How many days is a joint-stock company established? What information is required?
Establishment process of joint-stock company in Turkey takes approximately 5 business days. Most of the transactions are carried out by the power of attorney received from the shareholders for the establishment of the company. Before starting the establishment of the company, the information required for the draft of the articles of association is obtained from the company shareholders. In order to prepare the articles of association of the company, it is necessary to determine the corporate name, shareholders, address, capital, share rates of the company and members of the Board of Directors.
What should the number of shareholders be in a joint-stock company?
There is no number restriction for Joint-Stock Companies. Other Companies can be shareholders of Joint-Stock Company. If the Joint Stock Company has only one shareholder, it can be a real or legal person.
How to choose the Board of Directors of Joint-Stock Company?
If the Joint-Stock Company has more than one shareholder, at least one of them must be a member of the Board of Directors with unlimited signature authority. Member of Board of Directors can be appointed externally to the company. The members of the Board of Directors of the Joint-Stock Company can be elected for maximum 3 (three) years. At the end of the duration, the same members or some of them can be re-elected.
Can a Joint-Stock Company be established indefinitely?
Joint-Stock Companies can be established indefinitely. It can be set duration for the company, if requested. At the end of the duration, the relevant article of the Articles of Association can be extended by amending or changed indefinitely.
How much should the Capital Amount of Joint-Stock Company be?
The capital of Joint-Stock Companies must be at least TRY 50.000. Capital shares can be determined freely. For example, a share may be TRY 1 TL 1 Kurus. During the establishment of joint stock companies, it is obligatory to block 3/4 of the capital to the bank. With the establishment of the company, the blocked money can be taken from the bank and used freely for company expenses. The remaining amount must be paid to the company within 24 months of the establishment of the company. The capital amount paid to the company by the shareholders of the company can be freely used by the company.
Can legal entities be shareholder in Joint-Stock Companies?
Legal entities can be shareholders along with real persons. Legal entities can be member of Board of Directors in Joint-Stock Companies where they are shareholders. In this case, the legal entity must appoint a real person to represent it.
In which institutions are transactions for the Joint-Stock Company be carried out?
After the draft of the articles of association of the Joint-Stock Company is completed, establishment procedures are started. Files in MERSİS (Central Registry System), Trade Registry Office, Chamber of Commerce, Notary, Tax Office and Social Security Institution (SSI) are opened respectively.
When is the invoice for the Joint-Stock Company printed?
After the opening of files for the Joint-Stock Company in the aforementioned institutions, if the invoice will be printed or electronic invoice will be used for the company according to the obligatory conditions written in the legal regulations, the activation procedures are completed and the company commences its commercial activities.
Which registration documents can be obtained for the Joint-Stock Company?
Following the completion of the establishment of the Joint-Stock Company, documents can be obtained from the Trade Registry Office, Chamber of Commerce, Tax Office and Social Security Institutions where the company is registered. Some of these documents are Trade Registry Gazette, Trade Registry Certification, Chamber of Commerce Registration Form, Activity Certificate, Tax Signboard, Social Security Workplace Register number. In addition to these, Joint-Stock Companies can register to collecting societies or organizations optionally or necessarily, according to their field of activity. For example, the company which wants to export goods, should register to the Exporters’ Association before export.
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