365 / 516
Amendments on the Regulation for Implementation of
Foreign Direct Investment Law
*
Att. Ozgur Kocabasoglu
Some amendments have been introduced to the Regulation for
Implementation of Foreign Direct Investment Law (the “Implementation
Regulation”) with the Regulation regarding Amendments to the
Regulation for Implementation of Foreign Direct Investment Law (the
“Regulation”) published in the Official Gazette dated 3 July 2012.
With the aforesaid legislation, the provisions regarding the establish-
ment and the operation of the liaison offices and the required docu-
ments for the application for establishment have been materially
changed. Moreover, the authority of the Undersecretariat of Treasury
to implement the Regulation is abandoned and ceased, this authority is
handed over to the Ministry of Finance.
Amendments Concerning the Establishment of the Liaison
Office
The main modification regarding the establishment of the liaison
offices introduced by the Regulation is that the permits in order to
establish a liaison office and extensions of the term of these permits
will be given by the Finance Ministry instead of the Undersecretariat
of Treasury. Furthermore, the Regulation provides for a new provision
concerning the companies, which have recently been established under
to the law in their home country and wish to found a liaison office in
Turkey. According to this provision, before granting an operational
permit for these types of companies, the Ministry requires the lapse of
a period which at minimum is one year after the foundation of the com-
*
Article of July 2012