Regulatory and supervisory authorities
When starting a company in Turkey, the most popular entity types are:
- Joint stock corporation (Anonim Şirket, A.S.)
- Limited liability company (Limited Şirket, Ltd.Sti.)
- Liaison office
All the necessary documents to start a business (or amend company information at a later stage) must be submitted and registered at the Trade Registry.
The Turkish Trade Registry provides registry approval for legal entities owned by both local and foreign investors. After a company is incorporated, the Trade Registry issues a registration certificate and the company can commence activities. The registration is made at the local office of the Trade Registry. An electronic system is available and the procedure is completed online.
However, it is important to note that for the above formalities, there is one exception that the liaison offices structures are governed by the Ministry of Economy under a special legislation.
Regulatory and supervisory authorities
Various authorities operate in Turkey to enforce regulations and supervise market-specific activities. Some of the most important authorities in Turkey are:
- Competition Authority
The Competition Authority (CA) aims to maximise economic efficiency by establishing and protecting the competition in the market.
- Energy Market Regulatory Authority
The Energy Market Regulatory Authority (EMRA) regulates and supervises the energy market in order to provide a sound, transparent and competitive market and ensure electricity and energy sources are provided to consumers in the most convenient way in terms of quality, quantity, price and environmental compatibility.
- Banking Regulation and Supervision Agency
The Banking Regulation and Supervision Agency (BRSA) protects the rights and benefits of depositors, guarantees the trust and stability in financial markets, supports the development of the finance sector and facilitates the efficient working of the credit system.
- Capital Markets Board
The Capital Markets Board of Turkey (CMB) aims to ensure efficient and extensive involvement of public to economic development through transforming investments into securities. It also works to protect the rights and benefits of investors by promoting the principles of fairness, transparency and stability in the capital market.
- Information and Communication Technologies Authority
The Information and Communication Technologies Authority (BTK) undertakes the legal regulation, supervision, authorisation, reconciliation, and other similar functions within the telecommunications market.
- Tobacco, Tobacco Products and Alcoholic Beverages Market Regulation Board
The Tobacco, Tobacco Products, and Alcoholic Beverages Market Regulation Board (TAMRB) follows up operations relating to registration, authorisation and regulatory systems in tobacco, tobacco products, alcohol and liquor. It also issues regulations for avoiding the medical and social harms of tobacco and alcohol consumption and issues sector-specific guidelines for law enforcement.
- Privatisation Administration
The Privatisation Administration (PA) is an autonomous administrative organ with full responsibility for coordinating privatisation processes in Turkey.
- Public Procurement Authority
The Public Procurement Authority establishes the principles and procedures to be applied to any procurement held by public authorities and institutions governed by public law or under public control or using public funds. It coordinates the procurement of goods, services or works financed by any resource at the disposal of the contracting authorities referred to in the law.
- Sugar Authority
The Sugar Authority is the institution authorised and responsible for and in charge of establishing principles and procedures of the sugar regime, sugar production, pricing and marketing for meeting the sugar demand in the country through local production or otherwise by import. The authority ensures that sugar legislation is enforced and supervises operational compliance.
- The Radio and Television Supreme Council
The Radio and Television Supreme Council (RTSC) is responsible for regulating and supervising radio and TV operations. License and authorisation for broadcast is granted to terrestrial, digital, satellite, cable and IPTV broadcasters by RTSC. The council inspects broadcasters directly or upon viewer complaints, and imposes sanctions when deemed necessary.
- Public Oversight, Accounting and Auditing Standards Authority
The Public Oversight, Accounting and Auditing Standards Authority (POA) develops standards to ensure that financial reports are issued and supervised in compliance with international standards. The authority works to ensure the public has an efficient oversight by demanding high quality and reliable financial reporting and an independent audit environment.
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