FREE ZONES / SERBEST BÖLGELER

• Establishment of a Corporation in Free Zones
  Apart from establishment procedures

• The Law on the Encouragement of Foreign Capital No. 6224 was repealed; which was set out;
• Neccessity to obtain preliminary permissions from the Undersecretariat of Treasury to establish a new company or branch, to participate directly or indirectly in an existing company, to make investments, to increase capital and to share transfers;
• Obligation to bring a minimum of US $50,000 per foreign partner.

In accordance with the Law on Foreign Direct Investments No: 4875, which came into effect after being published in the Official Gazette dated 17.6.2003;

• It is free to make foreign direct investment in Turkey by foreign investors.
• Foreign investors are subject to equal treatment with domestic investors.

An area within a country where imported goods can be stored or processed without being subject to import duty.

Operating License Options Companies are required to apply for an “Operating License” before they can operate in the Aegean Free Zone.

• Manufacturing; All activities involving purchase of raw materials and intermediate foods used in production, selling, marking, packaging, labeling and exhibiting manufactured goods.
• Trading; Purchase-sale, storage, labeling, packaging and exhibition of traded goods
• Assembly-Disassembly; Assembly and disassembly of machinery and equipment
• Maintenance-Repair; Maintenance and repair of machinery and equipment
• Other (Banking, Consultancy, etc.)
• The duration of the operating license varies according to the type of activity and the type of lease that the firm will undertake:
  • 45 years for users leasing land and investing in their own manufacturing building,
  • 20 years for leasing a ready-made manufacturing building.
  • 15 years for trading and assembly-disassembly.

• In order to become an Aegean Free Zone investor, the following steps are required to obtain an Operating License.
• Obtain an Operating Licence Application form through the web site of Republic of Turkey Ministry of Economy.
• The Application fee $5,000 is deposited to the Free Zone Special account at the Central Bank of Turkey. (a USD account)
• The Aegean Free Zone Directorate examines the Operating License form and attachments and forwards them to the Ministry of Economy’s General Directorate of Free Zones, Overseas Investment and Services in Ankara
• The documents below have to be sent to the General Directorate of Free Zone
  • Operating Licence Application Form.
  • Description of the company’s operation
  • Description of production flow (only for manufacturing companies)
  • The original copy and photocopy of receipt of the Operating Licence Fee paid to the Central Bank of Turkey
  • Draft of the company charter
  • Authorisation document and specimen of signature
  • Descriptive information about the raw materials, their values and G.T.I.P. (customs code) numbers.
• The Ministry of Economy’s General Directorate of Free Zones, Overseas Investment and Services evaluates the Application Form. If the application is not accepted, the application fee is refunded to the applicant
• After getting the pre-approval from the Directorate of the Free Zone, a letter is sent from ESBAS to for trade registration. (The Company’s Articles of Association should be notarized and the documents required for the establishment should be submitted to the trade register)
• If the application is accepted, a Lease Contract is signed with ESBAS within 30 days of receipt of written approval of the application from the Ministry of Economy’s General Directorate of Free Zones, Overseas Investment and Services
• A copy of the Lease Contract, which is signed and approved by the Aegean Free Zone Directorate, is sent to the Ministry of Economy’s General Directorate of Free Zones, Overseas Investment and Services
• The Ministry of Economy’s General Directorate of Free Zones, Overseas Investment and Services approves and sends the Operating License to the applicant company
• Accounting books must be kept in accordance with the Tax System Law, approved by the notary, and declared to tax office. In addition Free Zone Inventory Book is printed and approved by the Directorate of the Aegean Free Zone Customs Directorate of Aegean Free Zone. All incoming and outgoing goods must be registered according to the dates
• Invoices under the supervision of the Ministry of Finance are printed
• For personnel, Free Zone Entry cards are issued by the Directorate of the Aegean Free Zone
• Car Entry Stamp, for company cars entering the zone, is issued by ESBAS by filling-out a form

Due to the company being established in the free zone; apart from the other company establishment procedures;

• Regulate the Articles of incorporation according to the circular
• Operating License
• Lease Agreement

• The title of the company is determined in accordance with the free zone activity – “Objective and Subject” must be regulated in this context.
• It is necessary to use “buy-sell” instead of “import” and “export” in the articles of the Company’s Articles of Incorporation which will be prepared by a company to be established in the free zone under the headings “Unvan”, “Purpose and Subject” and other related titles.
• The title of “The headquarters of the company” should be regulated as in the circular
• The duration of the company should be arranged to be at least as long as the period of the operating license.

Av. Ece VARER & Av. Bengisu KOCA