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TURKISH ECONOMY / Portfolio Investment and Participation

Economic Outlook

Foreign Trade

Foreign Investment

Free Trade Zones

Banking and Capital Market

Frontier Formalities

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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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