THE MINISTRY OF TREASURY AND FINANCE HAS ANNOUNCED RANCHES OF TURKISH COMPANIES IN FREE ZONES ARE ALSO ACKNOWLEDGED AS TURKISH RESIDENT REGARDING FOREIGN EXCHANGE RESTRICTIONS

As will be recalled, a remarkable change has been made with a presidential decree titled “Decree on the Amendment of the Decision No. 32 on the Protection of the Value of the Turkish Currency” (Decree) published in the Official Gazette dated 13 September 2018 and numbered 30534. Regarding this decree Subparagraph (g) added to the […]

COMPETITION BOARD UPDATES THE ANNUAL GROSS REVENUE DEFINITION!

The Competition Board (“Board“) recently underwent a thorough revision of the concept of “Annual Gross Revenue”; the primary factor used to determine the fines imposed on undertakings in situations of infringement. In accordance with the subparagraph (f) of the article 3 titled “Definitions” of Regulation on Fines to Apply in Cases of Agreements, Concerted Practices […]

THE COMPETITION BOARD’S APPLICATION OF SETTLEMENT PROCEDURE

The mechanism of settlement, which is frequently used since the year 2008 by European Commission authorities in Competition Law, came into force with the amendment of Article 43 entitled “Initiation of Investigation, Commitment and Settlement” of the Law on the Protection of Competition numbered 4054 (“Law”) on 16.06.2020. Within the scope of this practice introduced […]

BRANCH OPENING PROCESS OF FOREIGN COMPANIES IN TURKEY

Today, many companies want to open branches in Turkey due to the globalizing world and the developing trade life and growth, and the increase in the aim of opening up to the Turkish market of foreign companies that want to expand their field of activity. For companies that do not have any legal and company […]

When Transferring a Business Enterprise, Is It Possible to Avoid Liability for Pre-Transfer Debts?

According to the definition of “Commercial Enterprise” in paragraph 1 of Article 11 of the Turkish Commercial Code (“TTK”); “A commercial enterprise is an enterprise in which activities are carried out continuously and independently, aiming to generate income exceeding the limit stipulated for the artisan enterprise.” All businesses with the specified elements will now be […]

THE RESTRICTION ON TURKISH LIRAS CURRENCY COMMERCIAL LOAN UTILIZATION BY BANKING REGULATION AND SUPERVISION AGENCY CONCERNING COMPANIES

Pursuant to Banking Regulation and Supervision Agency Board Decree (“Decree”) dated 24.06.2022 and numbered 10250, there has been a limit determined by BRSA during supporting companies with utilizing credit limits by reasonable interests and conditions in order to ensure financial stability and provide manufacture, employment, investment for the companies.   In case a company is i) […]

THE THRESHOLDS FOR NOTIFYING THE COMPETITION BOARD OF A COMPANY’S MERGER OR ACQUISITION TRANSACTION IN TURKISH COMPETITION LAW HAVE BEEN AMENDED

As may be recognized, within the “Communiqué Amending the Communiqué No. 2022/2 concerning Mergers and Acquisitions Requiring The Approval of the Turkish Competition Board” (“Communiqué”), which has been published in the Official Gazette dated 04.03.2022 and numbered 31768, the turnover thresholds, which are used as a basis regarding notifications to the Turkish Competition Board (“Board”), […]

SCOPE INCREASED WITH THE PRESIDENTIAL DECREE MADE IN THE DEFINITION OF SMALL AND MEDIUM SIZED ENTERPRISES

INTRODUCTION With the amendments made on 18.03.2021 on the issues regulated in clauses a, b and c of Article 4 of the Regulation on Definition, Qualifications and Classification of Small and Medium-Sized Enterprises (“Regulation”) the monetary limits, definition and qualifications in the classification of Small and Medium Sized Enterprises (“SME“) were updated. Accordingly; The annual […]