Norton Rose Fulbright - Doing Business in Turkey - 2022

Doing business in Turkey

Updated for 2022

Turkey Publication April 2022

Now in its seventh edition, the legal handbook introduces Turkey to the global business community and provides key information about the current economic outlook, investment climate and general business framework of Turkey. Intended both for investors entering the market and those seeking to expand their presence, this publication provides an outline of the principal legal tenets of Turkey's corporate and investment environment, and seeks to aid businesses in understanding and navigating the Turkish market.

All information in this publication except for the “Merger and Acquisition Transactions; Prior Approvals” section in the Competition Law chapter is current as of December 2021. The “Merger and Acquisition Transactions; Prior Approvals” section in the Competition Law chapter is current as of March 15, 2022.

Norton Rose Fulbright and Pekin Bayar Mizrahi have a professional alliance to provide clients with access to top-tier cross-border legal consulting and Turkish law advice. Norton Rose Fulbright’s global network of international lawyers collaborate seamlessly with Pekin Bayar Mizrahi lawyers to counsel international and domestic clients on complex business transactions covering a variety of issues, including corporate, M&A, securities, banking and finance, capital markets, regulatory compliance and dispute resolution work.

Norton Rose Fulbright has been active in the Turkish market for more than 25 years and opened its Istanbul office in 2011. The firm, which provides the world’s preeminent corporations and financial institutions with a full business law service, has more than 4,000 lawyers and other legal staff based in more than 50 locations across Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East. Norton Rose Fulbright is a top 20 ranked firm in the American Lawyer Global 200 (2020) and in the Thomson Reuters Acritas Global Elite Law Firm Brand Index (2021). 

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including Istanbul, London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. 

Pekin Bayar Mizrahi is one of the oldest and largest law firms in Turkey. Established in 1946, Pekin Bayar Mizrahi is a full service law firm that has been advising clients globally on matters of Turkish law for more than 75 years. With 32 lawyers, the firm is led by Selin Bayar and leading disputes partner Ergin Mizrahi.

Chambers Global 2021 recognizes Pekin Bayar Mizrahi as a leading Corporate/M&A firm in Turkey, while The Legal 500 Europe, Middle East and Africa 2021 ranks the firm as a leader in Turkey in three areas: banking, finance and capital markets; dispute resolution; and commercial, corporate and M&A.

 

Introduction

  • Introduction
  • An overview: geography and population
  • Economic overview
  • Legal system

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Corporate environment

  • Corporate environment
  • Corporate structures
  • Fiduciary duties
  • Accounting and audit
  • Minority rights
  • Termination

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Protection of foreign investments

  • Protection of foreign investments
  • Domestic legislation on foreign investment
  • International treaties
  • International dispute resolution
  • Istanbul Arbitration Centre (ISTAC)

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Property rights

  • Property rights
  • Acquisition of title and ownership rights
  • Non-ownership rights to property
  • Intellectual property

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Banking and finance

  • Banking and finance
  • Banks
  • Available financing structures
  • Security and collateral
  • Enforcement of security interests
  • Foreign exchange control
  • Hedging and derivatives
  • Costs of financing

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Capital markets

  • Capital markets
  • Regulatory framework
  • Offering of securities
  • Trading of securities
  • Disclosure requirements
  • Corporate governance requirements
  • Crowdfunding
  • Capital markets activities

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Financial insolvency and restructuring

  • Financial insolvency and restructuring
  • Financial restructuring (finansal yeniden yapılandırma)
  • Concordat (konkordato)
  • Bankruptcy (iflas)
  • Restructuring through consensus (uzlaşma yoluyla yeniden yapılandırma)

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Environmental law

  • Sanctions
  • Environmental permits and assessments

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Labor law

  • Labor law
  • Elements of employment
  • Termination of employment
  • Subcontracting
  • Transfer of business by the employer
  • Unions and collective bargaining agreements
  • Temporary employment
  • Remote employment
  • Work health and safety
  • Employment of foreigners

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Competition law

  • Competition law
  • Prohibited actions and exemptions
  • Abuse of a dominant position
  • Merger and acquisition transactions; prior approvals
  • Clearances
  • Investigations and complaints

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Anti-corruption

  • Anti-corruption

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Data protection

  • Data protection

Read


Environmental, social and corporate governance (ESG)

  • Environmental, social and corporate governance (ESG)

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Sector highlights

Annex: Table of defined terms

lighted bridge over water at night time

Inside Turkey



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