The New Turkish Commercial Code (TCC), No 6102 has come into effect as of 1 July 2012 and it brought major changes related to companies’ structure.
Amendments (Law 6335) made to the TCC were published in the Official Gazette on 30th of June 2012 and became effective on the 1st of July 2012.
The structure of the companies’ boards of directors was changed together with other characteristics of companies in order to be in line with the European Union legislation.
The business environment in Turkey has reached the international standards and it attracts thousands of foreign investors each year and they have become more confident in the Turkish business environment.
The structure of the Commercial Code
The New Commercial code 6102 is composed of 6 main books and has a layered structure. Each book contains the general rules regarding the jurisdiction followed with the articles which contains the more specific rules:
- Book 1 contains the articles (1 – 123) regarding Commercial Business
- Book 2 contains the articles (124 – 644)regarding Commercial Entities
- Book 3 contains the articles (645 – 849 ) regarding Valuable Papers
- Book 4 contains the articles (850 – 930) regarding Transport Law
- Book 5 contains the articles (931 – 1400) regarding Maritime Law
- Book 6 contains the articles (1401 – 1535) regarding Insurance Law