As is known, immovable properties are all registered and most of the purchasing transactions regarding immovable take place in title registry offices.

Duties of the Liquidator are designated at the related articles of the new Turkish Commercial Code. Liquidators are obliged to use appointed authorities in person and cannot transfer them to third parties.

Pursuant to Code of Pledge of Turkish Commercial Enterprise numbered 1447, pledge on movables is subject to several terms and conditions such as publicity and specificity of the goods, yet most importantly, handover of the possession.

A) Joint Stock Companies

A share is the part of the main capital divided to a specific number of unit value. In accordance with the current Turkish Commercial Code (hereinafter shall be referred to as”the TTC”) it is not mandatory for a Joint Stock Company (hereinafter shall be referred to as “JSC”) to issue shares. JSC reserves two types of shares. These are registered share and bearer share. A JSC may issue shares following the official registration of the company.

In line with the present legislation related to corporate law and the Turkish Commercial Code numbered 6762, dated July 9, 1956, published at the Official Gazette numbered 9353 (hereinafter shall be referred to as “the TCC”), joint stock company (hereinafter shall be referred to as “JSC”) and limited liability company (hereinafter shall be referred to as “LLC”) are the two most common company types.

You may find a chart below that designates the fundamental characteristics of a JSC and its differences from a LLC.

As is known, there have been numerous situations where audio and video recordings are taken in secret. Therefore, legal aspect of taking audio and video recordings in secret shall be examined.

In accordance with the Article 12 of the Universal Declaration of Human Rights; “No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honor and reputation. Everyone has the right to the protection of the law against such interference or attacks.”

As per Turkish Law, foreign or domestic companies may establish a branch office in order to execute their activities. A branch office shall have no legal entity and shall be registered with the Trade Registry and represented by one or more representative/branch manager. There is no requirement for branch offices to have a separate capital whereas The Turkish Supreme Court requires a separate capital for branch offices and in practice a capital is allocated for branch offices.

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.

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:

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.