Establishing a business in Turkey
1. What is the legal system in your jurisdiction based on (for example, civil law, common law or a mixture of both)?
The Republic of Turkey has a civil law legal system. Under the Turkish Constitution, the Grand National Assembly is the supreme legislative authority and can create or abolish any law. All state power is derived from the Constitution. Sovereignty belongs to the nation without any reservation or condition and is exercised through competent organisations in compliance with the principles set out in the Constitution. The assembly is composed of 550 deputies elected from 81 provinces and 85 electoral districts.
2. What are the main forms of business vehicle used in your jurisdiction? What are the advantages and disadvantages of each vehicle?
Under the Turkish Commercial Code No. 6102 (Commercial Code), companies are classified into two main groups:
© Thomson Reuters 2016
This article was first published in the Finance Global Guide 2015/16
and is reproduced with the permission of the publisher, Thomson Reuters.
The law is stated as at 1 February 2016.