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Legal Aspects of Business in Turkey Confindustria Salerno March 25th, 2014

Legal Aspects of Business in Turkey Confindustria Salerno March 25th, 2014 Avv . Benan İ lhanlı / Istanbul bilhanli@bb-legal.com. “ Stessa faccia , stessa razza .”. Establishing a company or direct involvement ?. Direct Involvement of the parent company

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Legal Aspects of Business in Turkey Confindustria Salerno March 25th, 2014

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  1. Legal Aspectsof Business in Turkey ConfindustriaSalerno March 25th, 2014 Avv.Benan İlhanlı / Istanbul bilhanli@bb-legal.com

  2. “Stessafaccia, stessarazza.”

  3. Establishing a companyordirectinvolvement? • Direct Involvement of the parent company • Theimportance of contractualrelation • Not possible/feasibleforsomeactivities • Joint Stock Company (S.p.A. / A.Ş.) • Minimum capital TRY 50,000 / one shareholder • Board of Directors • Ease of share transfer • Limited Liability Company (Srl / Ltd Şti) • Minimum capital TRY 10,000 / one shareholder • Managers (at leastone of theshareholders) • Moredifficultto transfer theshares

  4. WhataboutJV, BranchorRepresentative Office? • Joint Venture • Contractual / corporatestructure • Control problems • Branch • Wholecontrolandresponsability of theparentcompany • Ease of money transfer • Representative office • No commercialactivity • Wholebudgetshall be paidbytheparentcompany

  5. What is to be aware of? • Responsibility of Directors • A foreignpersonorcompany can be a director • Choosewiselyyourlocaladministrator • Taxes • Importance of workingwith a goodaccountant • Expenses regarding the establishment • Approximately Euro 1,500-2,000 forexpenses (translation, notary, applicationtothechamber of commerce)

  6. Whataboutemployees? • Minimum wage • TRY 1,071 (total costtotheemployer) • Paid vacation time • 1 / 5 years : 14 days • 6 / 14 years: 20 days • 15 + years: 26 days • Indemnification • Severancepayment ( years x lastmonthssalary ) • Notification payment ( upto 8 weekssalary ) • Reintegrationpayment ( upto 8 monthssalary ) • Foreign employees • Workpermitsubjecttosomeconditions

  7. Yourrights? • Intellectual Property • Almostidenticalto EU legislation • Commercial and Obligations Code • Bothcodeshavebeenrenewedrecentlyforharmonizationwith EU • Customs • Turkey is part of EuropeanCustomsUnion • Foreign Investments • Regulatedandprotectedwith a specificlaw • Courts • No differencebetweenTurkishandforeignpersons • Arbitration is allowed

  8. Otherissues • Tenders/Privatizations • Insomeoccasions a local partner is required • Incentives • Regionalandprojectbasisincentivesareavailableforallentities • Energy Investments • Hot topic in Turkey • Regulatedby a publicauthoritythouroughliceses • Some numbers • Morethan 1,000 Italiancompaniesoperating in Turkeyandtradevolume of USD 18 Billion

  9. Grazie Cumhuriyet Cad. No.147 K.1-7 Harbiye - Istanbul T: +90 212 219 16 30 F: +90 212 219 16 32 E: info@bb-legal.comwww.bb-legal.com

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