The Law on Early Retirement As per the Law Amending the Law numbered 5510 and the Decree Having the Force of Law numbered 375 and published in the Official Gazette on 3 March 2023 (“the Law on Early Retirement”), the conditions required for the retirement of the employees starting to work before 8 September 1999…

İstanbul Financial Center The Law on the İstanbul Finance Center (“the Law”) has been published in June 2022 regulating the establishment of the İstanbul Financial Center (“IFC”), its activities and management as well as the exemptions and incentives foreseen for the participants of the IFC. The Law has the aim to promote İstanbul as an…

New Area for Sale of Real Estates in Turkey: Notaries are also allowed to execute real estate sale transactions. On 28 June 2022, the Law numbered 7413 (the “Law) has been published in the official gazette and introduced major changes to the execution of real estate sale agreements. Prior to the Law, the monopole of…

Регистрация компании в Турции В соответствии с Законом о прямых иностранных инвестициях № 4875, иностранные инвесторы имеют те же права на создание компании в Турции, что и граждане Турции. Иностранные инвесторы, так же как и местные инвесторы, подчиняются единым законам, правилам и положениям (например, Коммерческому кодексу, Кодексу обязательств, Трудовому законодательству, Положению о Законе о прямых…

Digital (Branchless) Banking Regulation in Turkey The image of banks as physical rooms full of computers, papers and serious looking bank employees belongs already to the past. More and more customers are preferring digital banking services and the Covid-19 pandemic seems to accelerate such trend. According to BKM’s report[1], 31% of the young population in…

COMPANY FORMATION IN TURKEY As per the Foreign Direct Investment Law numbered 4875, the foreign investors have the same rights as per Turkish citizens to form a company in Turkey. The foreign investor willing to form a company would also be subject to the same laws and regulations as a local investor such as Turkish…

Data Protection Requirements of Foreign Banks Having Representative Offices in Turkey The Turkish Personal Data Protection Board (the “Board”) has published the summary of its decision dated 23.06.2020 and numbered 2020/471 on the status of foreign banks having representative offices in Turkey. The Board has responded to the application of a foreign bank having a…

COVID-19 – LEGAL IMPACT ON COMMERCIAL CONTRACTS The highly contagious COVID-19 outbreak is not only directly affecting our daily life but also any commercial relation/agreement. Following the WHOs declaration of COVID-19 as a “pandemic”, various governments including but not limited to the ones much affected by the said virus have started to take drastic measures…