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Legal Aspects of Doing B usiness in Republic of T ü rk iye

Czech-Turkish Joint Chamber of Commerce. Legal Aspects of Doing B usiness in Republic of T ü rk iye. June 19th Festival Exportu 201 4. Alper Özmert, LL.M., Esq. Vice-Chairman of Executive Board Czech-Turkish Joint Chamber of Commerce. Legal Aspects of D oing B usiness in Turkey.

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Legal Aspects of Doing B usiness in Republic of T ü rk iye

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  1. Czech-Turkish Joint Chamber of Commerce Legal Aspects of Doing Business in Republic of Türkiye June 19th Festival Exportu 2014 Alper Özmert, LL.M., Esq. Vice-Chairman of Executive Board Czech-Turkish Joint Chamber of Commerce

  2. Legal Aspects of Doing Businessin Turkey Alper Özmert, LL.M., Esq. Vice-Chairman of Executive Board

  3. Foreign investment legislation Foreign Direct Investment Law (2003) • Equal treatment for all domestic and foreign investors • No prior approval from governmental authorities necessary • No requirement of Turkish participation in the capital or management

  4. Foreign investment legislation Foreign Direct Investment Law (2003) Article 3 • foreign investors are free to make foreign direct investments in Turkey • prevailing principle is non-discrimination and equal treatment to all nations in Turkish foreign investment legislation

  5. Establishing business entity in Turkey • Monitoring system for foreign investments • Elimination of the unnecessary procedures to set up business • Registration can be completed in few days upon fulfillment of document requirements • Procedure is handled by one ministry

  6. Types of legal entities in Turkey The most common types of legal entities inTurkey: • limited liability companies • joint-stock companies • Branches and liaison offices

  7. Limited liability company • Convenient for investors who intend to set up subsidiary/affiliated company • More simple and easy to manage system • New Turkish Commercial Code: • Can be formed by one partner only • Capital amount of 10.000,- TL (i.e. 96.592,- CZK or 3.518,- EUR)

  8. Joint stock company • Convenient for more than one interest groups in a foreign investment company • More complex management tools • New Turkish Commercial Code: • Can be formed by one shareholderonly • Capital amount of 50.000,- TL (i.e. 482.798,- CZK or 17.591,- EUR)

  9. Liaison office • Convenient for exploration of market before making an investment • Have not legal entitystatusand are barred from participation in active trade • Tax free • Establishment: Permission of Undersecretariat of Treasure

  10. Taxes related to business • 20 % fixed corporate income tax • 15 % withholding tax • Earnings of individuals: from 15 to 35 % • 18 % value added tax

  11. Legal disputes & Arbitration • Liberal system for settlement of disputes • New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards • Even disputes against governemental authorities can be brought before international arbitration

  12. Legal disputes & Arbitration • Liberal system for settlement of disputes • New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards • Even disputes against governemental authorities can be brought before international arbitration

  13. Thank you for your attention Vodičkova 710/31, CZ-110 00 Praha 1 Tel.: +420-221 506 300 http://www.ctsok.eu Alper Özmert, LL.M., Esq. Vice-Chairman of Executive Board E-mail: ozmert@ctsok.eu

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