Reforms in Starting a Business in Turkey. A presentation on Doing Business Benchmarking as a Catalyst for Economic ReformExperiences, Pros and Cons in Turkey.

1. Corporate Registers Forum 2019
Doing Business Benchmarking as a Catalyst for Economic Reform
Experiences, Pros and Cons
REFORMS OVER STARTING UP A BUSINESS IN TURKEY
8 APRIL 2019

2. Reforms Over Starting Up a Business

3. Reforms Over Starting Up a Business

4. Reforms Over Starting Up a Business
1- Approval of Signatures in Articles of Association
◦ The notarization of the signatures of the founders has been abolished
◦ Affected Procedure: Confirmation of signatures in Articles of Association, cost and duration.
◦ Effective Date: 15/3/2018
◦ Legal Basis:
◦ Article 575 of Turkish Commercial Code numbered 6102

5. Reforms Over Starting Up a Business
2- Regulation of Signature Declaration
◦ The preparation of the notarial statements of the company officials has been abolished
◦ Affected Procedure: Issuing the declaration of signature, cost and duration.
◦ Effective Date: 10/3/2018
◦ Legal Basis :
◦ Article 40 of Turkish Commercial Code numbered 6102

6. Reforms Over Starting Up a Business
3- Confirmation of Commercial Books
◦ Commercial book approvals are issued only at trade registry offices
◦ Affected Procedure: Approval of commercial books, cost and duration.
◦ Effective Date: 10/3/2018
◦ Legal Basis :
◦ Article 64 of Turkish Commercial Code numbered 6102
◦ Article 223 of Tax Procedural Code numbered 213

7. Reforms Over Starting Up a Business
4- Paying Minimum Capital
◦ It is possible to pay the entire capital within 24 months after the registration
◦ Affected Procedure: Paid minimum capital obligation procedure, cost and duration.
◦ Effective Date: 15/3/2018
◦ Legal Basis:
◦ Article 585 of Turkish Commercial Code numbered 6102

8. Reforms Over Starting Up a Business
5- Payment of Competition Authority Share
◦ It is paid at trade registry offices
◦ Affected Procedure: Deposit a percentage of capital to account of the Competition Authority
◦ Effective Date: 1/1/2018
◦ Legal Basis:
◦ The Communiqué on the Payments of Corporation and Limited Companies (No: 2017/4)

9. Reforms Over Starting Up a Business
6- Reducing Company Establishment Cost
◦ Cost of all procedures of registering a company is limited with the rate of 15 percent of minimum wage
(~70$)
◦ Affected Procedure: Cost
◦ Effective Date: 13/3/2018
◦ Legal Basis:
◦ The Communiqué on the Signing of the Articles of Association in the Trade Registry Offices

10. Reforms Over Starting Up a Business
7 - Notifying Social Security Institution (SSI) about Establishment of a Company
◦ The social security registration is created electronically without going to SSI
◦ Affected Procedure: Notification of company establishment to SSI, duration
◦ Effective Date: 15/3/2018
◦ Legal Basis:
◦ The Articles 11 and 100 of the Social Insurance and General Health Insurance Law numbered 5510

11. Reforms Over Starting Up a Business
8- Notifying Tax Authority about Establishment of a Company
◦ Trade registry offices transfer information to Tax Authority and tax number is appointed at the same
time
◦ Affected Procedure: Notification of company establishment to Tax Authority, duration.
◦ Effective Date: 28/2/2018
◦ Legal Basis:
◦ The Circular of the Tax Authority/Office dated 28/2/2018 and numbered 2018/3

12. Reforms Over Starting Up a Business
Starting Up Procedure for Limited Companies after Reforms
◦ Creation of articles of association via MERSİS
◦ Application to trade registry offices
◦ Approval of Articles of Association (signatures of founders)
◦ Signature declaration of company officials
◦ Company registration
◦ Approval of commercial books
◦ Registration with chamber
◦ Notification of company establishment to SSI and Tax Authority

13. thanks for listening