Know More about Turkish Commercial Law in Turkey
Posted: Jun 15, 2016
Some sectors of Turkey's economy (i.e. transport, tourism, industry, agriculture, and construction) are thriving and rapidly developing, making them attractive to foreigners who want to invest outside of their home countries. A growing number of foreign investors are setting up companies in Turkey, too. Are you interested in doing the same? Then be warned that starting a business in Turkey can be challenging if you lack the knowledge of the legal system and common bureaucratic obstacles that even locals may face. You need to learn about tax systems and financial operations in Turkey, as well as learn how to manage commercial relationships, hiring practices, and corporate contracts. It makes sense to hire a reputable and experienced legal service that specializes in helping foreigners set up their business in Turkey.
With the help of a legal service and consultant in Turkey, you can set up a business in any business area and learn to deal with local companies. Turkish commercial laws have been changed and improved to become more favourable to both foreigners and locals alike. The new Turkish Commercial Code (6102) was formed with a reformist and modern evolution approach where Turkish financial, capital, and commercial markets are bound. It regulates commercial companies and undertakings, negotiable instruments, insurance agreements, maritime law, and transportation operations.
The reason why the Turkish commercial law was revamped is to integrate existing commercial laws with the European Union law. The move also helped create transparency-based infrastructure. Likewise, it implemented the universally accepted auditing and financial reporting principles, and contributes to the use of IT tools or to the democracy among shareholders. Full transparency is required in the annual reports of the board of directors, in financial statements, independent audits, all audit reports of group of companies, and the reports of transactional auditors.
Foreign investors are often prone to making mistakes in the first stages of setting up a business in Turkey due to lack of knowledge in the Turkish government and legal system. These mistakes can be difficult to correct after establishing the company. Hence, it makes sense to do a lot of research, estimate the competitors and the market, and create a good business plan. Having a reliable legal and commercial basis is recommended to create a robust foundation for your business. A reputable law firm will help you with everything you will need to get started.
By working with professional attorneys, you can leave the auditing and preparation of the establishment documents to them. They can perform the company establishment procedures, give advice in the fields of corporate and commercial laws. They can serve as consultants when you need to develop market research, prepare a business plan, and learn about the foreign investment policy.
Seyhan law office was established in 2001 by three qualified lawyers Hakan Uncuoglu, Mustafa Korkmaz and Bulent Seyhan to offer legal services for foreign citizens and companies in Turkey.