By: Att. Revan Sunol; Erdem&Erdem Law Office (Turkey)
As part of the innovations brought by the Turkish Commercial Code No. 6102 (“TCC”), regulations on corporate transparency are increased. TCC Article 1524 has made it obligatory for corporations to set up a website and make announcements as put forth in the relevant legislation on such web site. This obligation is regulated under the Regulation on Websites to be Set Up by Corporations (“Regulation”) published in the Official Gazette dated 31.05.2012 and numbered 28663.
Corporations with the Obligation to Build a Website
According to Article 124 of the TCC and Article 2 of the Regulation, companies that fall within the scope of the Regulation shall be determined pursuant to Article 397 of the TCC. In line with this, companies that are subject to independent auditing pursuant to the Decision on the Determination of the Companies to be Subject to Independent Auditing are also obliged to build a website and make the announcements as set out in the Regulation within such website. Companies that fall within this scope are those which have net assets with a value equal to or above TRL 150,000,000, annual net sales revenue equal to or above TRL 200,000,000, and 500 or more employees by themselves or cumulatively with their affiliates and subsidiaries; as well as the finance, asset management and rating companies that are active in finance as stipulated within the Annex of the Decision.
