As G.Saydam & Co family, we not only provide incorporation and consultancy services required on establishing a business in Turkey but also all services you may need on legal counselling and incorporation address.
The new TCC enables the establishment of stock-joint company or limited company with only one person.
According to the former law, five partners were needed to establish a stock-joint company and two for limited company.
Therefore, the New TCC cancels the obligation of having the minimum number of partners on foreign companies required by former TCC. By this way, it is possible for one party to hold the company shares.
Board of Directors*
According to the new TCC, the obligation for Board of members to be comprised of three members is changed to one member in compliance with EU legislation. This enables foreign investors to do business easier and prevent the hinder in board meetings due to frequent transnational travelling.
The new TCC does not require the physical participation of board members in board meetings and allows meetings to be held electronically. With these amendments, the new TCC prevents foreign companies from unnecessary travel expenses.
In addition, legal entities may be appointed as board members. This means that foreign companies do not need to deal with many bureaucratic procedures as documents or do not have to conduct a shareholder meeting to change board members. Different representatives may be appointed as board members for every different occasion if authorized by the legal entity.
The obligation for board members to have shares is cancelled. Due to the new TCC, any independent person can be a board member. By this way, a professional administrative board can be formed independently of shareholders and corporate governance can be supported.
*As per provisions pursuant to joint-stock company