Liabilities of Board Members of Capital Companies in Turkey

Av. Ali Yurtsever 1. Overview The main legislation governing the duties, responsibilities and the liabilities of board members of capital companies in Turkey, (JSCs and LLCs) is the Turkish Commercial Code No. 6102, (TCC). As a rule, the TCC requires the Board Members to act as cautious executives and protect the interests of the company …

CAPITAL INVESTMENT IN TURKEY

Av. Ali Yurtsever 1. OVERVIEW Over the past few years, several different developments, both transnational and domestic, have had effect of making capital investment in Turkey a more desirable and approachable prospect for foreign investors. These developments range from global socio-political changes to internal economical issues Turkey has been experiencing these past several years, making …

CORPORATE TAX LAW 102 – Tax ID, Cycles, Submission of Declarations & Invoicing in Turkey

A. Overview As summarized in our previous article (Corporate Tax 101), Turkey has a rather complex tax system with regulated by numerous laws and secondary regulations, especially when it comes to corporate tax. As noted above, there are different tax cycles and different durations for submissions of tax declarations, depending on the tax type. In …

CORPORATE TAX LAW 101 – BEGINNER’s GUIDE FOR FOREIGN INVESTORS

A. Overview Turkey has a complex tax system implemented with numerous separate laws, regulations, communiques and subsequent amendments. Accordingly, the main legal texts regulating the Turkish Tax System are the Tax Procedure Law No. 213 dated January 4, 1961 (Tax Procedure Law), Corporate Tax Law No. 5520 dated June 13, 2006 (Corporate Tax Law), Value …

Legal Liabilities of Board Members in Joint Stock Companies

Liabilities of Board members are regulated under Article 553 of TCC. Accordingly, board members may only be responsible of the damages caused to the company to it’s shareholders and to the creditors of the company (related third parties) in case they fail to fulfill their obligations arising from the law and articles of association at their own fault. Two conditions mentioned above should co-exist to hold the Board Members liable for their acts.

SHARE TRANSFERS IN JOINT STOCK COMPANIES IN TURKEY – PART II

THE ROLE OF COMPANY SHARE LEDGERS IN SHARE TRANSFERS IN TURKEY Av. Ali Yurtsever L.L.M I. OVERVIEW In Part-I of the corporate law and share transfer series, we reviewed the general rules and procedures relating to share transfers in joint stock companies (JSC) in Turkey. Although the general procedures were reviewed in detail for all types of share …

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