[ESTABLISHING A BUSINESS ENTITY IN TURKEY] 463
rights may be contributed as capital in- kind provided that those assets are transferable and eligible for valuation in cash. • Special Business or Investment Visa Issues Due to the national treatment principle, foreign investments are not subject to pre-entry screening requirements or additional approvals and authorizations. However, the companies operating in certain commercial activities determined by the TCC should obtain permission from the General Directorate of Domestic Trade for the incorporation of companies such as banks, private finance institutions, insurance companies, financial leasing companies, factoring companies, holding companies, companies operating as foreign currency exchange offices, companies dealing with public warehousing, publicly held companies subject to the Capital Markets Law, companies that are founders and operators of free zones. • Restrictions on Remitting Funds Out of The Jurisdictions Under Turkish Foreign Direct Investment Law, investors can freely transfer abroad: net profits, dividends, proceeds from the sale or liquidation of all or any part of an investment, compensation payments, amounts arising from license, management and similar agreements, and reimbursements and interest payments arising from foreign loans through banks or special financial institutions. All mentioned incomes utilized within Turkey will be subject to withholding tax.
ILN Corporate Group – Establishing a Business Entity Series
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