Acar & Ergonen Law Firm

Istanbul

Aykan & Ergönen is an Istanbul based law firm providing legal consultancy services to its local and foreign clients especially in the fields of corporate and commercial law, mergers and acquisitions, contracts law, foreign direct investments, competition law, banking and finance law, capital markets law, tax law, labour law, intellectual property law, media and advertisement law, IT and telecommunication law, consumer law, construction and real estate law as well as health care law. The firm, also represents its clients in civil and commercial disputes before judicial and arbitral bodies.

Show more

Updates

Banking

New law on pledges over movable assets in commercial transactions
Turkey | February 10 2017

In an effort to improve collateralisation options and facilitate the access of small and medium-sized businesses to financing, Parliament recently adopted a new law introducing significant changes to pledges over movable assets. The law introduces easier procedures for establishing a pledge over movable assets, such as through registration instead of transferring possession.

Company & Commercial

Recent amendments to Law on Movable Pledges in Commercial Transactions
Turkey | July 02 2018

The Law amending Certain Laws to Improve the Investment Environment was recently published in the Official Gazette. In order to boost Turkey's investment environment, the law has introduced notable changes to a number of different laws, including the Law on Movable Pledges in Commercial Transactions.

New electronic notification requirements introduced
Turkey | June 18 2018

The recent amendments introduced to the Notification Law have significantly broadened the scope of parties for which electronic notification is compulsory. Prior to the amendments, electronic notification was compulsory only for joint stock companies, limited liability companies and limited partnerships with capital divided into shares. In contrast, following the amendments, electronic notification is now compulsory for a wide range of real persons and legal entities.

Amendments to Commercial Code introduced
Turkey | May 28 2018

The Law amending Certain Laws to Improve the Investment Environment was published in the Official Gazette on March 10 2018 with different enforcement dates for the various amendments. The amendments introduced to the Commercial Code and other related legislation are expected to result in a move towards using trade registries in the incorporation procedure, which should accelerate the process.

Capital contributions in joint stock companies
Turkey | July 24 2017

Under the Commercial Code 6102, shareholders must contribute capital to commercial companies incorporated by law (the so-called 'contribution obligation'). A contribution obligation mainly arises at the time of the incorporation of or the capital increase in a commercial company. Shareholders generally prefer fulfilling their contribution obligations in cash and their liability is limited to the amount that they subscribed for under a company's articles of association.

New communique on signing articles of association before trade registries
Turkey | February 06 2017

Following the entry into force of the Law Introducing Several Amendments in Different Laws to Improve the Investment Environment in August 2016, the Communique Regarding the Signing of the Articles of Association Before the Trade Registries has now taken effect. The communique sets out the procedures to be followed when incorporation documents are signed or executed before the trade registries.

Changes to Commercial Code aim to improve investment environment
Turkey | September 12 2016

Amendments were recently introduced to the Commercial Code with the aim of fostering investment in Turkey following recent political instability and the resulting uncertainty among investors. The amendments to the Commercial Code seek to expedite incorporation procedures for companies, reduce the relating notary public costs and foster transparency.

Attorney obligation for joint stock companies
Turkey | September 05 2016

Under the Attorneyship Law, joint stock companies with a share capital of TRY250,000 or more must have an attorney; violation of this legal obligation will result in significant administrative fines imposed by public prosecutors. Compliance with the law is recommended not only to avoid administrative fines, but also to ensure that companies and their operations are built on legally supported and evaluated grounds.

Law on mandatory use of Turkish by commercial enterprises still applied
Turkey | August 29 2016

Under the Law on the Mandatory Use of the Turkish Language by Commercial Enterprises, transactions, correspondence and agreements executed in Turkey must be in Turkish. While it is common practice to execute transaction documents in foreign languages, the law is still honoured by Turkish courts. Turkish and foreign companies should therefore be aware of the legal consequences of non-compliance.

Liabilities of members of board of directors in joint stock companies
Turkey | April 18 2016

A joint stock company incorporated under Turkish law is managed and represented by a mandatory body of the company, its board of directors. Members of the board of directors owe the duties foreseen by the relevant legislation and the company's articles of association and are liable for losses incurred by the company, its shareholders and creditors due to any breach of these duties.

Immigration

New law for foreign workers enacted
Turkey | November 25 2016

Parliament recently enacted International Workforce Law 6735, which governs the employment of foreign individuals in Turkey. The law aims to set the rules and principles regarding work permit applications and exemptions for foreign individuals and determine the rights and obligations of government authorities to implement and monitor work permit policies for foreign nationals.