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The Turkish Commercial Code has been in force since 1957. For the last 55 years; the economic, financial, social and political changes in the World has been enormous. There has been a long expectancy for the Turkish Commercial Life to comply with these changes. Finally, the Turkish Parliament passed the new law in January 2011 and the new law was published in the official gazette 14 February 2011. The new Turkish Commercial Code which will be in force 1 July 2012 will bring radical changes for companies in Turkey. If you are a Turkish company with foreign investment or if you are a shareholder in a Turkish company, we strongly advise you to obtain professional assistance with the new Commercial Code to avoid any issues which may arise in the future and we emphasize the importance of having the knowledge of your rights in the company and/or how to administer your company by legal means. Consequently, a lot of homework required to be done by the companies before 1 July 2012 in order for the companies to comply with these changes and prevent from any issues due to not complying with the new provisions.
Some of the provisions have defined enforcement date. For instance, 14 August 2012 is the last date for the limited companies to harmonize their article of association with the new Turkish Commercial Code and 1 March 2013 is the last date to appoint an independent inspector. Also, until the date of 1 July 2013 every capital stock company must open a web site and display the information required by the New Turkish Commercial Code on their web site. Company managers who do not comply with this obligation will face different fines.
Currently, there are approximately 700 thousand limited companies and 95 thousand joint-stock companies in Turkey and 400 thousand of these companies are inactive. After 1 July 2012 with the new Turkish commercial Code, these inactive companies will be forced to termination and thus, the company pollution will decline in time.
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