Are you looking to establish a company in Turkey or do you have a dispute in relation to your company registered in Turkey? Advising and litigating for some of the most respected firms in Turkey, we can definitely help you.
Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce.
In Turkey we have general partnerships, limited partnerships, joint stock companies and partnerships with limited liability and co-operative partnerships.
A Turkish LTD (Limited Liability Company)
is established by at least one shareholder with a capital of minimum 10.000 TL. The minimum share capital has to be deposited at once, instalments are not allowed.
Partnerships with Limited Liability may be formed by an individual (lay or legal) or by a group of lay or legal persons. The number of partners may not exceed 50 and there is personal liability for tax debts of the company for shareholders limited to her/his contribution to the total share.
A Turkey LLC requires a minimum of one shareholder, one director. A Turkish secretary is not required. A Turkey LLC can be formed in less than a week and the shareholder do not have to travel to Turkey.
A Turkish Joint Stock Company
A joint stock company is a company whose capital is definite and divided into shares and which is responsible for its debts only with its property holdings.
Shareholders are only liable to the company with the capital shares they have committed.
Joint stock companies are the only type of company whose shares are offered to public and whose shares are traded on the stock exchange.
The minimum capital amount is 50,000 Turkish Liras. At least one quarter of the nominal value of the shares committed in cash must be paid before registration. The remaining amount shall be paid within 24 months following the registration of the company. The payment schedule may be set out in the articles of association of the company or may also be determined by the board of director.