A business organization may either perform its business activities from a certain place or establish work places in accordance with the necessity of the business activity. Some of such business organizations may perform similar activities of the headquarters within the directions of the headquarters. (e.g. banks) Others are not permitted to perform similar activities of the headquarters even though they are necessary. The ones who are permitted to perform similar activities of the headquarters are called branch.
Work Permit, Work Visa and Residence Permit for Foreign National Citizens
1. Work Permit
Foreign national citizens are obliged to be granted work permit by the General Directorate of Foreign Capital in order to perform work inside the borders of Turkey. The application to the General Directorate of Foreign Capital is submitted by the Employer. The Employer shall issue the petition on a letterhead paper and insert company seal.
The documents to be attached to the petition are as follows:
Breakthroughs Introduced with the Draft Version of the Turkish Commercial Code – Volume II
What are the determinations for mergers, spin-offs and conversions? The Draft Version of the Turkish Commercial Code (“the Draft”) includes seventy articles for these three structure changes and such articles involve full protection of the shareholders, partners and other relevant parties. Merger and Spin-off types are acknowledged.
Breakthroughs Introduced with the Draft Version of the Turkish Commercial Code – Volume I
The draft version of the Turkish Commercial Code (“the Draft”) removed the current determination of progressive incorporation that is not applied. In addition, it is possible by the Draft for joint stock (“JSC”) and limited liable (“LLC”) companies to be incorporated by one shareholder and one partner. The Draft requires founders’ statement to be granted as a result of the principle on the protection of the Company and JSC.
Duties, Authorizations and Obligations of the Board of Directors of Joint Stock Companies
Board of Directors (“the BoD”) of Joint Stock Companies is the body which manages and represents the company in the structure of joint stock company. In this regard, the BoD is liable to determine the company organization, to appoint the authorized individuals that manages and represents the company and to supervise them. In addition to these, the BoD is liable to keep the corporate books and provide the company to duly keep the records and minutes of meetings.
Amendments to the Incorporation Terms of Real Estate Investment Companies
Communiqué on the Amendment to the Communiqué on Principles regarding Real Estate Investment Companies (Serial: VI, No: 26) (“Amendment Communiqué”) has been published in the Official Gazette on December 31, 2009 entered into force on the same date.
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