18 March 2012

Turkish Trade Law most important changes on 1 July 2012

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In Turkey, on July 1st 2012, a new Turkish Trade Law will be in place.

This law implements the following changes in regulation:
  • Turkish Limited Companies can be established with only one partner.

Board Meetings
  • General board meetings can be held online for the benefit of foreign shareholders.
  • Minority shareholders rights will be strongly protected.
  • Minority shareholders can call for the general board to have a meeting.
  • Board members are not obligated to be shareholders of their companies.
  • Board members have tenure for a maximum of three years. After three, years a re-election of board members must occur.
  • Board members can insure themselves for their business practices.

Financial part
  • Companies can buy their own shares.
  • Neither board members nor shareholders may borrow money from their own company.
  • Board members cannot compete with their own company’s business outside of their own respective company.
  • If 25% of company shareholders are present, a general board meeting can take place.
  • On January 1st, 2013, book keeping records must be done in the International Financial Reporting standard (IFRS)

Auditing
  • Auditors now have more responsibilities.
  • Shareholders can request special auditing for any subject.
  • On a negative Auditor report, the board must gather the general board for a meeting and  board members must resign.
  • Merger acquisition codes have been clarified, and merger acquisitions are now easier.

Other
  • Companies must create internet web pages to circulate their knowledge.
  • Dividend advances can now be offered.

29 November 2011

Turkey Candidate for EU and growing country in East Europe

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Investment DOING BUSINESS IN TURKEY Turkey is a candidate for full membership for the European Union, and giving such effort for rapid adaptation of principles and directives of the EU, therefore all these adaptation efforts creates such growth-based changing business and economic climate. This is also a dynamic situation that offers many opportunities for doing business in Turkey.
Only understanding and implementing EU principles and directives are not enough to do business in Turkey. Another important issue that is the cultural and mentality differences that need to be understood. Our consultants are Turkish citizens who are educated and practiced business in their fields in the EU and the United States. ABC CONSULTANCY is the group of consultants who are generalist and internationalist for doing business, and providing services of general management consultancy.
Our core services for foreign companies and individuals for doing business in Turkey.

• Business plans and feasibility studies.
• Sectoral studies.
• Company foundation
Tax System
Free Trade Zones
• Marketing research.
• Company matchings and Joint Venture