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Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Global | Publication | July 2024
In Türkiye, companies with foreign ownership (FDI Companies) must notify foreign direct investments (FDI) to the Ministry of Industry and Technology (the Ministry), but approval is only required to establish a liaison office. In certain sectors, however, FDI is prohibited or restricted.
Since 2018, the notification process for FDI Companies is largely online and completed through the Ministry’s e-notification system. Changes to the capital and shareholding structure of FDI Companies must be notified within one month. Otherwise, FDI Companies submit annual notifications by filling out a standard form requiring general information pertaining to the FDI Company, including its trading name, address, tax identification number, and brief information regarding its subsidiaries, if any. In addition, the form requires disclosure of the FDI Company’s shareholding structure, including the percentage of equity held by foreign shareholder(s). Finally, the notification form also asks whether any FDI were made in the previous year, and if so, in what amount, whether any profit was transferred overseas, and whether any franchise, know-how, licensing or technical support agreements were signed.
Foreign entities seeking to establish a liaison office must obtain approval from the Ministry. Liaison offices may not engage in any commercial activity and therefore may not generate any income or incur any losses. Permits to establish liaison offices are limited to three years, but may be extended.
Except in certain limited sectors, foreign investors are free to make FDI in Türkiye on an equal footing with Turkish investors. The most relevant sectors in which FDI is prohibited or restricted are broadcasting, maritime activities, real estate, and aviation:
Utku Ünver, Partner on secondment to Turkish local alliance firm Pekin Bayar Mizrahi
Damla Çay, Associate, Istanbul
Publication
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
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We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
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On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
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