The following Commercial guidance note Produced in partnership with Kayra Üçer of Hergüner Bilgen Özeke provides comprehensive and up to date legal information covering:
Updated in July 2019
The business environment
Forming a company
Financing a company
Opening a bank account
Utilizing office space
Key employment laws
Contracting with third parties
Protecting key assets and employees
Turkey has recently been in the news more for its political events than for its booming economy. On 15 July 2016, a council called the 'Peace at Home Council' under the Turkish Armed Forces attempted to launch a coup d’état against state institutions and the government. They attempted to seize control of key locations such as the bridges crossing the Istanbul Strait, but they were defeated quickly. The government has claimed that the plotters were members of the Gülen movement, led by an Islamic cleric residing in the United States.
Following the attempted coup d’état, the Council of Ministers convened on 20 July 2016 and declared a state of emergency (Resolution No. 2016/9064) throughout the country for a ninety-day period beginning at 1am on Thursday, July 21, 2016. The decision was then ratified by the Grand National Assembly on July 21, 2016. Since then, the duration of the state of emergency was extended seven times, lasting for 730 days, and was finally removed in July 2018.
However, the economy has gone through a recession period since the last quarter of 2018, characterised by high inflation rates, rising borrowing costs, and currency volatility.
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