Turkey’s Legal System in Trade:
A foreign company can trade in Turkey in one of the following ways:
The legal process of establishing a company
Since August 2003, the registration and subsidiary formalities of subsidiaries and subsidiaries have been facilitated concerning the permits required for establishment. Under the new regulations, the approval or approval of the Turkish Foreign Investment Circle is necessary for establishment and registration (all structures except liaison offices). ). A company can be established with 100% foreign capital.
No regulations require a Turk to participate in a foreign company or manage a corporation with foreign capital. Foreign investment is possible in almost all areas.
Foreign companies will have the right to acquire immovable property only for the purposes outlined in the Statute.
Once the documents are filed with the domestic business registration office, the formalities of the establishment take 2-3 days. The statute of some publicly-owned corporations needs to be approved by the Ministry of Industry and Commerce, depending on the scope of their activities.
New Turkish Trade Law
Turkey’s new trade law, replacing the old one (which has been in force for almost 50 years), has adopted the principle of transparency.
In this regard, mandatory corporate websites, announcements of financial statements, and inspectors’ opinions are essential to everyone, the rules for notifying shareholders.
There are also increased rules on unfair competition, laws on protecting subsidiaries and shareholders, authorization to establish a company or board of directors with a single person, auditing by the Turkish accounting standard, new and vital regulations that are governed by the new Turkish Business Code. They will be implemented.