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Legal guide to forming a corporation in turkey ypes of usiness rganizations

Legal Guide to Forming a Corporation in TurkeyTYPES OF BUSINESS ORGANIZATIONS In Turkey one of the two options may be adopted in order to carry out business activities as individuals engaged in commercial activity or through a legal entity pursuant to the Articles of Association and relevant Turkish Commercial Code The individuals who carry their business activities solely under the title merchant or through the ordinary company as stated in article of Turkish Commercial Code do not have a legal entity However there are seven types of legal entities provided under Turkish Commercial Code and Turkish Code of Obligations by which business activities can be carried out The legal entities provided under the Turkish Commercial Code can be named as ? Joint Stock Companies Anonim Sirket ? Limited Companies Limited Sirket ? General Partnership Kollektif Sirket ? Limited Partnership Komandit Sirket ? Partnership Limited by Shares Sermayesi Paylara B? lünmü Komandit irket and ? Cooperative Companies Kooperatif Due to the speciality of the legal entities provided under Turkish Commercial Code we would like to take this opportunity to inform yourselves about the certain attributes of the above mentioned legal entities and leave the Ordinary Company out for the time being Notwithstanding the nationality any real person or legal entity who has legal capacity under the provisions of the Turkish Code of Obligations may become a shareholder of a corporation Any limitation other than the legal capacity does not exist under the Turkish Code of Obligations in respect of being a shareholder Under Turkish laws foreign investors may incorporate or participate to any and all kinds of companies which are available to local investors in accordance with the equal treatment principle de ?ned in the Foreign Direct Investment Law Pursuant to Article of the Foreign Direct Investment Law unless otherwise provided by the international agreements and relevant speci ?c laws foreign investors can invest directly in Turkey without any limitation and shall be subject to the same treatment and provisions with domestic investors Please ?nd below a brief description of each of the entities and procedures to be followed during the establishment process Description of the Legal Entities Stated in the Turkish Commercial Code Joint Stock Company The joint stock company is a company established with a minimum number of ?ve shareholders which may consist of real persons of legal entities The minimum capital Cumhuriyet Caddesi Gezi Apartman No Kat D - Taksim Istanbul - Turkey Phone Fax E-Mail info yamaner av tr Web www yamaner av tr Crequirement is NTL - and the capital is divided into shares and each shareholder's liability is limited to the value of his shares A joint stock company may be established either as a public company or as a private company In case the joint stock company is established in the form of a public company it means either its shares are registered for trading on a stock exchange or its shares are o ?ered to the public pursuant to the Capital Market Law