Corporate Governance and Directors' Duties in Turkey 2024
1. What are the main forms of corporate entity used? The main forms of corporate entity used in Turkey are the: • Limited liability company (LLC). • Joint-stock company (JSC). The LLC and the JSC are the preferred company forms in Turkey for both foreign national and Turkish entrepreneurs. The minimum capital requirement were recently increased and from 1 January 2024, the minimum capital amount for: • An LLC is TRY50,000. • A JSC is TRY250,000. • A non-public joint stock… »
The Insurance and Reinsurance Law Review, 12th Edition, Turkey Chapter
Chapter 1 Turkey Aysel Korkmaz Yatkın, Görkem Bilgin, Asena Aytuğ Keser and Edanur Atlı[1] I. Introduction i. Nature of the insurance and reinsurance market There are currently 74 active insurance companies incorporated in Turkey, consisting of 50 non-life insurers, 19 life and pension insurers and five reinsurers.[2] The premiums collected in 2023 amounted to approximately 486 billion Turkish lira, an increase of 106.8 per cent compared with the previous year. Of this… »
Designs and Utility Models Throughout the World Chapter 149A Turkey
I. Introduction Law The Industrial Property Code no. 6769 (““IP Code””) entered into force on January 10, 2017. Conventions International Convention (Stockholm) (see Appendix 1); Hague Agreement Concerning the International Registration of Industrial Designs (see Appendix 2); Locarno Agreement for the International Classification of Industrial Designs (see Appendix 3); Patent Cooperation Treaty (see Appendix 4(a)); Strasbourg Agreement Concerning the… »
Patents Throughout the World Chapter 169 Turkey
Law At national level, the main sources of patent law are the: Industrial Property Code No. 6769 (IP Code); Regulation on the Implementation of the IP Code; Regulation on Employees' Invention, Inventions Realised in Higher Education Institutions and Inventions Realised as a Result of Publicly Funded Projects; and Regulation on the Implementation of the European Patent Convention Regarding the Grant of European Patents in Turkey. Conventions Turkey is a party to almost all… »
Challenging and Enforcing Arbitration Awards: Türkiye 2024
Must an award take any particular form? Article 14(A) of the International Arbitration Law (IAL) provides that an award must include: the names, surnames, titles and addresses of the parties, their representatives and lawyers; the legal grounds on which the award is based and, if there is a claim for compensation, the amount of compensation; the place of arbitration and the date of the award; the name, signature and a dissenting opinion, if any, of the arbitral tribunal;… »
Corporate Governance in Türkiye 2024
What are the primary sources of law, regulation and practice relating to corporate governance? Is it mandatory for listed companies to comply with listing rules or do they apply on a ‘comply or explain’ basis? The Turkish Commercial Code (TCC) dated 13 January 2011 (Law No. 6102) entered into force on 1 July 2012. The TCC has important objectives, such as ensuring transparency, adopting corporate governance standards and introducing internationally accepted auditing and… »
Private Mergers and Acquisitions in Turkey: Overview
Corporate Entities What are the main corporate entities commonly involved in private acquisitions? In the context of private M&As, the most popular company structures among the various types available under the Turkish Commercial Code are: Joint stock companies (JSCs). Limited liability companies (LLCs). The corporate veil principle applies to both JSCs and LLCs. In a JSC: Shareholders can freely transfer their shares to others without the approval of the general… »
Insurance Litigation 2024 in Turkey
ForaIn what fora are insurance disputes litigated? In the Turkish judicial system, in principle, insurance disputes are resolved by the commercial courts, irrespective of the amount or value of the dispute. On the other hand, insurance disputes arising out of maritime law are heard by a specialised commercial court. Insurance disputes to which a consumer is a party are heard by consumer courts. If a province has no specialised or regular commercial court, disputes are heard… »
Global Patent Litigation 2023, Turkey Chapter
Özge Atılgan Karakulak, Selin Sinem Erciyas and Zeynep Çağla Üstün have contributed to 2023 edition of Global Patent Litigation: Strategy & Practice - Turkey Chapter, which is published by Wolters Kluwer. “Global Patent Litigation: Strategy & Practice” is a resource that provides reliable descriptions of the patent laws for key countries along with insights into successful strategies to avoid, defend, or pursue litigation in each jurisdiction. Every chapter is updated… »
Healthcare Regulation 2024 in Turkey
1. Organisation, financing and structure of the healthcare system Organisation How is healthcare in your jurisdiction organised? What is the role of government? The healthcare system is governed principally by the Fundamental Law on Healthcare Services No. 3359 and dated 15 May 1987, which furnishes the Ministry of Health (MoH) with the authority to issue healthcare-related regulations and establish a healthcare system enabling each and every person living in Turkey… »
Enforcement of Foreign Judgments 2024 in Turkey
Treaties Is your country party to any bilateral or multilateral treaties for the reciprocal recognition and enforcement of foreign judgments? What is the country’s approach to entering into these treaties, and what, if any, amendments or reservations has your country made to such treaties? Except for multilateral treaties on family law, Turkey is not a signatory to multilateral treaties for the reciprocal recognition and enforcement of foreign judgments. However, Turkey is a… »
Litigation and Enforcement 2023 in Turkey
What are the main dispute resolution methods used to resolve large commercial disputes? The main and most commonly used method for resolving large commercial disputes in Turkey is litigation. Civil litigation is based on the principle that the parties to the dispute prepare their case. The judge is bound to hear claims, defences and evidence brought by the parties. However, the judge is entitled to make a legal assessment ex officio. The management of proceedings is at the… »