Young people who want to start their own business and enter professional life may encounter some difficulties in the first stages. Some of these are subjects such as income tax, Bağkur premium and stoppage tax. In this article, we will elaborate on the issue of young entrepreneur support, which is among the most curious topics of young entrepreneurs.
We will reply the questions like what are young entrepreneurship supports, how to apply for this support, what are the advantages, how young entrepreneurs establish a company.
What Is Young Entrepreneurship Support?
One of the issue regarding young people who want to go into business life on their own and establish a new business is Young Entrepreneurship Support. Entrepreneurs who are benefitted from that support can establish their own businesses exempted from Bağkur premium and income tax. (Bağkur support and premium support are covered by the entrepreneur support law.)
That support is a type of support for whose older than 18 age and younger than 29 age and establish a business for trade activity for the first time.
Who Can Be Benefitted From Young Entrepreneurship Support?
Due to being benefitted from supports intended for young entrepreneurs, there are some requirements to meet some conditions. If the conditions for young entrepreneurs are met, they can receive tax exemption and BAĞ-KUR support.
- Completed 18 age, not being older than 29 age.
- Who have established a sole proprietorship and ordinary partnership
- Benefiting from Bağ-Kur for the first time as of June 1, 2018
- Did not establish a company
How To Create a Sole Proprietorship?
In general, small and medium-sized companies, which are created by one person, activate the business with one person easily are named as sole proprietorships. A sole proprietorship is a type of company that is the easiest to create and close. Due to the low costs of tax budgets and book of account payments, it is preferred by more people rather than the other company types.
What Are the Required Documents for Sole Proprietorship?
The required documents to when establishing a sole proprietorship is another one of the most wondering details. When you are establishing a company you need to prepare the documents below.
- Identity card photocopy
- Place of Residence
- Statement of signature
- Land title photocopy / Rental contract
Apply to tax office with these documents. The approval of the application is done within a short time.
How To Apply To Young Entrepreneurship Support?
You can make an application through preparing a request by Interactive Tax Office.
After the tax office approves your petition, you need to go to any SSI Directorate with the “Young Entrepreneur Support” “Can Be Benefit” document that it will send to you.
After the Tax Office approves your application, you need to go SGK Headship with the document given to you “He/She can be benefitted from Young Entrepreneurship Support” By giving that request you can begin to utilize from that support.
What Is the Scope of Young Entrepreneurship?
The supports that are opportunities for young entrepreneurs who are between 18-29 ages contain 3 tax periods and exemption from 1 year SGK (4B) premium. That supports allowing to join of youngs into business life became valid by publishing on the date of 18.05.2018 and 30425 numbered Official Gazette.
How Much Is the Amount of Young Entrepreneurship Incentive?
Entrepreneurs who benefit from the support are exempt from income tax up to 75,000 TL for 3 taxation periods and their SSI (4b) premiums are covered by the treasury for 1 year.
Can Young Entrepreneurs Be Utilized By KOSGEB Support and Incentives?
Young entrepreneurs can be utilized KOSGEB support and incentives by establishing their companies. Due to being benefitted from KOSGEB support, the institution gives some education. However, you must not establish a company without completing this education. After establishing the company, even if you receive a KOSGEB certificate, you will not be benefitted from the KOSGEB incentive and supports if you have already benefitted from young entrepreneurship support. You can check their websites for more details.
Entrepreneurs Who Established Limited Company Can Benefit From Young Entrepreneurship Support?
Only income taxpayers can be benefitted from this entrepreneurship support. Limited Liability Company business owners cannot be benefitted from that support due to its structure.
Who Cannot be Benefitted From Young Entrepreneurship?
If you have a company that began the business on the date before 01/06/2018 or have an association with an Anonym and Limited Company, you cannot be benefitted from that support.