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What are the Company Types and Requirements That Require Ministry Approval?

Before establishing a company in Turkey, it is important to research the legal processes, decide on the type of company, and determine whether it requires approval from the relevant ministry. Company establishment procedures are necessary for types of companies that require ministry approval. Researching the types of companies that require ministry approval and the conditions for obtaining approval is one of the most important steps for entrepreneurs in the company establishment process.

Before establishing a company in Turkey, it is important to research the legal processes, decide on the type of company, and determine whether it requires approval from the relevant ministry. Company establishment procedures are necessary for types of companies that require ministry approval. Researching the types of companies that require ministry approval and the conditions for obtaining approval is one of the most important steps for entrepreneurs in the company establishment process.

However, the company's field of activity also plays an important role in the ministry approval process. Some fields of activity require stricter conditions for obtaining ministry approval, while others may have fewer procedures and conditions. Therefore, the company's field of activity must also be taken into consideration.

What are the types of companies for which the Ministry's Permission is Required for Company Establishment?

There are some joint stock companies whose establishment and essential contract changes are subject to approval by the Ministry of Customs and Trade. The company types that require ministry approval are listed below:

• Banks (deposit banks and participation banks, and development and investment banks)
• Financial leasing companies,
• Factoring companies,
• Consumer financing and card services companies,
• Asset management companies,
• Holding companies established in the form of joint stock companies,
• Companies operating currency exchange offices,
• Companies engaged in general merchandising,
• Licensed warehouse companies for agricultural products,
• Product specialized exchange companies,
• Independent audit companies,
• Surveillance companies,
• Technology development zone management companies,
• Companies subject to the Capital Markets Law No. 2499,
• Free zone founders and operators companies.

What are the Required Documents to Obtain Company Establishment Approval?

For companies that require ministry approval, it is necessary to submit a petition to the General Directorate of Domestic Trade. In addition, one extra copy of the essential contract approved by the signatures of the founders by a notary or commercial registry director is required. The extra copy is kept at the Ministry of Trade. You can find more information on the official website of the Republic of Turkey Ministry of Trade. You can reach the relevant explanations by clicking here.

What are the Company Types Subject to Ministry Approval Due to the Capital Markets Law?

In accordance with the Capital Markets Law No. 6362, some companies are required to obtain Ministry of Trade approval both during company establishment and essential contract changes due to their business areas. Thus, the company types that require ministry approval are listed below:

• Portfolio management companies,
• Intermediary firms (securities/values) companies,
• Investment trusts (securities/real estate/venture capital) companies,
• Asset leasing companies.

Are Trading Companies Subject to Audit?

The establishment of all trade companies in Turkey is under the supervision and control of the Ministry of Commerce. For this reason, the documents required for the establishment of a commercial company must be submitted to the relevant Trade Registry Office. The public audit of commercial companies is carried out by public institutions and organizations. The Ministry of Commerce has the authority to supervise the transactions of all commercial companies within the scope of the Turkish Commercial Code. In addition, companies that carry out certain fields of activity (banks, insurance companies, etc.) may also be audited by relevant public institutions and organizations in accordance with the special laws to which they are subject.

In conclusion, the process of establishing a company in Turkey is a very detailed and laborious process. Entrepreneurs need to carefully examine this process, research the types of companies and ministry permit conditions, and make the right decisions.

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