{"id":8841,"date":"2025-09-15T00:26:52","date_gmt":"2025-09-14T21:26:52","guid":{"rendered":"https:\/\/gnbtqytp2s.onrocket.site\/?post_type=makaleler&#038;p=8841"},"modified":"2025-09-15T00:33:52","modified_gmt":"2025-09-14T21:33:52","slug":"joint-stock-company-turkey","status":"publish","type":"makaleler","link":"https:\/\/www.mfylegal.av.tr\/en\/articles\/joint-stock-company-turkey\/","title":{"rendered":"Joint Stock Company (A.\u015e.) in Turkey | Structure, Capital, Governance &amp; Setup"},"content":{"rendered":"\n<p>A Joint Stock Company (A.\u015e.) is a <strong>capital company<\/strong> with a fixed share capital divided into shares. The company is liable for its debts only with its assets; shareholders are liable only up to the <strong>capital they commit<\/strong>. An A.\u015e. can be incorporated by a <strong>single shareholder<\/strong> (individual or corporate) and may operate in any lawful commercial field.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Considering a smaller, simpler structure? Compare with a <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/limited-company-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Limited Company (Ltd. \u015eti.)<\/strong><\/a>.<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Capital &amp; Payment<\/strong> (2025)<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Minimum capital:<\/strong> <strong>TRY 250,000<\/strong><\/li>\n\n\n\n<li><strong>Cash payment timing:<\/strong> At least <strong>25%<\/strong> of cash-committed shares must be deposited <strong>before registration<\/strong>; the balance can be paid within <strong>24 months<\/strong> after registration.<\/li>\n\n\n\n<li><strong>Non-cash (in-kind) capital:<\/strong> Permitted, subject to valuation and registry annotations.<\/li>\n<\/ul>\n\n\n\n<p>See the full framework in <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/minimum-capital-requirements-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Minimum Capital Requirements in Turkey<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Shares &amp; Transferability<\/strong><\/h2>\n\n\n\n<p>A.\u015e. may issue <strong>registered (nama)<\/strong> or <strong>bearer (hamiline)<\/strong> shares.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Registered shares:<\/strong> Transfer by endorsement and delivery.<\/li>\n\n\n\n<li><strong>Bearer shares:<\/strong> Transfer by delivery of possession.<\/li>\n\n\n\n<li>As a rule, <strong>general assembly approval is not required<\/strong> for typical share transfers in A.\u015e. (unless restricted by law or the articles for specific cases).<\/li>\n\n\n\n<li>A.\u015e. can also issue <strong>bonds and similar debt instruments<\/strong> and is the <strong>only<\/strong> Turkish company type whose shares can be <strong>publicly offered<\/strong> and <strong>listed<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Detailed process: <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/share-transfer-in-turkish-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Share Transfer in Turkish Companies<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Governance: General Assembly &amp; Board of Directors<\/strong><\/h2>\n\n\n\n<p>An A.\u015e. has two core organs:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>General Assembly (GA):<\/strong> Elects board members and the auditor; amends articles; approves key corporate actions (e.g., capital changes, termination).<\/li>\n\n\n\n<li><strong>Board of Directors (BoD):<\/strong> Manages and represents the company. The BoD may consist of <strong>a single member<\/strong>. There is <strong>no nationality or residency requirement<\/strong> for board members under the TCC.<\/li>\n<\/ol>\n\n\n\n<p>Need the step-by-step paperwork list? Head to <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/documents-for-company-registration-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Documents for Company Registration in Turkey<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Independent Audit (Threshold-Based)<\/strong><\/h2>\n\n\n\n<p>A.\u015e. companies operating in certain regulated sectors\u2014or those exceeding thresholds relating to <strong>total assets<\/strong>, <strong>net annual turnover<\/strong>, and <strong>number of employees<\/strong>\u2014are subject to <strong>independent audit<\/strong> in line with international auditing standards.<\/p>\n\n\n\n<p>Overview: <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/company-audit-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Company Audit in Turkey<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Establishment Workflow (Foreign-Friendly &amp; Fast)<\/strong><\/h2>\n\n\n\n<p>Turkey\u2019s <strong>MERS\u0130S<\/strong> platform streamlines incorporation. Typical flow:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Draft articles on <strong>MERS\u0130S<\/strong>; obtain <strong>tax numbers<\/strong> for foreign shareholders\/directors.<\/li>\n\n\n\n<li><strong>Certify signatures<\/strong> of founders\/authorized signatories.<\/li>\n\n\n\n<li>Pay <strong>Competition Authority fee<\/strong> (<strong>0.04%<\/strong> of capital).<\/li>\n\n\n\n<li>Deposit <strong>25%<\/strong> of cash capital (A.\u015e. only) <strong>pre-registration<\/strong>.<\/li>\n\n\n\n<li>File to the <strong>Trade Registry Directorate<\/strong>, receive approved commercial books.<\/li>\n<\/ol>\n\n\n\n<p>Full guide: <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/steps-to-establish-company-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Steps to Establish a Company in Turkey<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Liquidation, Branches &amp; Cross-Border Moves<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Liquidation:<\/strong> Voluntary or court\/bankruptcy-led; \u201cin liquidation\u201d title used until deletion from the registry. See <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/liquidation-of-company-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Liquidation of a Company in Turkey<\/strong><\/a>.<\/li>\n\n\n\n<li><strong>Foreign Branch:<\/strong> Overseas companies may register Turkish branches with a fully authorised Turkey-resident representative. See <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/foreign-company-branch-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Foreign Company Branch in Turkey<\/strong><\/a>.<\/li>\n\n\n\n<li><strong>Move HQ Abroad \/ to Turkey:<\/strong> Turkish A.\u015e. can move headquarters abroad; foreign companies can migrate to Turkey, subject to permissions and creditor protection. See\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/moving-company-headquarters-from-turkey-abroad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Moving a Turkish Company Abroad<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/moving-foreign-company-to-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Moving a Foreign Company to Turkey<\/strong><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Choose an A.\u015e. vs Ltd.?<\/strong><\/h2>\n\n\n\n<p>Choose <strong>A.\u015e.<\/strong> if you value:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More <strong>flexible share transfer<\/strong>,<\/li>\n\n\n\n<li>Ability to <strong>issue bearer shares<\/strong> or <strong>debt instruments<\/strong>,<\/li>\n\n\n\n<li>Potential <strong>public offering\/listing<\/strong> in the future,<\/li>\n\n\n\n<li>A governance model familiar to international investors.<\/li>\n<\/ul>\n\n\n\n<p>If you prioritise a leaner setup with capped shareholders (\u226450) and simpler operations, compare with <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/limited-company-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Limited Company<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Required Documents (At a Glance)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Articles of Association<\/strong> (notarised\/approved)<\/li>\n\n\n\n<li><strong>Signature declarations<\/strong> of authorised representatives<\/li>\n\n\n\n<li><strong>Competition Authority fee<\/strong> receipt<\/li>\n\n\n\n<li><strong>Bank receipt<\/strong> for the 25% capital deposit (cash capital)<\/li>\n\n\n\n<li><strong>Valuation reports &amp; registry annotations<\/strong> for in-kind capital (if any)<\/li>\n\n\n\n<li><strong>Board member acceptance statements<\/strong> (for non-shareholder directors, if any)<\/li>\n<\/ul>\n\n\n\n<p>Full list and nuances: <a href=\"https:\/\/mfylegal.av.tr\/en\/articles\/documents-for-company-registration-in-turkey\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Documents for Company Registration in Turkey<\/strong><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Timelines &amp; Practical Notes<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With documents in order, <strong>same-day registration<\/strong> is possible at many registries.<\/li>\n\n\n\n<li>Consider tax and employment registrations immediately after incorporation.<\/li>\n\n\n\n<li>Align articles with future capital-raising plans (e.g., registered capital system).<\/li>\n<\/ul>\n\n\n\n<p>To see the end-to-end checklist, start with our <a href=\"\/en?p=7595\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Company Formation in Turkey<\/strong><\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Get Expert Support<\/strong><\/h2>\n\n\n\n<p>MFY Legal advises <strong>internationally active<\/strong> founders, corporate investors, and funds on Turkey entries\u2014structuring, articles, capital, governance, audit thresholds, and post-registration compliance.<\/p>\n\n\n\n<p><strong>Speak to our team<\/strong> to structure your A.\u015e. correctly from day one.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Joint Stock Company (A.\u015e.) is a capital company with a fixed share capital divided into shares. The company is liable for its debts only with its assets; shareholders are liable only up to the capital they commit. An A.\u015e. can be incorporated by a single shareholder (individual or corporate) and may operate in any&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8842,"parent":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":""},"custom-post-tag":[143],"practice-area":[160,161],"published-year":[157],"class_list":["post-8841","makaleler","type-makaleler","status-publish","has-post-thumbnail","hentry","custom-post-tag-articles","practice-area-commercial-law","practice-area-company-law","published-year-2025-en"],"acf":[],"taxonomy_info":{"custom-post-tag":[{"value":143,"label":"Articles"}],"practice-area":[{"value":160,"label":"Commercial Law"},{"value":161,"label":"Company Law"}],"published-year":[{"value":157,"label":"2025"}]},"featured_image_src_large":["https:\/\/www.mfylegal.av.tr\/wp-content\/uploads\/2025\/09\/joint-stock-company-turkey-structure-1024x684.jpg",1024,684,true],"author_info":{"display_name":"MFY Legal","author_link":"https:\/\/www.mfylegal.av.tr\/en\/author\/mfylegal\/"},"comment_info":"","_links":{"self":[{"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/makaleler\/8841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/makaleler"}],"about":[{"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/types\/makaleler"}],"author":[{"embeddable":true,"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/users\/2"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/media\/8842"}],"wp:attachment":[{"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/media?parent=8841"}],"wp:term":[{"taxonomy":"custom-post-tag","embeddable":true,"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/custom-post-tag?post=8841"},{"taxonomy":"practice-area","embeddable":true,"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/practice-area?post=8841"},{"taxonomy":"published-year","embeddable":true,"href":"https:\/\/www.mfylegal.av.tr\/en\/wp-json\/wp\/v2\/published-year?post=8841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}