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TURKISH ECONOMY / APPROVAL PROCEDURE

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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 documents:

- 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 notary.
- Letter of Intent (including total volume of participation) by the foreign investor.
* 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 regions.
- Duration of approval procedures: approximately 3 to 4 weeks.

Applicant:

- 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.

 


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