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28 May 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. Although the law introduced amendments to the Tax Procedural Law, the Cooperatives Law, the Customs Law and the Law on Fees, this update focuses on the amendments to the Commercial Code.
An effort was made to harmonise related legislation through changes to the Communique Charter and the General Communique on Tax Procedural Law, which were introduced on March 13 2018 and March 21 2018, respectively. The Law amending Certain Laws to Improve the Investment Environment and the additional amendments incorporated into the Communique Charter and the General Communique on Tax Procedural Law aim to standardise and simplify incorporation procedures.
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. The amendments include the following:
However, the Law amending Certain Laws to Improve the Investment Environment has abolished the possibility of signing a statement of signature or a company agreement for limited liability companies before a notary public. No similar amendment has been introduced for joint stock companies. As regards statements of signature, under the subsequent amendments to the Communique Charter, a signatory who is also a company founder is no longer required to submit a statement of signature if the articles of association or company agreement are signed by the founder, or by proxy, before a trade registry, provided that the original power of attorney is submitted to the relevant trade registry in the latter case.
For further information on this topic please contact Sevgi Akyol Çevirir or Duygu Acar Yucesoy at Acar & Ergonen Law Firm by telephone (+90 212 358 07 00) or email (firstname.lastname@example.org or email@example.com). The Acar & Ergonen Law Firm website can be accessed at www.acarergonen.av.tr.
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