The New Turkish Commercial Code came into effect in July 2012. The intent of the reform is to make a business friendly environment to attract foreign investors and increase its competitiveness.
After the reform there are five different types of incorporated companies
1. Joint Stock company A.S,
2. Limited liability company L.S,
3. Commandite company,
4. Collective company,
5. Cooperative company
and Three types of unincorporated
1. Joint venture,
2. Business association,
While deciding what option to choose, it is important to consider the following:
• Purpose of the business
• Business capital
• Number of share holders
• Share holders liability
The data to be provided both to open and close a company changes depending on the type of company. However in all cases after entering into effect of the New Turkish Commercial Code the process has been shortened significantly.