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CSJC with a Hidden Beneficial Owner in Turkey

Turkey is a popular destination for company setup due to its business-friendly laws, numerous free economic zones that provide beneficial conditions to non-residents in terms of tax rates and customs duties, as well as a stable well-developed economy. If you are going to do serious business, you’d better opt for a joint-stock company rather than a limited company (these are the most popular legal forms in Turkey). A closed joint-stock company has the right to issue bearer shares, while an open form does not. In this post, we will focus on forming a closed joint-stock company in Turkey with a beneficial owner that remains in the shadows.

If you want to discover Turkey in more detail before you make any decision, we would like to invite you to our portal where you will find a more detailed article on confidential CJSC registration in Turkey and lots of other posts on different aspects of business and life in Turkey, including company setup, citizenship by investment, investment in real estate for asset protection and/or portfolio diversification, and much more. You can schedule a free meeting with our expert to discuss any issues related to company formation in Turkey. And if you want to get a ready-to-operate company without much hassle, we can do it for you at a competitive fee. Click on the link to discover all the opportunities!

Hiding a Beneficial Owner

In the good old days, you could simply establish an offshore company, and the beneficial owner’s name was not known to anyone. However, the efforts of OECD and FATF have made it virtually impossible – or at least more difficult than it used to be. Companies are now obliged to provide information about beneficial owners and the amount of assets they contributed to be recorded in registers, so this is no longer a secret to anyone. Naturally, entrepreneurs are seeking ways to overcome this requirement.

There was a good scheme that worked some time ago: you could buy bearer shares and thus become a hidden beneficiary. However, this possibility is practically gone, too – but there are still several jurisdictions that provide this opportunity, and Turkey offers the best conditions for non-residents among these. And while you cannot become an absolutely confidential owner like in the past, you can still take advantage of the advanced option offered by Turkey to comply with anti-money laundering regulations.

Shares Issued by CJSCs in Turkey

If you start a CJSC in Turkey, you will have the right to issue several types of shares:

  • Registered shares bear the owner’s name and are listed in the registration book (even if they are sold to a new owner).
  • Common (ordinary) shares entitle you to receive dividends and vote on different decisions.
  • Bearer shares can be transferred or sold if you want to. The main thing about them is the confidentiality of the information about the owner, which provides the highest anonymity possible.

Keep in mind, though, that Turkish companies are still required to register their bearer shares in the HPKS Central Registrar System.

Transfer and Storage of Bearer Shares: Regulations

Let’s look at some intricacies of dealing with bearer shares in Turkey:

  • The issuance and transfer of bearer shares in CJSCs have to be notified to the Central Registrar. The Share Certificates are only transferred to the bearer after the fact of the ownership transfer has been notified to the Central Registrar.
  • The information about the company’s bearer shares is recorded in the HPKS system and is not disclosed to anyone except authorized bodies.
  • Non-compliance with the regulations entails an administrative fine of 5,000 Turkish Liras for the beneficial owner and 20,000 Turkish Liras for the Board of Directors.

The information on the issuance of bearer shares is provided along with the company’s contact information, and a unique number generated by the system is assigned to the Share Certificate. The security does not bear the holder’s name, so almost absolute confidentiality is ensured.

Turkish CJSCs: Main Benefits

We recommend opting for a CJSC in Turkey to those international investors who wish to own a foreign business without the information about this fact being known to the wide public (and they can do so by simply owning bearer shares). This scheme will help you:

  • Pay taxes on a legal basis and receive income from the company’s activities
  • Comply with the legal framework of your country
  • Run your company online
  • Have no claims from any regulators, local or global ones

Setting Up a CJSC in Turkey Online

If you decide to use our assistance in company registration, you will need to go through the following stages:

  • Provide a notarized power of attorney to a Turkish agent who will act on-site to represent your interests and register a company
  • Sign a rental or purchase agreement to get a local office in Turkey
  • Company registration and drafting of the Articles of Association
  • Pay 0.4% of the company’s authorized capital to the antimonopoly authority
  • Register the documents in the social/tax funds
  • Open a bank account and deposit an amount that equals at least one-fourth of the company’s authorized capital

The minimum authorized capital threshold is currently set at 50,000 Turkish Liras, and you will need at least 1 shareholder to establish a CJSC.

Term of Closed Joint-Stock Company Incorporation

The overall registration process will take from 3 to 7 days, and this is the time when the founders have to be personally present in Turkey to sign the documents. This will take 2 days at the most, and the remaining administrative steps will be taken by our specialists for your convenience.

Upon completion of the company incorporation procedure, you will have to wait for 15 days before you can amend the Articles of Association and start issuing bearer shares. This is a process that usually takes from 10 to 15 days.

Need more details on CJSC formation and issuance of bearer shares? Please follow the above link to obtain them or get in touch with our expert right away to ask any questions you may have. Talk to us – it costs nothing!