Application
to UT with presentation of the following documents:
- Certificate of activity/entry in the trade register
- Previous year's annual report (including balance sheet)
- Certified copy of passport (for individuals)
(N.B. Companies or individuals residing in Turkey do not need to
submit these documents)
- Letter of Intent by the foreign investor (including total volume
of participation)
- Information regarding the existing company in which investment is
intended, must include:
* Balance sheets and profit/loss accounts for the past five years
approved by the related tax office (in cases where applications are
made during the second half of the year; balance sheet and
profit/loss accounts of the first half must be submitted as well)
* The Trade Registry Gazette of Turkey, showing the final version of
the company's Articles of Association
* Written commitment to severance pay obligations
UT will appoint auditors to audit the
assets of the investing company.
Establishing a Liaison Office
The provisions for establishing a
liaison office in Turkey are as follows:
- Obligation of approval through UT
- Commercial activities creating any income within Turkey are not
permitted
- All expenditures of the liaison office must be covered in foreign
currency to be transferred from abroad
- Annual report should be submitted to UT
- Income tax exemption on incomes of employees of a liaison office
The application for registration of a
liaison office must be made at UT. The following documents are
required:
- Letter of Commitment stating that
all expenditures will be transferred from abroad.
- Certificate of activity (see above)
- Previous year's annual report and balance sheet
- Detailed information on activities planned by the liaison office
in Turkey, number of employees, and estimated annual expenditure
- Power of attorney for the person in
charge of the liaison office.
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