|The authorized approval
agency for foreign investments, including capital increases (if
participation ratio changes), is the Undersecretariat of the
Treasury, General Directorate of Foreign Investment, (UT-GDFI)
located in Ankara.
The application for approval must be
in Turkish or English and should be presented with the following
- Certificate of activity/copy of
registration (applicable to legal entities)
- Annual report including balance sheets of the previous year
(applicable to legal entities)
- Copy of passport (applicable to individuals)
- The certificate of activity and passport photocopy which must be
certified by a Turkish Consulate General abroad, or by a Turkish
- Letter of Intent (including total volume of participation) by the
* Draft Articles of Association of the company to be established,
* In case of making an investment, proforma invoices, brochures and
catalogues and a global list of machinery to be imported, including
prices showing FOB in currency of the country of origin or FOB in US
Dollars or CIF in Turkish Lira, plus customs duties and charges.
Application for state aid:
- Two copies of the receipt showing
deposit of funds with the Central Bank of Turkey. This is refunded
if the project is not approved by UT. A deposit of 25 million TL for
investments in the industrial zones and priority development regions
shall be paid, increasing to 50 million TL for investments in other
- Duration of approval procedures: approximately 3 to 4 weeks.
- The investing foreign company can
apply through the following:
* Company's representative if registered under Turkish laws,
* Independent chartered accountants, auditors or consultants,
* Direct by mail.