Create a Financial Company in Turkey

The legislation related to the Turkish financial industry is so well-developed that foreign investors interested in setting up a business in this sector will find no legal hurdles or ambiguities. The investment funds sector is one of the best representatives of the financial industry, however there are also other possibilities such as setting up pension funds, banking institutions and insurance and reinsurance companies in Turkey.

No matter the type of financial business one decides to set up in Turkey, authorization from the National Bank and the Capital Markets Board (CMB) must be obtained. Additionally, financial companies must also comply with the requirements of the Competition Authority in Turkey. You can also obtain information on the laws governing the financial sector from our lawyers in Turkey.

Registering a financial business in Turkey

No matter the activities a company will undertake, there are three main types of structures suitable for starting a business in the Turkish financial sector:

• -          the limited liability company;
• -          the joint stock company;
• -          the cooperative company.

Collective and commandite companies are also available for setting up investment funds in Turkey.

After choosing the structure, one must prepare the incorporation documents, deposit the share capital and file all the documentation with the Trade Register in Turkey. Our law firm in Turkey can offer information related to the share capital to be deposited based on the type of financial company to be established.

Licenses for companies in the financial industry in Turkey

Once the company is registered, it must apply for special licenses related to the financial sector they will operate in. Among these licenses are:

• -          licenses for capital market activities which are divided into three categories;
• -          licenses for credit rating agents;
• -          licenses for professionals carrying out real estate appraisals;
• -          licenses for chartered financial analysts (CFA).

Foreign CFAs are also acknowledged by the National Bank and allowed to offer their services in Turkey.

Foreign investors who want to create a company in the financial industry in Turkey can contact us for more information on the requirements related to starting such business.