1-Is Sole Corporation Possible?
Yes.
It is possible to establish a Sole Corporation in accordance with the New Turkish Commercial Code (It is called ‘’New’’, but it has been in force since July 1, 2012.
2-Which companies can be established as one-man business?
Limited Companies and Stock Companies can be established as one-man business without any other shareholder.
3-How was the administration previously?
According to the administration before the New Turkish Commercial Code, it was statutory obligation to be 2 shareholders for Limited Companies and 5 shareholders for Stock Companies. This obligation was abolished with the New Turkish Commercial Code.
4-Does the authorized signatory also belonged to a single person?
Yes.
The person who establishes a limited company as a sole corporation is also the authorized signatory.
A copartner (a share, a shareholder) can be also a member of board in his/her company and he/she may represent the company by himself/herself.
5-How is the authorization period determined?
The company is represented by the Directors in Limited Companies. The authorization period of the company may be unlimited. Particularly, if the company is one-man company and that person is the sole director, he/she will be assigned unlimited. The stock companies are represented by the board of directors. However, the members of the board of directors are assigned maximum for 3 years. After 3 years, the same person can be assigned once again as a member of the board of directors.
Source: Turkish Commercial Code (6102 and 6335)
Date: 3 February 2017
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