketOn

ŞirketOn offers A.Ş. setup starting at ₺5,499. Included:

• Articles of association drafted and notarized
• Capital blocked in bank
• Trade registry filing and TÜRMOB approval
• Tax office registration and CIT mükellefiyet
• Digital seal application

Note: Formation completes in 3–5 business days. Converting an existing LLC to A.Ş.? ŞirketOn manages the conversion.