Commercial Law in Turkey

Commercial law in Turkey, which consists of several articles that are used to determine the behavior between merchants and entrepreneurs, and the Turkish legislator controls these transactions to appear in an organized and strong image.

There are several things that the commercial law is charged with clarifying, especially when it relates to the country’s economy and its renaissance. Therefore, the legislator must clarify all the clauses through which contracts can be organized, and work to implement a system dedicated to bills and other services.

Commercial Law in Turkey

There is more than one article that has been updated in the commercial law in Turkey, some of which are related to merchants and their business, and others are related to benefits and some other services, and through the following lines we will learn about the most important articles contained in this law.

The importance of commercial law

Commercial law in Turkey consists of the laws that the responsible authorities impose on all public works, and imposed on commercial activities in order to regulate them legally, with some rules that give the legal form to individuals or groups alike, and in the event that this activity is a small place or Large corporation The owner of this business is called a merchant.

Characteristics of commercial law

Due to the great importance of commercial law, we find that it contains several characteristics that are as follows:

  • All commercial laws are fast as they are applied directly.
  • All contracts related to sales and purchases are concluded after verifying the established legal texts.
  • Several legal functions can be performed at one time.

The main legislation of commercial law

Through our topic on commercial law in Turkey, we must mention its reliance on a number of main legislations, which are as follows:

  • Legal legislation: which contains the provisions and norms that are applied by commercial law, and must be adhered to when working in a commercial activity, and there are many other laws and texts that are implemented.
  • Civil law legislation: which regulates the public life of individuals, and those legal provisions that exist in it must be adhered to.
  • Commercial custom: It is recognized in all commercial businesses, and it has become an integral part of commercial law and has become normal due to its frequent use, which is what gave it the legal form.

Commercial Law Standards

Turkish commercial law depends on many criteria that regulate business and are as follows:

  • Professionalism: It is a theory that depends on experience in business, with a constant keenness to continue with it, and indicates the need to maintain the continuity of work in order for the merchant to be called a professional, while repeating it many times.
  • Speculation: It comes in the form of a number of commercial functions that depend on making profits, taking into account the benefit of the difference that appears in the price within the same market, in addition to working to buy goods at a lower price and sell at a higher price, and it spreads widely within the markets for commercial stocks and businesses that Do not make financial profit that does not come within commercial activities.
  • Trading: It is one of the movements that goods rely on with the money of the producer, consumer and merchant, which is explained by the production of goods and their purchase by the merchant and selling to the consumer, and thus the theory of trading becomes clear and profit is achieved.
  • Project: Planning the business with the provision of basic things such as employees, capital, equipment, etc., and as mentioned earlier, profit must be achieved when working on this business project.

Commercial law articles in Turkey

The legislator mentioned many articles related to commercial law in Turkey and they are as follows:

  • Article 23: The buyer has the right to terminate the agreement when he does not fully obtain the commodity, or does not obtain the benefit from this contract, or there are apparent defects in the product, with the need to inform the seller within two days of this matter, and in the absence of defects, he must Buyer finds other individuals to determine the situation and notify the other party within 8 days.
  • Article 64: The merchant is primarily responsible for keeping visual, written or electronic copies of commercial documents or photocopies of them.
  • Article 66: It is the important article of the Turkish Commercial Law, where the importance of physical inventory every three years is mentioned.
  • Article 74: Free goods are not entered into the list of assets.
  • Article 75: A provision must be provided for losses that may occur.
  • Article 94: The legislator has clarified that the remaining amounts can be determined during the end of the year, and the party that receives this statement of settlement is considered acceptable if no written notification is obtained within one month.
  • Article 129: The assumed interest is in effect when the company's capital is not paid in the specified period.
  • Article 195: The group of (holding) companies is defined in that article.
  • Article 336: The documents of the company must be preserved for a period of up to 5 years.
  • Article 358: It relates to the shareholders who become indebted to the institution.
  • Article 369: which stipulates that the rules relating to care and honesty must be performed through the members of the board of directors.
  • Article 395, 396: Members of the Board of Directors shall not compete with the Corporation or sign transactions until after the approval of the General Assembly has been obtained.
  • Article 397: All financial statements must be audited by auditors appointed by the institution's quality management system.
  • Article 400: It determines the qualifications for the position of an auditor.
  • Article 615: It relates to offers that can be made in property rights.
  • Article 625: It states that the director of the institution bears the responsibility for notifying the court that the company is paying the debts.
  • Article 632: The institution becomes responsible for the illegal actions of the manager.

Establishment and registration of companies in commercial law

The legislator stipulated some rules that are at the heart of commercial law in Turkey and related to the establishment and registration of different companies, where we can find a private company with one person or with the participation of several individuals, and these rules have been updated and the minimum required capital for establishing companies has changed and became As follows:

  • The minimum limit for limited liability companies is 10,000 TL.
  • The minimum limit specified for companies established on the joint stock company system is 10,000,000 TL.
  • The system of registered capital is used, and the law provides the authorities for the general assembly to be able to give the board of directors some authority to increase the capital, and to be able to increase those funds on which the company is built.
  • It is necessary to appoint a certified auditor for the accounts of the institution, and to carry out merger or separation operations between the various institutions.
  • A Turkish national residing within the country must be appointed in companies with foreign shareholdings, and for enterprises that are limited liability must appoint a director permanently residing in the country.
  • It became available for legal entities to manage the enterprise by appointing a real individual.

Thus, we have learned about the most important articles that come within the commercial law in Turkey, in addition to some important information about this law and the characteristics that relate to it.