Establishing a joint stock company (anonim şirket / A.Ş.) in Turkey operates within a structured procedural framework that combines specific corporate-law foundations, comprehensive capital and corporate-governance mechanics, structured tax framework coordination, integrated foreign-investor positioning, and broader strategic operational considerations producing comprehensive corporate-establishment discipline that experienced practitioners support across the full company lifecycle. The framework that governs the relevant questions is set primarily by the 6102 sayılı Türk Ticaret Kanunu (TTK / Turkish Commercial Code) covering m.5 (Asliye Ticaret Mahkemesi jurisdiction), m.5/A (dava şartı arabuluculuk effective 1 January 2019), m.40-44 (tescil ve ilan), m.136-158 (yapısal değişiklikler — m.136 birleşme, m.146 bölünme, m.180 tür değiştirme), and m.329-562 anonim şirket comprehensive framework including m.329 (A.Ş. tanımı — sermayesi belirli ve paylara bölünmüş, borçlardan yalnızca malvarlığıyla sorumlu), m.331 (özel kanunlara tabi A.Ş.), m.332 (en az sermaye — 250.000 TL esas sermaye sistemi / 500.000 TL kayıtlı sermaye sistemi under 7887 sayılı Cumhurbaşkanı Kararı effective 1 January 2024), m.333 (Bakanlık izni for special-sector A.Ş.), m.335-352 (kuruluş prosedürü), m.342 (ayni sermaye with bilirkişi kıymet takdiri), m.344 (sermayenin ödenmesi — ¼ tescilden önce + ¾ 24 ay içinde), m.345 (banka dekontu), m.354-355 (tescil and tüzel kişilik kazanma), m.359-396 yönetim kurulu (m.367 yetki devri, m.371 temsil, m.375 devredilemez ve vazgeçilmez görevler, m.390 toplantı/karar, m.395-396 şirketle işlem yasağı), m.408-450 genel kurul, m.411-413 azlık hakları (10% kapalı / 5% halka açık), m.421 esas sözleşme değişikliği quorum (3/4 represented capital), m.437 (bilgi alma ve inceleme), m.438-440 özel denetim 3-step, m.445-451 genel kurul kararı iptal davası with m.445/3 3-month filing deadline, m.447-448 (butlan), m.456-472 sermaye artırımı, m.461 rüçhan hakkı with m.461/2 limitation, m.464 şartlı sermaye artırımı (critical mechanism for convertible instruments), m.473-475 (sermaye azaltımı), m.480 (imtiyazlı paylar), m.499 (pay defteri), and m.553-560 yönetici sorumluluğu (m.555 şirket adına dava, m.558 ibranın kapsamı); the 4875 sayılı Doğrudan Yabancı Yatırımlar Kanunu (DYY) effective 17 June 2003 with m.3 yabancı yatırımcı eşit muamele framework; the 5520 sayılı KVK; the 3065 sayılı KDV Kanunu; the 488 sayılı Damga Vergisi Kanunu; the 6362 sayılı SerPK governing halka açık ortaklıklar with MKK depository coordination; the 4054 sayılı Rekabetin Korunması Hakkında Kanun governing Rekabet Kurulu coordination for threshold-meeting M&A; the 6698 sayılı KVKK; the 3568 sayılı SMMM ve YMM Kanunu; MERSİS electronic registration with Türkiye Ticaret Sicili Gazetesi publication; the 4686 sayılı MTK; the 6570 sayılı İstanbul Tahkim Merkezi Kanunu effective 1 October 2014 (ISTAC); and the New York Convention 1958 with Turkey accession effective 25 September 1991 with reciprocity reservation. Practice may vary by authority and year.
An English speaking lawyer in Turkey advising on A.Ş. establishment will explain that effective Turkish anonim şirket positioning requires structured coordination across substantive framework analysis, comprehensive capital structure design, integrated corporate-governance mechanics, structured tax framework positioning, comprehensive foreign-investor coordination, and broader strategic considerations supporting both immediate establishment outcomes and longer-horizon corporate-lifecycle positioning. The body of this guide walks through the substantive A.Ş. framework under TTK m.329-562 with DYY Law No. 4875 coordination; the asgari sermaye framework under TTK m.332 with the 7887 sayılı Cumhurbaşkanı Kararı 250.000/500.000 TL distinction, pay yapısı (share structure), and azlık hakları (minority rights) under TTK m.411-413; the kuruluş prosedürü under TTK m.335-355 with esas sözleşme, m.344 capital payment framework, MERSİS registration, and Türkiye Ticaret Sicili Gazetesi publication; the yönetim kurulu under TTK m.359-396 with m.375 devredilemez görevler, m.395-396 işlem yasağı, and genel kurul under TTK m.408-450; the tax framework under KVK Law No. 5520, KDV Kanunu Law No. 3065, Damga Vergisi Law No. 488, and TFRS/VUK accounting; the foreign shareholders framework under DYY Law No. 4875 with KVK m.30 cross-border withholding and DTAA coordination; the annual compliance framework with KVKK Law No. 6698 and dispute resolution under TTK m.5/A, MTK Law No. 4686, ISTAC, and NY Convention 1958; and the M&A and restructuring framework under TTK m.136-158 with sermaye artırımı (m.456-472) including m.461 rüçhan hakkı and m.464 şartlı sermaye artırımı, sermaye azaltımı (m.473-475), and 4054 sayılı Rekabet Kanunu coordination. For procedural orientation on adjacent topics, our notes on foreign investor company law in Turkey, LLC versus joint stock company comparison in Turkey, and share purchase agreements in Turkey can be read alongside this material.
1) A.Ş. Framework under TTK Law No. 6102 m.329-562 with DYY Law No. 4875 Foreign Investor Equal Treatment
A lawyer in Turkey advising on the substantive A.Ş. (anonim şirket) framework will explain that Turkish A.Ş. operates as a separate legal entity (tüzel kişilik) with structured capital-based liability framework producing specific procedural mechanics affecting establishment positioning. The procedure ordinarily considers the substantive TTK m.329 framework establishing the foundational A.Ş. definition — anonim şirket operates as capital company with fixed capital divided into shares (sermayesi belirli ve paylara bölünmüş) where shareholder liability is limited to capital subscription (borçlardan yalnızca malvarlığıyla sorumlu) — the framework produces structured corporate-personality framework supporting comprehensive substantive operations; the substantive TTK m.330 framework establishing applicable provisions across A.Ş. operations with structured procedural mechanics; the substantive TTK m.331 framework establishing special-statute A.Ş. categories where banks, insurance companies, capital markets institutions, and broader special-sector entities operate under structured supplementary regulatory framework; the substantive TTK m.333 Bakanlık izni framework where structured Ministry of Trade prior approval supports comprehensive special-sector establishment positioning; the substantive A.Ş. versus Ltd. Şti. (limited şirket / limited liability company) distinction framework under TTK m.573 vd. where the alternative limited liability company structure produces structurally different operational mechanics including notarial-form share-transfer requirements (Notarlık Kanunu m.71/A) producing broader procedural friction; and the substantive shareholder structure framework where A.Ş. accommodates single shareholder establishment (tek ortaklı A.Ş.) and multi-shareholder establishment with structured procedural mechanics across both individual and corporate shareholder categories.
An Istanbul Law Firm advising on the DYY (Doğrudan Yabancı Yatırımlar Kanunu / Foreign Direct Investment Law) framework will note that the 4875 sayılı DYY Kanunu effective 17 June 2003 establishes the foundational Turkish foreign-investment regulatory framework with specific implications for foreign-shareholder A.Ş. positioning. The procedure ordinarily considers the substantive DYY m.3 yabancı yatırımcı eşit muamele framework establishing the structured non-discriminatory principle where foreign shareholders may hold up to 100% A.Ş. ownership without specific approval requirements — the framework substantially streamlined the prior 6224 sayılı eski DYY Kanunu (former DYY Law) prior approval framework; the substantive freedom-of-establishment framework where foreign individuals and corporate entities may establish Turkish A.Ş. without ownership restrictions subject only to specific sector-restriction frameworks (notably banking under 5411 sayılı Bankacılık Kanunu, insurance under specific framework, broadcasting under RTÜK framework, and broader sector-specific frameworks); the substantive notification framework where structured ex-post notification supports comprehensive regulatory awareness without obstructing establishment positioning; the substantive DYY Uygulama Yönetmeliği providing detailed implementation procedural mechanics including capital documentation and ongoing reporting; the substantive Türkiye Cumhuriyet Merkez Bankası (TCMB / Central Bank of Turkey) coordination framework supporting structured cross-border capital flow positioning under TPKK Law No. 1567 + 32 sayılı Karar with döviz alım belgesi (foreign currency acquisition document) documentation requirements; the substantive sectoral analysis framework where structured sector-restriction analysis supports comprehensive establishment positioning; and the broader integration framework where DYY framework operates within the comprehensive Turkish foreign-investment regulatory architecture.
A Turkish Law Firm advising on the strategic A.Ş.-versus-Ltd. Şti. framework will note that effective Turkish entity selection requires structured analysis across multiple dimensions. The procedure ordinarily considers the substantive A.Ş. minimum capital framework under TTK m.332 (250.000 TL esas / 500.000 TL kayıtlı sermaye sistemi following 7887 sayılı Cumhurbaşkanı Kararı effective 1 January 2024) versus the Ltd. Şti. minimum capital framework under TTK m.580 (50.000 TL); the substantive share transferability framework where A.Ş. supports relatively flexible share transfers absent esas sözleşme restrictions while Ltd. Şti. requires structured noter-certified transfer (Notarlık Kanunu m.71/A) plus genel kurul approval; the substantive corporate governance framework where A.Ş. accommodates structured complex governance including yönetim kurulu under TTK m.359-396 versus Ltd. Şti. müdürler kurulu framework with simpler procedural mechanics; the substantive halka arz framework where A.Ş. supports public offering positioning under SerPK Law No. 6362 while Ltd. Şti. cannot conduct public offerings; the substantive imtiyazlı pay framework where A.Ş. supports preferred share class creation under TTK m.480; the substantive yönetici sorumluluğu framework under TTK m.553-560; the substantive exit framework where A.Ş. closure under TTK m.529-548 (tasfiye) operates through structured procedural mechanics; and the broader strategic-coordination framework where entity selection operates within the comprehensive establishment strategic framework. The discipline outlined in our note on LLC versus joint stock company comparison in Turkey covers the broader entity-selection framework. Practice may vary by authority and year.
2) Asgari Sermaye under TTK m.332 (250.000/500.000 TL), Pay Yapısı, and Azlık Hakları under TTK m.411-413
An English speaking lawyer in Turkey advising on Turkish A.Ş. capital structure will explain that minimum capital framework operates through structured TTK m.332 mechanics with specific procedural mechanics affecting both immediate establishment positioning and broader operational structure. The procedure ordinarily considers the substantive 7887 sayılı Cumhurbaşkanı Kararı (Resmi Gazete 25 November 2023, effective 1 January 2024) establishing the current minimum capital requirements: (i) esas sermaye sistemi (basic capital regime) A.Ş. minimum at 250.000 TL with full subscription requirement, and (ii) kayıtlı sermaye sistemi (registered capital regime) A.Ş. minimum at 500.000 TL supporting structured subsequent capital flexibility through esas sözleşme-authorized capital increase mechanism; the substantive distinction framework where esas sermaye sistemi versus kayıtlı sermaye sistemi reflects structured operational choice rather than halka açık (publicly held) versus halka kapalı (closed) categorization — halka açık A.Ş. status operates separately under SerPK Law No. 6362 with structured halka arz (public offering) framework and broader regulatory positioning; the substantive halka açık ortaklık framework under SerPK 6362 producing comprehensive separate regulatory framework including SPK (Sermaye Piyasası Kurulu / Capital Markets Board) authorization, MKK (Merkezi Kayıt Kuruluşu) depository registration, BIST (Borsa İstanbul) listing, and broader prudential supervision; the substantive TTK m.342 ayni sermaye (non-cash capital) framework where structured non-cash capital contributions (intellectual property, machinery, real estate, intangible assets) require structured bilirkişi kıymet takdiri (court-appointed expert valuation) through Asliye Ticaret Mahkemesi appointment with specific procedural mechanics; and the substantive capital structuring framework where structured capital design supports comprehensive operational positioning including subsequent share issuance, investor onboarding, and broader corporate-finance positioning.
An Istanbul Law Firm advising on share structure design will note that Turkish A.Ş. accommodates structured share class framework supporting comprehensive corporate-finance positioning. The procedure ordinarily considers the substantive TTK m.480 imtiyazlı paylar framework where structured esas sözleşme authorization supports specific share class privileges including (i) oy imtiyazı subject to TTK m.434 maximum 15-vote ceiling per share, (ii) kâr payı imtiyazı, (iii) tasfiye payı imtiyazı, and (iv) rüçhan hakkı imtiyazı; the substantive nama yazılı (registered) versus hamiline yazılı (bearer) share framework where structured share form selection produces specific procedural mechanics; the substantive shareholders agreement framework where esas sözleşme supplementation through structured shareholders agreements (pay sahipleri sözleşmesi) supports önalım hakkı, tag-along, drag-along, transfer restriction, and broader operational governance; the substantive MKK depository framework for halka açık ortaklıklar where structured electronic share registration through Merkezi Kayıt Kuruluşu supports comprehensive public-company share-administration positioning; the substantive pay defteri framework under TTK m.499 for halka kapalı A.Ş. supporting comprehensive shareholder-record positioning; and the broader strategic integration framework where share structure design operates within the comprehensive corporate-finance ecosystem.
Turkish lawyers who advise on azlık hakları (minority rights) framework will note that Turkish A.Ş. provides structured minority shareholder protection through comprehensive TTK procedural mechanics. The procedure ordinarily considers the substantive TTK m.411 framework establishing azlık genel kurul çağrı hakkı — 10% sermaye kapalı / 5% halka açık; the substantive TTK m.412 gündem ekletme hakkı; the substantive TTK m.413 azlık denetim talep hakkı; the substantive TTK m.437 bilgi alma ve inceleme hakkı where individual shareholders (without minority threshold) have structured information and inspection rights; the substantive TTK m.438-440 özel denetim 3-step framework where (i) m.438 başvuru → (ii) m.439 mahkemeye çağrı → (iii) m.440 denetimin yapılması supports comprehensive special audit framework; the substantive TTK m.445-451 genel kurul kararı iptal davası framework where m.445/3 establishes 3-month filing deadline from karar tarihinden itibaren; the substantive TTK m.447-448 butlan framework where structured analysis distinguishes mutlak butlan versus iptal edilebilirlik; the substantive TTK m.555 şirket adına dava framework where shareholders may bring derivative-style claims against directors on behalf of the company; the substantive TTK m.558 ibranın kapsamı framework establishing structured discharge analysis — disclosed information produces discharge while concealed information preserves liability; and the broader strategic integration framework where minority rights operate within the comprehensive corporate-governance framework. Practice may vary by authority and year.
3) Kuruluş Prosedürü under TTK m.335-355: Esas Sözleşme, m.344 Capital Payment, MERSİS, and Türkiye Ticaret Sicili Gazetesi Publication
An Istanbul Law Firm advising on Turkish A.Ş. incorporation procedure will note that establishment operates through structured multi-stage procedural framework under TTK m.335-355 with specific mechanics affecting establishment timing and operational readiness. The procedure ordinarily considers the substantive esas sözleşme (articles of association) framework under TTK m.339 requiring comprehensive structured content including (i) ticaret unvanı (commercial title) with structured A.Ş. suffix designation, (ii) merkez (registered office address), (iii) maksat ve mevzu (corporate purpose and scope of activity), (iv) sermaye miktarı ve pay sayısı (capital amount and share count), (v) pay türleri (share types), (vi) yönetim kurulu yapısı (board structure), (vii) genel kurul mechanics, (viii) hesap dönemi (fiscal year), (ix) tasfiye prosedürü (liquidation procedure), and (x) broader operational framework; the substantive noter-certification framework where structured noter (notary) certification of esas sözleşme and founder signatures supports comprehensive procedural integrity — typical practice involves bilingual or Turkish-language esas sözleşme with structured noter-tasdik mechanics; the substantive yabancı kurucu framework where foreign individual or corporate founders typically face structured documentary requirements including (i) parent company corporate documents (incorporation certificate, articles of association, registry extract dating within 6 months), (ii) parent company board resolution authorizing Turkish establishment, (iii) apostille certification under the 1961 La Haye Konvansiyonu for foreign documents — Turkey acceded effective 1985, (iv) yeminli tercüman (sworn translator) translation into Turkish, and (v) noter certification of Turkish-side documents; the substantive yetki belgesi (power of attorney) framework where structured noter-certified vekaletname supports comprehensive remote establishment positioning; and the substantive activity scope framework where corporate purpose definition supports both regulatory positioning and operational flexibility.
A lawyer in Turkey advising on the m.344 capital payment framework will note that Turkish A.Ş. capital subscription operates through structured procedural mechanics. The procedure ordinarily considers the substantive TTK m.344 framework establishing the foundational capital payment timing: (i) ¼ tescilden önce — minimum 25% of subscribed capital must be paid before company registration with structured banka dekontu documentation, and (ii) ¾ tescilden itibaren 24 ay içinde — remaining 75% must be paid within 24 months following structured payment schedule mechanics; the substantive TTK m.345 banka dekontu requirement where structured bank documentation supports comprehensive procedural integrity — typically requires Turkish bank account opening for the company-in-formation, capital deposit with structured banka dekontu evidence, banka bloke-confirmation supporting tescil completion, and post-tescil capital release mechanics; the substantive TTK m.342 ayni sermaye framework where non-cash capital contributions require structured Asliye Ticaret Mahkemesi-appointed bilirkişi valuation; the substantive vergi numarası framework through Vergi Dairesi supporting comprehensive fiscal positioning; the substantive imza sirküleri framework where structured noter-certified signature circular supports company operations; and the substantive şirket kaşesi framework supporting transactional documentation.
A Turkish Law Firm advising on MERSİS, Trade Registry, and publication coordination will note that effective A.Ş. establishment completion requires structured registration and post-registration coordination supporting comprehensive operational readiness. The procedure ordinarily considers the substantive MERSİS (Merkezi Sicil Kayıt Sistemi) as the foundational online registration platform supporting structured Turkish corporate establishment with specific procedural mechanics; the substantive Türkiye Ticaret Sicili (Trade Registry) framework where structured local Trade Registry filing in the intended company operating city supports comprehensive establishment under TTK m.40-44; the substantive NACE code framework where structured activity classification supports tax registration, statistical reporting, and broader regulatory coordination; the substantive Türkiye Ticaret Sicili Gazetesi publication framework under TTK provisions; the substantive Ticaret Odası registration framework under the 5174 sayılı TOBB Kanunu; the substantive e-Tebligat framework under 7201 sayılı Tebligat Kanunu with UETS providing mandatory electronic notification capability; the substantive 5070 sayılı Elektronik İmza Kanunu framework governing NES acquisition supporting digital signature capability; the substantive corporate bank account framework where structured Turkish bank account opening supports comprehensive operational positioning; the substantive SGK iş yeri registration framework under SSGSS Law No. 5510; and the substantive financial books opening framework under VUK with structured noter-certified financial book opening. Practice may vary by authority and year.
4) Yönetim Kurulu under TTK m.359-396 with m.375 Devredilemez Görevler, m.395-396 İşlem Yasağı, and Genel Kurul under TTK m.408-450
An English speaking lawyer in Turkey advising on Turkish A.Ş. board of directors will explain that yönetim kurulu operates through structured TTK m.359-396 framework with specific procedural mechanics affecting comprehensive corporate-governance positioning. The procedure ordinarily considers the substantive TTK m.359 üyelik şartları framework establishing structured eligibility requirements where yönetim kurulu üyeleri (board members) operate without specific shareholder-status requirements (single-member or multi-member structure permitted) supporting comprehensive flexibility; the substantive TTK m.360 bağımsız yönetim kurulu üyeleri (independent directors) framework where halka açık ortaklıklar (publicly held companies) face structured independent director requirements under SPK regulations supporting comprehensive corporate-governance positioning — typically minimum independent director ratios depending on company size; the substantive yabancı yönetim kurulu üyesi (foreign director) framework where DYY Law No. 4875 supports structured foreign director participation without specific approval requirements — typical practice supports comprehensive cross-border governance positioning; the substantive TTK m.367 yetki devri (authority delegation) framework where structured delegation to murahhas üyeler (managing directors), genel müdür (general manager), and broader executive structure supports comprehensive operational mechanics; the substantive TTK m.371 temsil yetkisi framework where structured representation authority (typically through co-signing or single-signing structure depending on esas sözleşme) supports comprehensive transactional positioning; the substantive TTK m.375 devredilemez ve vazgeçilmez görevler framework establishing structured non-delegable and non-waivable board duties including (i) şirket yönetimi sorumluluğu, (ii) yönetim kurulu üyelerinin atanması (managerial appointment authority), (iii) hesapların ve raporların onaylanması, (iv) genel kurul çağrısı, (v) sermaye ve pay yapısı kararları, and (vi) broader fundamental matters supporting integrated governance positioning; and the substantive TTK m.395-396 şirketle işlem yasağı framework establishing structured interested-party transaction prohibition and competition prohibition — m.395 prohibits self-dealing without genel kurul approval and m.396 prohibits competition with the company without specific authorization.
An Istanbul Law Firm advising on yönetim kurulu liability framework will note that TTK m.553-560 yönetici sorumluluğu framework establishes comprehensive Turkish board-member-liability structure. The procedure ordinarily considers the substantive TTK m.553 framework establishing the foundational director liability principle — yönetim kurulu üyeleri are liable to the company, shareholders, and creditors for damages arising from kanundan veya esas sözleşmeden doğan yükümlülüklerini ihlalden; the substantive TTK m.555 şirket adına dava framework where shareholders may bring derivative-style claims against directors on behalf of the company; the substantive TTK m.556 alacaklılar dava açabilirliği framework where company creditors may pursue director liability claims under specific scenarios including company insolvency; the substantive TTK m.557 müteselsil sorumluluk framework establishing joint and several liability among directors; the substantive TTK m.558 ibranın kapsamı framework establishing structured discharge analysis — disclosed information produces structured discharge protection while concealed or undisclosed information preserves director liability; the substantive TTK m.560 zamanaşımı framework establishing 5-year (öğrenmeden itibaren) and 10-year (doğumdan itibaren) statute of limitations; the substantive insurance framework where structured D&O liability insurance supports comprehensive director-protection positioning; and the broader strategic-coordination framework where director liability operates within the comprehensive corporate-governance ecosystem.
A Turkish Law Firm advising on genel kurul (general assembly) framework will note that TTK m.408-450 comprehensive framework establishes Turkish A.Ş. shareholder-decision mechanics with specific procedural mechanics affecting comprehensive corporate operations. The procedure ordinarily considers the substantive TTK m.408 framework establishing genel kurul authority over fundamental corporate matters including esas sözleşme amendments, kâr dağıtım kararları (profit distribution), yönetim kurulu üye seçimi, denetçi seçimi, yıllık faaliyet raporu approval, and broader fundamental decisions; the substantive TTK m.409 olağan ve olağanüstü genel kurul framework distinguishing annual ordinary meetings (typically within 3 months of fiscal year end) versus extraordinary meetings supporting structured procedural mechanics; the substantive TTK m.410-414 çağrı framework establishing structured general assembly call procedures including yönetim kurulu çağrısı, azlık çağrısı (under m.411 with 10/5% threshold), and exceptional çağrı mechanisms; the substantive TTK m.415-421 toplantı ve karar framework establishing structured meeting and resolution mechanics including (i) m.418 olağan kararlar / ordinary resolutions with mevcut sermaye çoğunluğu (simple majority) under typical conditions, (ii) m.421 esas sözleşme değişikliği / articles amendment requiring 3/4 represented capital quorum in first call (1/2 in subsequent call), (iii) qualified-majority categories including share class privilege changes, dissolution, and broader fundamental matters; the substantive TTK m.428-437 azınlık koruma ve bilgi alma framework supporting structured minority shareholder protection including m.437 bilgi alma ve inceleme hakkı; the substantive TTK m.438-440 özel denetim 3-step framework providing structured special audit framework — discussed comprehensively in earlier H2; the substantive TTK m.445-451 iptal ve butlan framework providing structured general assembly resolution challenge framework with m.445/3 3-month filing period; the substantive electronic genel kurul framework where structured e-Genel Kurul mechanism supports comprehensive remote participation; the substantive bilingual proxy framework where structured Turkish-language proxy operates as authoritative form with English-language supplementation supporting cross-border shareholder participation; and the broader integration framework where genel kurul operates within the comprehensive Turkish A.Ş. governance architecture. Practice may vary by authority and year.
5) Tax Framework: KVK Law No. 5520, KDV Kanunu Law No. 3065, Damga Vergisi Law No. 488, and TFRS/VUK Accounting under YMM Law No. 3568
An Istanbul Law Firm advising on Turkish A.Ş. tax positioning will note that comprehensive tax framework operates through structured coordination with specific procedural mechanics. The procedure ordinarily considers the substantive 5520 sayılı Kurumlar Vergisi Kanunu (KVK / Corporate Tax Law) establishing the foundational Turkish corporate tax framework where Turkish-incorporated A.Ş. operates as tam mükellef kurum (resident corporation) subject to corporate tax on worldwide income (mukim kurum tüm dünyada elde ettiği kazançlar üzerinden vergilendirilir); the substantive KVK m.32 corporate tax rate framework where standard corporate tax rate currently operates at 25% with structured higher rate (currently 30%) for financial sector entities (banks, insurance companies, capital markets institutions) — rates subject to periodic adjustments; the substantive KVK m.30 cross-border withholding framework establishing structured withholding obligations on cross-border dividends, interest, and royalty payments to non-resident shareholders — typical rates 10-15% subject to applicable çifte vergilendirme önleme anlaşması (DTAA / Double Taxation Avoidance Agreement) reduction; the substantive DTAA framework where Turkey's network of 90+ jurisdictional DTAAs supports structured treaty-based withholding reduction with specific procedural mechanics including residence certification (mukimlik belgesi) and beneficial-ownership documentation; the substantive KVK m.13 transfer pricing framework governing related-party transactions with structured arm's-length analysis requirements; the substantive KVK m.15 (kazanç istisnası — capital gains exemption) framework supporting structured Turkish-corporation share investment positioning where applicable; the substantive kâr dağıtımı (profit distribution) framework under TTK m.508-509 with structured genel kurul approval and proportional distribution mechanics; and the substantive kurum kazancı stopajı framework where dividend distributions to natural persons typically face GVK m.94 withholding mechanics.
A lawyer in Turkey advising on KDV (Value Added Tax) and indirect tax coordination will note that the 3065 sayılı KDV Kanunu (Katma Değer Vergisi / VAT Law) operates as foundational Turkish indirect tax framework with specific implications for A.Ş. operational positioning. The procedure ordinarily considers the substantive standard KDV rate of 20% with structured reduced rates (10%, 1%) for specific goods and services categories — rates subject to periodic adjustments under presidential decree authority; the substantive monthly KDV declaration framework where structured monthly KDV beyannamesi (declaration) requires comprehensive transaction reporting with specific procedural mechanics; the substantive cross-border services framework where structured tersine ödenen KDV (reverse-charge VAT) mechanics apply to certain cross-border services; the substantive input KDV recovery framework where structured input KDV documentation through fatura (invoice) discipline supports recovery positioning; the substantive e-fatura, e-arşiv, e-defter framework where structured electronic compliance supports comprehensive operational integration — mandatory for entities meeting specific revenue thresholds; the substantive 488 sayılı Damga Vergisi Kanunu framework establishing structured stamp duty obligations with standard 0.948% (binde 9.48) rate applicable to documents specifying monetary amounts and signed in Turkey, subject to annual ceilings — A.Ş. operational documents (employment contracts, supplier agreements, lease agreements, share subscription agreements) typically trigger damga vergisi; the substantive 193 sayılı GVK (Gelir Vergisi Kanunu) framework affecting employee withholding under m.94 and individual shareholder dividend positioning; the substantive social security framework under the 5510 sayılı SSGSS Kanunu (SGK) producing employer and employee contribution mechanics; and the substantive 213 sayılı VUK (Vergi Usul Kanunu / Tax Procedure Law) framework governing comprehensive Turkish tax procedural mechanics including documentary discipline, accounting requirements, and broader compliance.
A Turkish Law Firm advising on TFRS/VUK accounting framework will note that effective Turkish A.Ş. accounting positioning requires structured coordination across multiple parallel accounting and reporting frameworks supporting comprehensive compliance discipline. The procedure ordinarily considers the substantive Türkiye Muhasebe Standartları (TMS / Turkish Accounting Standards) and Türkiye Finansal Raporlama Standartları (TFRS / Turkish Financial Reporting Standards) framework under the Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu (KGK / Public Oversight Accounting and Auditing Standards Board) coordination — KGK-issued TFRS substantially aligns with International Financial Reporting Standards (IFRS) supporting cross-border financial reporting integration; the substantive VUK framework establishing structured Turkish tax-accounting framework with structured documentary discipline including yevmiye defteri (journal), büyük defter (general ledger), envanter defteri (inventory book), and broader accounting books; the substantive noter-certified accounting books framework where structured noter (notary) certification supports comprehensive procedural integrity — typically certified annually before fiscal year commencement; the substantive e-Defter, e-Fatura, e-Arşiv framework where structured electronic ledger and invoice maintenance supports comprehensive electronic compliance for A.Ş. meeting threshold criteria; the substantive YMM (yeminli mali müşavir / sworn-in financial accountant) coordination framework under the 3568 sayılı SMMM ve YMM Kanunu where structured YMM-certified annual financial statements support comprehensive Turkish tax compliance — typically required for A.Ş. meeting specific revenue or asset thresholds; the substantive bağımsız denetim (independent audit) framework where A.Ş. meeting structured size criteria face mandatory independent audit under structured KGK-aligned auditor framework; the substantive Türkiye Ticaret Sicili Gazetesi annual financial statement publication framework where structured public disclosure supports comprehensive corporate-record positioning; the substantive transfer pricing documentation framework supporting structured cross-border tax compliance under KVK m.13; and the broader strategic integration framework where accounting framework operates within the comprehensive Turkish corporate-regulatory architecture. The discipline outlined in our note on foreign investor company law in Turkey covers the broader investor-tax framework. Practice may vary by authority and year.
6) Foreign Shareholders under DYY Law No. 4875 with KVK m.30 Cross-Border Withholding, DTAA Coordination, and Investment Incentive Framework
An English speaking lawyer in Turkey advising on foreign shareholder positioning will explain that Turkish A.Ş. accommodates structured 100% foreign ownership under DYY Law No. 4875 with specific procedural mechanics affecting comprehensive cross-border investment positioning. The procedure ordinarily considers the substantive DYY m.3 yabancı yatırımcı eşit muamele framework establishing the foundational non-discriminatory principle where foreign individual and corporate shareholders may hold up to 100% A.Ş. ownership under substantively identical framework to Turkish shareholders; the substantive sector-restriction framework where structured sectoral analysis (notably banking under 5411 sayılı Bankacılık Kanunu, insurance under specific framework, broadcasting under RTÜK framework, real estate in restricted zones, and broader sector-specific frameworks) supports comprehensive establishment positioning; the substantive cross-border capital flow framework where structured TPKK Law No. 1567 + 32 sayılı Karar coordination supports comprehensive Turkish FX framework with döviz alım belgesi (foreign currency acquisition document) documentation requirements through Türkiye Cumhuriyet Merkez Bankası (TCMB / Central Bank of Turkey) framework; the substantive structured documentary framework where foreign founder documentation typically requires (i) parent company corporate documents (incorporation certificate, articles of association, registry extract within 6 months), (ii) parent company board resolution authorizing Turkish A.Ş. participation, (iii) apostille certification under the 1961 La Haye Konvansiyonu for foreign documents, (iv) yeminli tercüman translation into Turkish, and (v) noter certification of Turkish-side documents; the substantive yetki belgesi framework supporting structured remote participation through noter-certified vekaletname; the substantive cross-border banking framework where structured Turkish bank account opening for foreign-shareholder A.Ş. supports comprehensive financial positioning; and the substantive ongoing reporting framework supporting comprehensive regulatory compliance.
An Istanbul Law Firm advising on cross-border tax coordination will note that effective foreign-shareholder A.Ş. positioning requires structured tax-framework analysis supporting comprehensive cross-border tax coordination. The procedure ordinarily considers the substantive KVK m.30 cross-border withholding framework governing structured withholding obligations on cross-border payments to non-resident shareholders including dividends, interest, royalties, and broader payment categories — typical rates 10-15% subject to applicable DTAA reduction; the substantive DTAA framework where Turkey's 90+ jurisdictional treaty network supports treaty-based withholding reduction with specific procedural mechanics including residence certification (mukimlik belgesi) issued by foreign tax authority and beneficial-ownership documentation supporting treaty-claim positioning; the substantive dividend repatriation framework where structured kâr dağıtımı under TTK m.508-509 supports comprehensive cross-border dividend mechanics — typically requires (i) genel kurul approval, (ii) structured KVK m.30 withholding application, (iii) DTAA-coordinated rate reduction where applicable, (iv) Turkish bank coordination for cross-border transfer, and (v) döviz alım belgesi documentation; the substantive transfer pricing framework where structured KVK m.13 analysis covers related-party transactions between Turkish A.Ş. and foreign parent or affiliates with structured arm's-length analysis requirements; the substantive Türkiye Ticaret Bakanlığı Yatırım Teşvik Belgesi framework where structured investment incentives (regional incentives, R&D incentives, large-scale investment incentives, strategic investment incentives) support comprehensive incentive positioning depending on sector and investment category; the substantive Serbest Bölge (Free Zone) framework where Free Zone-located A.Ş. operations may face structured tax exemption framework supporting export-oriented positioning; the substantive Teknopark (Technology Development Zone) framework where R&D-oriented A.Ş. operations may face structured tax exemption framework; the substantive 3218 sayılı Serbest Bölgeler Kanunu coordination; and the substantive 4691 sayılı Teknoloji Geliştirme Bölgeleri Kanunu coordination.
Turkish lawyers who advise on foreign-shareholder strategic positioning will note that effective long-term cross-border A.Ş. positioning requires structured coordination across multiple parallel dimensions. The procedure ordinarily considers the substantive exit framework where foreign shareholder exit through structured share transfer, M&A transaction, or company dissolution operates through specific procedural mechanics; the substantive share valuation framework where structured arms-length valuation supports both transactional positioning and tax-compliance positioning under KVK m.13 transfer pricing; the substantive yabancı sermaye iadesi framework where structured capital repatriation through TPKK + 32 sayılı Karar coordination supports comprehensive cross-border capital flow; the substantive miras planlaması framework where foreign shareholder estate planning coordinates with Turkish miras hukuku framework under MÖHUK Law No. 5718 m.20; the substantive arbitration coordination framework where structured arbitration clauses (MTK Law No. 4686, ISTAC under Law No. 6570, ICC, LCIA, SIAC) support comprehensive cross-border dispute resolution; the substantive NY Convention 1958 framework with Turkey accession effective 25 September 1991 with reciprocity reservation; and the broader strategic integration framework where foreign-shareholder positioning operates within the comprehensive Turkish A.Ş. lifecycle ecosystem. Practice may vary by authority and year.
7) Annual Compliance, KVKK Law No. 6698, and Dispute Resolution under TTK m.5/A, MTK Law No. 4686, ISTAC under Law No. 6570, NY Convention 1958
A lawyer in Turkey advising on annual A.Ş. compliance will explain that Turkish A.Ş. ongoing compliance operates through structured periodic reporting and filing framework with specific procedural mechanics affecting comprehensive operational integrity. The procedure ordinarily considers the substantive annual genel kurul framework where structured genel kurul typically operates within 3 months of fiscal year end with structured agenda items including (i) faaliyet raporu approval, (ii) finansal tablolar approval, (iii) yönetim kurulu ibrası (discharge), (iv) kâr dağıtımı kararı, (v) yönetim kurulu üye seçimi where applicable, and (vi) bağımsız denetçi atanması where applicable; the substantive Türkiye Ticaret Sicili Gazetesi annual financial statement publication framework supporting structured public disclosure; the substantive monthly KDV reconciliation framework where structured monthly KDV beyannamesi supports comprehensive indirect tax compliance; the substantive quarterly muhtasar beyanname framework supporting comprehensive withholding tax compliance; the substantive annual kurumlar vergisi beyannamesi framework under KVK m.32 supporting comprehensive corporate tax compliance; the substantive monthly SGK premium declaration framework supporting comprehensive social security compliance; the substantive Chamber of Commerce annual membership renewal framework under TOBB Law No. 5174; the substantive periodic İSG compliance reporting framework under İSG Kanunu Law No. 6331; the substantive YMM coordination framework under 3568 sayılı SMMM ve YMM Kanunu; the substantive bağımsız denetim framework where A.Ş. meeting structured size criteria face mandatory independent audit; and the substantive trade registry update framework supporting structured corporate-change registration.
An Istanbul Law Firm advising on KVKK (Personal Data Protection Law) coordination will note that the 6698 sayılı KVKK effective 7 April 2016 establishes comprehensive Turkish personal data protection framework with specific procedural mechanics affecting A.Ş. operations across all sectors processing personal data. The procedure ordinarily considers the substantive comprehensive coverage framework where KVKK governs employee personal data, customer personal data, supplier personal data, and broader personal data categories with structured procedural mechanics; the substantive VERBİS (Veri Sorumluları Sicili / Data Controllers Registry) framework where structured data controller registration supports comprehensive compliance positioning — typically required for A.Ş. meeting specific threshold criteria; the substantive aydınlatma metni (informational notice) framework where structured data subject communication supports comprehensive disclosure positioning; the substantive açık rıza (explicit consent) framework where structured consent mechanics support comprehensive procedural positioning where applicable; the substantive m.9 yurtdışına aktarım (cross-border transfer) framework where structured cross-border personal data transfer operates through (i) explicit consent, (ii) structured procedural prerequisites including adequate-protection determination, or (iii) standard contractual clauses with KVKK Kurulu coordination; the substantive personal data inventory framework supporting comprehensive compliance positioning; the substantive employee personal data framework where employment-context personal data processing produces specific procedural mechanics; the substantive customer personal data framework where customer-relation data produces specific procedural mechanics; the substantive KVKK Kurulu (Data Protection Authority) coordination framework operating as foundational regulatory authority; and the broader strategic-coordination framework where KVKK compliance operates as foundational compliance discipline.
A Turkish Law Firm advising on dispute resolution will note that Turkish A.Ş. operations may produce disputes across multiple parallel categories with structured dispute resolution framework. The procedure ordinarily considers the substantive TTK m.5 framework establishing Asliye Ticaret Mahkemesi jurisdiction over commercial disputes including A.Ş. corporate disputes; the substantive TTK m.5/A dava şartı arabuluculuk effective 1 January 2019 — applicants must complete structured mediation through registered arabulucu before filing the substantive dava; the substantive 6325 sayılı Hukuk Uyuşmazlıklarında Arabuluculuk Kanunu; the substantive corporate dispute categories where typical A.Ş. disputes include genel kurul kararı iptal davası (TTK m.445-451 with 3-month filing under m.445/3), yönetici sorumluluğu davası (TTK m.553-560 with 5/10-year zamanaşımı under m.560), pay sahipliği uyuşmazlıkları, kâr dağıtımı uyuşmazlıkları, and broader corporate-relation disputes; the substantive MTK Law No. 4686 establishing comprehensive Turkish international arbitration framework; the substantive 6570 sayılı İstanbul Tahkim Merkezi Kanunu effective 1 October 2014 establishing ISTAC; the substantive ICC, LCIA, SIAC alternative framework where major international arbitration institutions support cross-border A.Ş. disputes; the substantive New York Convention 1958 with Turkey accession effective 25 September 1991 with reciprocity reservation; the substantive MÖHUK Law No. 5718 m.50-63 with m.54 tenfiz şartları (kesinleşmiş karar, karşılıklılık, kamu düzeni); the substantive HMK appellate framework through Bölge Adliye Mahkemesi istinaf and Yargıtay temyiz; and the substantive AYM bireysel başvuru framework under 6216 sayılı Kanun m.45-49 where applicable. The discipline outlined in our note on resolving commercial disputes in Turkey covers the broader dispute framework. Practice may vary by authority and year.
8) M&A and Restructuring under TTK m.136-158, Sermaye Artırımı (m.456-472) with m.461 Rüçhan Hakkı and m.464 Şartlı Sermaye Artırımı, Sermaye Azaltımı (m.473-475), and 4054 sayılı Rekabet Kanunu
An English speaking lawyer in Turkey advising on M&A framework will explain that Turkish A.Ş. M&A operates through structured TTK m.136-158 yapısal değişiklikler (structural changes) framework with specific procedural mechanics affecting comprehensive transaction positioning. The procedure ordinarily considers the substantive TTK m.136-158 comprehensive framework governing structured Turkish corporate-restructuring mechanics including (i) m.136 birleşme (merger) — full corporate-personality consolidation with structured procedural mechanics including birleşme sözleşmesi (merger agreement), birleşme raporu (merger report), bilanço (balance sheet), bağımsız denetim, genel kurul approval, alacaklı koruma framework, and Türkiye Ticaret Sicili Gazetesi publication; (ii) m.146 bölünme (spin-off / division) — corporate division through tam bölünme (full division) or kısmi bölünme (partial division) with structured procedural mechanics; (iii) m.180 tür değiştirme (conversion) — corporate form transformation between A.Ş., Ltd. Şti., and broader corporate forms with structured procedural mechanics; the substantive due diligence framework where structured pre-transaction analysis supports comprehensive transaction positioning including legal, tax, financial, operational, regulatory, and broader category review; the substantive share purchase agreement (SPA) framework where structured Turkish-language SPA operates as authoritative version with English-language supplementation supporting cross-border transaction positioning; the substantive representations and warranties framework where structured beyan ve garanti (representations and warranties) coverage supports comprehensive transaction protection; and the substantive bağımsız denetim coordination supporting structured procedural integrity.
An Istanbul Law Firm advising on sermaye artırımı framework will note that TTK m.456-472 establishes structured Turkish A.Ş. capital increase mechanics with specific procedural mechanics affecting comprehensive corporate-finance positioning. The procedure ordinarily considers the substantive TTK m.456-472 framework including (i) m.456 esas sermaye artırımı with structured genel kurul approval under TTK m.421 (3/4 represented capital quorum), (ii) kayıtlı sermaye sistemi capital increase through esas sözleşme-authorized board action, (iii) ayni sermaye coordination under TTK m.342 with bilirkişi kıymet takdiri, (iv) iç kaynaklardan sermaye artırımı, and (v) dış kaynaklardan sermaye artırımı; the substantive TTK m.461 rüçhan hakkı framework establishing structured pre-emption mechanics where existing A.Ş. shareholders have priority right to subscribe to newly issued shares in proportion to existing holdings; the substantive TTK m.461/2 limitation framework supporting rüçhan hakkı limitation through genel kurul kararı with 3/4 represented capital quorum and haklı neden — typical haklı neden categories include strategic investor onboarding, employee equity programs, and convertible instrument conversion; the substantive TTK m.464 şartlı sermaye artırımı framework establishing the critical Turkish-law optimal mechanism for convertible instruments — supports forward-authorized capital increase activating upon specified condition fulfillment without requiring fresh genel kurul approval; the substantive TTK m.473-475 sermaye azaltımı framework with alacaklı koruma requirements; the substantive TTK m.480 imtiyazlı paylar framework for preferred share class creation; and the substantive Türkiye Ticaret Sicili coordination supporting structured corporate-record positioning.
A Turkish Law Firm advising on Rekabet Kurulu (Competition Authority) coordination will note that the 4054 sayılı Rekabetin Korunması Hakkında Kanun (Competition Law) establishes comprehensive Turkish competition framework with specific procedural mechanics affecting threshold-meeting M&A transactions. The procedure ordinarily considers the substantive 4054 sayılı Kanun framework establishing comprehensive Turkish competition framework with three primary pillars: (i) anti-competitive agreements prohibition under m.4, (ii) abuse of dominant position prohibition under m.6, and (iii) merger control framework under m.7 with structured Rekabet Kurulu (Competition Authority) coordination; the substantive 2010/4 sayılı Tebliğ ve sonraki tebliğler establishing detailed merger control implementation including notification thresholds and procedural mechanics; the substantive notification threshold framework where structured turnover-based thresholds (subject to periodic adjustments) determine notification requirements — typical thresholds include combined Turkish turnover thresholds and individual party Turkish turnover thresholds; the substantive notification timing framework where structured pre-closing notification supports comprehensive procedural positioning — closing without required notification produces structured procedural risks including potential transaction unwinding; the substantive Rekabet Kurulu review framework where structured initial review (typically 30 days) and detailed review (typically 6 months extended where complex) supports structured procedural mechanics; the substantive remedies framework where Rekabet Kurulu may approve, conditionally approve (with structured commitments), or prohibit transactions with specific procedural mechanics; the substantive transaction structuring framework where structured pre-notification analysis supports both compliance positioning and transactional efficiency; the substantive Bölge Adliye Mahkemesi appellate framework where structured Rekabet Kurulu decision review operates through HMK and broader administrative-court framework; and the broader strategic integration framework where Rekabet Kurulu coordination operates within the comprehensive Turkish M&A regulatory architecture. Practice may vary by authority and year.
9) Frequently Asked Questions for Founders and Investors
- What is an A.Ş. (anonim şirket / joint stock company)? Under TTK Law No. 6102 m.329, A.Ş. is a capital company with fixed capital divided into shares (sermayesi belirli ve paylara bölünmüş) where shareholder liability is limited to capital subscription (borçlardan yalnızca malvarlığıyla sorumlu). The framework supports both single-shareholder and multi-shareholder establishment, individual and corporate shareholders, and structured complex governance under TTK m.329-562 comprehensive framework.
- What is the minimum capital requirement? Under TTK m.332 following the 7887 sayılı Cumhurbaşkanı Kararı (Resmi Gazete 25 November 2023, effective 1 January 2024): (i) esas sermaye sistemi (basic capital regime) A.Ş. minimum: 250.000 TL with full subscription requirement; (ii) kayıtlı sermaye sistemi (registered capital regime) A.Ş. minimum: 500.000 TL supporting structured subsequent capital flexibility through esas sözleşme-authorized capital increase mechanism. The distinction reflects operational choice (regime selection in esas sözleşme) rather than halka açık (public) versus halka kapalı (closed) categorization — halka açık ortaklık status operates separately under SerPK Law No. 6362.
- What is the capital payment timing? Under TTK m.344, structured capital payment operates through (i) ¼ tescilden önce / before registration — minimum 25% of subscribed capital must be paid before company registration with structured banka dekontu (bank receipt) under TTK m.345, and (ii) ¾ tescilden itibaren 24 ay içinde / within 24 months from registration — remaining 75% must be paid within 24 months following structured payment schedule mechanics. TTK m.342 supports ayni sermaye (non-cash capital) coordination with structured Asliye Ticaret Mahkemesi-appointed bilirkişi (expert) valuation.
- Can foreigners own 100% of an A.Ş.? Yes. Under DYY Law No. 4875 (Doğrudan Yabancı Yatırımlar Kanunu effective 17 June 2003) m.3 yabancı yatırımcı eşit muamele framework, foreign individual and corporate shareholders may hold up to 100% A.Ş. ownership without specific approval requirements, subject only to specific sector-restriction frameworks (banking under 5411 sayılı, insurance, broadcasting under RTÜK, real estate in restricted zones).
- What is the incorporation procedure? Establishment operates through structured multi-stage procedure under TTK m.335-355: (i) esas sözleşme drafting with TTK m.339 mandatory content, (ii) noter certification, (iii) banka deposit of capital first quarter, (iv) MERSİS electronic application, (v) Türkiye Ticaret Sicili (Trade Registry) filing, (vi) Türkiye Ticaret Sicili Gazetesi publication, (vii) Vergi Dairesi tax registration, (viii) SGK iş yeri registration, (ix) Ticaret Odası membership under Law No. 5174, and (x) imza sirküleri (signature circular) preparation. Tüzel kişilik (legal personality) is acquired upon tescil under TTK m.355.
- What is the board of directors framework? Under TTK m.359-396, yönetim kurulu (board of directors) operates with comprehensive framework including m.359 (üyelik şartları with no shareholder requirement), m.360 (bağımsız üyeler for halka açık), m.367 (yetki devri), m.371 (temsil yetkisi), m.375 (devredilemez ve vazgeçilmez görevler), m.390 (toplantı/karar quorumu), and m.395-396 (şirketle işlem yasağı / interested party transaction prohibition and competition prohibition). Director liability operates under TTK m.553-560 with m.555 şirket adına dava (derivative-style action) and m.558 ibranın kapsamı (discharge scope) framework.
- What are the minority rights? Under TTK m.411-413, azlık hakları operate at 10% sermaye in halka kapalı şirketler / 5% sermaye in halka açık ortaklıklar, including (i) m.411 azlık genel kurul çağrı hakkı, (ii) m.412 gündem ekletme hakkı, (iii) m.413 azlık denetim talep hakkı. TTK m.437 supports individual shareholder bilgi alma ve inceleme hakkı (without minority threshold). TTK m.438-440 establishes structured özel denetim 3-step framework. TTK m.445-451 supports genel kurul kararı iptal davası with m.445/3 3-month filing deadline from karar tarihinden itibaren.
- What is the genel kurul framework? Under TTK m.408-450, genel kurul (general assembly) operates as sovereign shareholder body with structured procedural mechanics. TTK m.421 establishes esas sözleşme değişikliği quorum at 3/4 represented capital in first call (1/2 in subsequent call). TTK m.418 olağan kararlar operate at simple majority of represented capital under typical conditions. Annual genel kurul typically operates within 3 months of fiscal year end with structured agenda items including faaliyet raporu, finansal tablolar, ibra, kâr dağıtımı, and yönetim kurulu seçimi.
- How is the A.Ş. taxed? Under KVK Law No. 5520, Turkish-incorporated A.Ş. operates as tam mükellef kurum (resident corporation) subject to corporate tax on worldwide income at standard 25% rate (30% for financial sector under m.32) — rates subject to periodic adjustments. KVK m.30 governs cross-border withholding (typically 10-15%) on dividends, interest, royalties to non-resident shareholders, subject to applicable DTAA reduction. KDV Law No. 3065 governs VAT (standard 20%). Damga Vergisi Law No. 488 applies at 0.948% (binde 9.48) standard rate to documents specifying amounts.
- What about capital increase mechanics? Under TTK m.456-472, comprehensive sermaye artırımı framework supports structured capital increase through (i) basic capital increase with TTK m.421 3/4 quorum, (ii) kayıtlı sermaye sistemi increase through board action, (iii) ayni sermaye under m.342 with bilirkişi valuation, (iv) iç/dış kaynaklı increase. TTK m.461 rüçhan hakkı establishes statutory pre-emption with m.461/2 limitation (3/4 quorum + haklı neden). TTK m.464 şartlı sermaye artırımı (conditional capital increase) is the critical Turkish-law optimal mechanism for convertible instruments supporting forward-authorized capital increase activating upon convertible holder conversion election.
- What about M&A under TTK? Under TTK m.136-158 yapısal değişiklikler (structural changes), comprehensive corporate restructuring operates through (i) m.136 birleşme (merger), (ii) m.146 bölünme (spin-off), and (iii) m.180 tür değiştirme (conversion). 4054 sayılı Rekabetin Korunması Hakkında Kanun governs Rekabet Kurulu (Competition Authority) merger control under m.7 for threshold-meeting transactions with structured pre-closing notification requirement and 30-day initial review (extendable to 6 months for complex transactions).
- Is mandatory mediation required for disputes? Yes. Under TTK m.5/A effective 1 January 2019, dava şartı arabuluculuk applies to commercial disputes including A.Ş. corporate disputes. Applicants must complete structured mediation through registered arabulucu under the 6325 sayılı Hukuk Uyuşmazlıklarında Arabuluculuk Kanunu before filing the substantive dava at Asliye Ticaret Mahkemesi. Director liability claims, genel kurul iptal davası, and broader corporate disputes typically face this prerequisite.
- What about international arbitration? Under MTK Law No. 4686 (Milletlerarası Tahkim Kanunu), international arbitration framework supports cross-border A.Ş. disputes. ISTAC (Istanbul Arbitration Centre) under 6570 sayılı Kanun effective 1 October 2014 provides structured Turkish-jurisdiction institution. Major international institutions (ICC, LCIA, SIAC) support cross-border arbitration. The New York Convention 1958 with Turkey accession effective 25 September 1991 (with reciprocity reservation) supports cross-border award enforcement.
- What about KVKK personal data compliance? Under the 6698 sayılı KVKK effective 7 April 2016, A.Ş. processing personal data face comprehensive Turkish data protection compliance including (i) VERBİS (Veri Sorumluları Sicili) registration where threshold criteria apply, (ii) aydınlatma metni (informational notice) for data subjects, (iii) açık rıza (explicit consent) where applicable, (iv) cross-border transfer compliance under m.9, and (v) KVKK Kurulu coordination.
- Does ER&GUN&ER Law Firm advise on A.Ş. establishment matters? Yes. ER&GUN&ER Law Firm is an Istanbul-based law firm advising Turkish founders, foreign founders, multinational corporate participants, foreign legal counsel, family offices, and broader investment participants on Turkish A.Ş. (anonim şirket / joint stock company) matters under TTK Law No. 6102 m.329-562 comprehensive framework with critical focus on m.332 minimum sermaye (250.000 TL esas / 500.000 TL kayıtlı sermaye sistemi), m.344 capital payment, m.359-396 yönetim kurulu (with m.375 devredilemez görevler and m.395-396 işlem yasağı), m.408-450 genel kurul, m.411-413 azlık hakları (10% kapalı / 5% halka açık), m.421 esas sözleşme quorum (3/4), m.438-440 özel denetim, m.445-451 iptal davası (3-month under m.445/3), m.456-472 sermaye artırımı with m.461 rüçhan and m.464 şartlı sermaye artırımı, m.553-560 yönetici sorumluluğu, and m.136-158 yapısal değişiklikler; DYY Law No. 4875 with m.3 yabancı yatırımcı eşit muamele; KVK Law No. 5520 (m.32 25%/30%, m.30 cross-border withholding 10-15% with DTAA, m.13 transfer pricing), KDV Kanunu Law No. 3065 (20%), Damga Vergisi Law No. 488 (binde 9.48), VUK Law No. 213; SerPK Law No. 6362 with MKK depository for halka açık ortaklıklar; 4054 sayılı Rekabetin Korunması Hakkında Kanun coordination for threshold-meeting M&A with Rekabet Kurulu pre-closing notification; KVKK Law No. 6698 (effective 7 April 2016) with VERBİS coordination; 3568 sayılı SMMM ve YMM Kanunu (YMM certification with KGK-coordinated TFRS/TMS framework); MERSİS electronic registration with Türkiye Ticaret Sicili Gazetesi publication; structured documentary preparation with apostille certification under 1961 La Haye Konvansiyonu and yeminli tercüman translations; comprehensive corporate governance positioning including esas sözleşme drafting, shareholders agreements, share class design, and option pool coordination; M&A coordination with due diligence, share purchase agreement drafting, representations and warranties packages, and Rekabet Kurulu notifications; capital increase coordination including m.464 şartlı sermaye artırımı framework activation supporting comprehensive convertible instrument coordination; foreign-investor coordination including TPKK Law No. 1567 + 32 sayılı Karar FX framework with döviz alım belgesi documentation, kâr dağıtımı with cross-border repatriation, and investment incentive coordination including Yatırım Teşvik Belgesi, Serbest Bölge under 3218 sayılı Kanun, and Teknopark under 4691 sayılı Kanun; dispute resolution coordination including TTK m.5/A mandatory mediation, MTK Law No. 4686 international arbitration, ISTAC under 6570 sayılı Kanun effective 1 October 2014, NY Convention 1958 (Turkey accession 25 September 1991 with reciprocity reservation), and MÖHUK Law No. 5718 m.50-63 with m.54 tenfiz şartları; appellate framework through Bölge Adliye Mahkemesi istinaf, Yargıtay temyiz, and AYM bireysel başvuru under 6216 sayılı Kanun m.45-49; annual compliance coordination across olağan genel kurul, KDV/muhtasar/kurumlar vergisi declarations, SGK premium declarations, KVKK VERBİS updates, and YMM-certified financial statements; tasfiye coordination under TTK m.529-548; and broader strategic positioning supporting comprehensive Turkish A.Ş. lifecycle outcomes — with English-language client communication and bilingual documentation throughout each engagement. Files in this area are typically led personally by the managing partner rather than delegated.
Author: Mirkan Topcu is an attorney registered with the Istanbul Bar Association (Istanbul 1st Bar), Bar Registration No: 67874. His practice focuses on cross-border and high-stakes matters where evidence discipline, procedural accuracy, and risk control are decisive.
He advises Turkish founders, foreign founders, multinational corporate participants, foreign legal counsel, family offices, and broader investment participants on Turkish A.Ş. (anonim şirket / joint stock company) matters under the 6102 sayılı Türk Ticaret Kanunu (TTK) including m.5 (Asliye Ticaret Mahkemesi jurisdiction), m.5/A (dava şartı arabuluculuk effective 1 January 2019), m.40-44 (tescil ve ilan), m.136-158 (yapısal değişiklikler — m.136 birleşme, m.146 bölünme, m.180 tür değiştirme), and the comprehensive m.329-562 anonim şirket framework — including m.329 (A.Ş. tanımı), m.332 (en az sermaye — 250.000 TL esas / 500.000 TL kayıtlı sermaye sistemi following 7887 sayılı Cumhurbaşkanı Kararı effective 1 January 2024), m.333 (Bakanlık izni for special-sector A.Ş.), m.335-352 (kuruluş prosedürü), m.342 (ayni sermaye with bilirkişi valuation), m.344 (sermayenin ödenmesi — ¼ tescilden önce + ¾ 24 ay içinde), m.345 (banka dekontu), m.354-355 (tescil and tüzel kişilik kazanma), m.359-396 yönetim kurulu (m.367 yetki devri, m.371 temsil, m.375 devredilemez görevler, m.395-396 işlem yasağı), m.408-450 genel kurul, m.411-413 azlık hakları (10% kapalı / 5% halka açık), m.421 esas sözleşme değişikliği quorum (3/4), m.437 (bilgi alma ve inceleme), m.438-440 özel denetim 3-step framework, m.445-451 iptal davası with m.445/3 3-month filing period, m.447-448 (butlan), m.456-472 sermaye artırımı, m.461 rüçhan hakkı with m.461/2 limitation, m.464 şartlı sermaye artırımı (critical Turkish-law optimal mechanism for convertible instruments), m.473-475 (sermaye azaltımı), m.480 (imtiyazlı paylar), and m.553-560 yönetici sorumluluğu (m.555 şirket adına dava, m.558 ibranın kapsamı, m.560 zamanaşımı 5/10 yıl); the 4875 sayılı Doğrudan Yabancı Yatırımlar Kanunu (DYY) effective 17 June 2003 with m.3 yabancı yatırımcı eşit muamele framework; the 5520 sayılı KVK including m.32 (25%/30% rates), m.30 (cross-border withholding 10-15% subject to DTAA), and m.13 (transfer pricing); the 3065 sayılı KDV Kanunu (20%), 488 sayılı Damga Vergisi Kanunu (binde 9.48 / 0.948%), 213 sayılı VUK, and 193 sayılı GVK m.94; the 6362 sayılı SerPK governing halka açık ortaklıklar with SPK and MKK depository coordination; the 4054 sayılı Rekabetin Korunması Hakkında Kanun governing Rekabet Kurulu coordination for threshold-meeting M&A with structured 30-day initial review and 6-month detailed review; the 6698 sayılı KVKK effective 7 April 2016 with VERBİS coordination; the 3568 sayılı SMMM ve YMM Kanunu with KGK-coordinated TFRS/TMS framework; the 4857 sayılı İş Kanunu, 5510 sayılı SSGSS Kanunu, and 6735 sayılı Uluslararası İşgücü Kanunu effective 28 July 2016; the 1567 sayılı TPKK and 32 sayılı Karar with döviz alım belgesi documentation through TCMB framework; the 5174 sayılı TOBB Kanunu; the 6325 sayılı Arabuluculuk Kanunu; the 4686 sayılı MTK and 6570 sayılı İstanbul Tahkim Merkezi Kanunu effective 1 October 2014 (ISTAC); the New York Convention 1958 with Turkey accession effective 25 September 1991 with reciprocity reservation; the 5718 sayılı MÖHUK m.50-63 with m.54 tenfiz şartları; the 6100 sayılı HMK including m.341 vd. (istinaf), m.361 vd. (temyiz), and m.389-403 (ihtiyati tedbir); the 6216 sayılı Kanun m.45-49 (AYM bireysel başvuru); MERSİS electronic registration with Türkiye Ticaret Sicili Gazetesi publication; the 1961 La Haye Konvansiyonu apostille framework; and çifte vergilendirme önleme anlaşmaları (DTAA — Turkey's network of 90+ jurisdictions). His advisory work covers comprehensive A.Ş. establishment coordination including TTK m.329-562 substantive analysis, esas sözleşme drafting under m.339, m.344 capital payment with m.345 banka dekontu framework, m.342 ayni sermaye with bilirkişi valuation, MERSİS registration, and Türkiye Ticaret Sicili Gazetesi publication; corporate governance positioning including yönetim kurulu structure with m.375 devredilemez görevler and m.395-396 işlem yasağı framework, genel kurul mechanics with m.421 quorum coordination, shareholders agreements with önalım/tag-along/drag-along/transfer restrictions, share class design under m.480, and option pool coordination under m.380; capital increase coordination under m.456-472 with m.461 rüçhan management and m.464 şartlı sermaye artırımı framework activation supporting convertible instrument coordination; M&A coordination under m.136-158 with structured due diligence, SPA drafting, representations and warranties packages, and Rekabet Kurulu notifications under 4054 sayılı Kanun; tax framework coordination including KVK m.32 positioning, m.30 cross-border withholding optimization through DTAA, m.13 transfer pricing analysis, KDV compliance, and YMM certification; foreign-investor coordination including DYY framework, TPKK + 32 sayılı Karar FX coordination, kâr dağıtımı with cross-border repatriation, and investment incentive coordination including Yatırım Teşvik Belgesi, Serbest Bölge under 3218 sayılı Kanun, and Teknopark under 4691 sayılı Kanun; KVKK compliance with VERBİS coordination; SerPK coordination for halka açık ortaklık scenarios with MKK coordination; dispute resolution coordination including TTK m.5/A mandatory mediation, MTK and ISTAC arbitration, NY Convention 1958 enforcement, MÖHUK recognition framework, and AYM bireysel başvuru where applicable; annual compliance coordination including olağan genel kurul, financial statement publication, and YMM-certified financial statements; tasfiye coordination under TTK m.529-548; and broader strategic positioning supporting comprehensive Turkish A.Ş. lifecycle outcomes.
Education: Istanbul University Faculty of Law (2018); Galatasaray University, LL.M. (2022). LinkedIn: Profile. Istanbul Bar Association: Official website.