13June2018

E-TUYS PERIOD HAS STARTED FOR FOREIGN CAPITAL COMPANIES on DOCUMENT DELIVERY

E-TUYS PERIOD HAS STARTED FOR FOREIGN CAPITAL COMPANIES on DOCUMENT DELIVERY

On June 01, 2018, certain amendments were made to the “Implementation Regulation of the Foreign Direct Investment Law” as well as to the procedures and principles to be applicable to the issues within the scope of the Law.

By virtue of the amendments, manually submitting documents in printed forms which are to be delivered to the Ministry of Economy by the foreign capital companies and branches covered by the Foreign Direct Investment Law has been terminated. During the period hereafter, the documents to be submitted shall be delivered only electronically through E-TUYS (the web based portal managed by the Ministry of Economy, General Directorate of Incentive Implementation and Foreign Investment).

In order to activate the application, first of all, the foreign capital companies and branches covered by the Foreign Direct Investment Law and the persons who will carry out transactions on behalf of these companies and branches should be accredited to the system as “users”. The companies with foreign shareholders, which are regulated by the Turkish Commercial Code (general partnership, limited partnership, joint-stock company, limited liability company and cooperatives) and ordinary partnerships with foreign shareholders, which are regulated by the Turkish Obligation Law, are within the scope of the Law. The Liaison Offices which are subject to the principles and procedures of the Foreign Direct Investment Law and have a valid operating license to carry out activities in Turkey shall be exempted from E-TUYS application for the time being.

In order to allow accreditation to the system of the authorized people who will use E-TUYS application, it is required that an application is made to the Ministry of Economy with the following documents:

  • Application petition signed by the person or persons who are authorized to represent the foreign capital companies and branches,
  • Original or notarized copy of the signature circulars listing the person or persons who are authorized to represent the foreign capital companies and branches,
  • Original of the notarized Letter of Undertaking issued in Turkish and separately for each user in accordance with the template provided in the “E-Signature Applications” section on the official web site of the Ministry of Economy, which is signed by the person or persons who are authorized to represent the foreign capital companies and branches (if the Letter of Undertaking is issued abroad, it should be legalized by the Turkish Consulate in the relevant country or by the relevant official authorities of such country by way of apostille),
  • User Authorization Form in accordance with the template provided in the “E-Signature Applications” section on the official web site of the Ministry of Economy, which is signed by the person or persons who are authorized to represent the foreign capital companies and branches governed by the Law.

The user’s authorization shall be canceled upon application to the General Directorate of the Ministry of Economy by submitting a notarized letter of revocation issued by the persons who are authorized to represent the foreign capital companies and branches in accordance with the template provided in the “E-Signature Applications” section on the official web site of the Ministry of Economy. The foreign capital companies and branches the activities of which are terminated at their own accord or ex officio by the Ministry of Economy shall apply to the General Directorate of the Ministry of Economy together with the documents evidencing the reasons of termination. The said authorization shall be canceled after the relevant documents are reviewed by the General Directorate of the Ministry of Economy.

Written by Selma Kıy, Posted in Taxation Law

About the Author

Selma Kıy


CPA, Managing Partner
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