Work Permits For Foreign Shareholders And Managers In Turkey

Since last 10 years the financial developments and the promising financial and technological progresses notably in energy, tourism and infrastructure sectors have attracted the foreign investors' interest. Since the number of foreign investments has been increasing within these developments, the question, if a company may have foreign shareholders and foreign board members has come to the fore. This was actually the result of the frequent change in laws as part of adaptation progress to E.U legislation.

One of the principals, the New Turkish Commercial Code ("TCC") regulating the shareholdering and managerial authorities in companies has also got its share of this frequent changes and the question remained same in foreign companies' mind wishing to invest in Turkey: Can we appoint a foreign board member, shareholder, manager or assign a foreign employee?