The Law Requiring Amendments to Certain Laws for Enhancing the Investment Environment no.7099 (“Law”) has been published in the Official Gazette dated 10.03.2018 no. 30356, to be effective from its publication date. Through the Law, Article 40 of the Turkish Code of Commerce (TTK) has been amended to indicate that statements of signature shall be submitted in written form and in the presence of an authorized person at the trade registry directorates. Prior to the aforementioned amendment, with a sentence inserted to the Article 40 of TTK through the Law Requiring Amendments to Certain Laws for Enhancing the Investment Environment no.6728, published in the Official Gazette dated 6 December 2016 with no.29910, an opportunity allowing the submission of statements of signature in a written form with the presence of trade registry director or the deputy director besides the notary had been introduced. However, through the amendment made with the Law no.7099, the wording of “notary” has been removed from the Article 40 of TTK and it’s already ensured that statements of signature should only be submitted at trade registry directorates in the presence of authorized people from now on. The guidelines for implementation have been arranged through the Communique Requiring Amendments to the Communique (“Communique”) Regarding the Signing of Articles of Association at Trade Registry Directorates, published in the Official Gazette dated 13.03.2018 no. 30359. Pertaining to that, the founders applying to the concerning trade registry directorate for a corporate establishment should go to the trade registry directorate and sign the articles of association and submit statements of signature in the presence of the authorized person assigned by the trade registry directorate. Pursuant to the related regulation, to submit a statement of signature by founders to the trade registry directorate, first of all, the application for a corporate establishment or starting a commercial enterprise should be sent to approval through MERSIS (central registration system) and a tracking number must be received. It would be appropriate to remind that, as per the Communique, a sworn-in certified translator is required to be participating the process in the circumstance that founders are foreigners that do not speak Turkish. Also, the Communique contains certain exceptional provisions for the occasions in which a statement of signature is not required to be submitted. Accordingly, in the circumstance that the articles of association is signed acting as principal in the presence of an authorized person and the founders are authorized representatives of the company at the same time, any obligation does not exist for making out a statement of signature separately. If the articles of association is signed by proxy, in case the founder is authorized for representing the company, there will not be any requirement for a statement of signature provided that the trust deed containing the founder’s wet signature is submitted to the trade registry directorate. Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
Best Regards,
Kuzey YMM ve Bağımsız Denetim A.Ş. | 
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