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pany by considering aspects such as the field of the operation, the
capital, and the number of the employed workers of the company.
Furthermore, there is also a change concerning the time of consid-
eration for the applications made to request the establishment or the
extension of the duration. Now, the applications will be concluded
within fifteen business days after the date of application, provided that
all the required information/documents are whole and complete.
The rule regarding assessment of the requests of foreign compa-
nies to establish a liaison office in order to execute operations in the
financial areas regulated with special legislation such as money and
capital markets and insurance, by the authorized agency and institu-
tions, in context of the special legislation, has not been changed with
the new legislation. However, with the new provision introduced, it is
set forth that, in the cases where the Ministry deems necessary, the
request to establish a liaison office of the foreign companies in the oth-
ers sectors where obtaining permits, licenses or similar competence to
realize the operations are necessary, will be concluded by receiving the
opinion of the agency or institutions which give the above-mentioned
permit or license.
Amendments Regarding the Required Documents for the
Application
New documents are introduced to the required documents for the
application to the Finance Ministry in order to establish a liaison
office. In addition to the documents mentioned in the article 7, the
application form annexed to the Regulation, the declaration concerning
the content of the operations carried out by the liaison office, and
including the undertaking that the liaison office may not carry out any
commercial activities, and indicates document indicating the authority
of signature of the representative signing the abovementioned state-
ment are set forth among required documents.
Amendments Regarding the Operation of the Liaison Office
Before the amendment to the Implementation Regulation, the per-
mits of operation to liaison offices were granted for a maximum term
of 3 years and extended each time for maximum periods of 3 years,
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NEWSLETTER 2012