News of October

Communiqué Concerning The Mergers and Acquisitions Calling for the Authorization of Competition Board was issued
The communiqué no 2010/4 concerning mergers and acquisitions which require notification to the Competition Board to receive permission and legality, according to the Law of Protection of Competition dated 7/12/1994 and number 4054, article 7, and also their declaration was issued in the official gazette dated 7 October 2010 , number 27722



Communiqué of Foreign Trade Standardization regarding Foreign Trade data system was issued
In the official gazette, dated 18 November 2010, number 27733, a communiqué no 2010/41, was issued, specifying procedures and principles for permissions and compliances to be realized in line with the Regulation of Technical Arrangements and Standardization of Foreign Trade, and through the Foreign Trade Data System; identification of companies in an electronic media and an authorization of users which will affect transactions on behalf of those companies.



Regulation on Acquiring Immovable Property and Restricted Real Rights of the Foreign Capitalized Companies issued
The Regulation specifying the procedures and principles about acquisition of immovable property and restricted Real Rights of the incorporated companies which are established in Turkey by foreign investors was issued in the official gazette dated 6 October 2010, number 27721.



Regulation issued about a modification in the Regulation for transactions of banks subject to a permission and about indirect share ownership
According to the regulation published in the official gazette dated 8 October 2010 and number 27723, if shares of a bank are purchased from the bailiff’s office or shares of a bank are traded at the Stock Exchange, the Board of Directors is required to verify whether a permission has been obtained as per article 18 of the Law.
If a share of a legal person whose existing share is 10% or more in a non public bank change within the parameters disclosed in article of 18/1; or if shares of a legal person who owns 10% or more of a bank publicly are traded in Stock Exchange, are purchased through Stock Exchange which result in change of major shareholder, it is required to receive a permission from the Board to be able to use all shareholder ‘s rights with the exception of dividends. All these arrangements will be effective from the date of the publication of the Regulation.



The criteria of granting work permits have been modified by the Department of Work Permit For Foreigners on 2 August 2010
1-Employment of at least 5 Turkish citizens is obligatory for the workplaces applying for a work permit. If a work permit application is made by a foreigner who is also a partner, the condition of employment of 5 Turkish citizens is only required for the last 6 months of the one year work by the Ministry .
2-The workplace’s paid-up capital or gross sale or exportation amount of the last year must be respectively at least 100.000 TL, 800.000 TL, 250.000 US Dollar.
3-Work permission applications for foundations and associations will be excluded from article 2. Foreign countries’ airline’s in the Turkish branch, the education sector and servants will not fall within the scope of article 1 and 2.
4-The partner of a company who applies for a work permit should have a minimum % 20 percentage of the shares.
5- Monthly wages that are declared by the employer should comply with the duties and the competence of the foreigner. Accordingly, the salary should be minimum (as of the date of application date);

1. 6,5 times of the minimum salary for senior managers, pilots, engineers and architects that apply for preliminary permission,
2. 4 times of the minimum salary for unit managers or branch managers, engineers and architects,
3. 3 times of the minimum salary for teachers and for the jobs that require expertise,
4. 1.5 times of the minimum salary for servants and other occupations.

6- Tourism establishments that hold a minimum of 4 stars and a certified massage parlour by Ministry of Culture and Tourism and certified holiday villages’ masseurs, masseuses and SPA therapists’ applications will also be taken into consideration.
7-Quota application will not be necessary for the jobs requiring expertise, the entertainment sector and tourism-animation organization companies that have employed a minimum of 10 Turkish citizens.