e-book2013

COMMERCIAL LAW

Corporations’ Obligation to Build a Website pursuant to the

Turkish Commercial Code

Att. Revan Sunol

As part of the innovations brought by the Turkish Commercial Code

No. 6102 (“TCC”), regulations on corporate transparency are increased.

TCC Article 1524 has made it obligatory for corporations to set up a

website and make announcements as put forth in the relevant legislation

on such web site. This obligation is regulated under the Regulation on

Websites to be Set Up by Corporations (“Regulation”) published in the

Official Gazette dated 31.05.2012 and numbered 28663.

Corporations with the Obligation to Build a Website

According to Article 124 of the TCC and Article 2 of the Regulation,

companies that fall within the scope of the Regulation shall be determined

pursuant to Article 397 of the TCC. In line with this, companies that

are subject to independent auditing pursuant to the Decision on the

Determination of the Companies to be Subject to Independent Auditing

are also obliged to build a website and make the announcements as set

out in the Regulation within such website. Companies that fall within this

scope are those which have net assets with a value equal to or above TRL

150,000,000, annual net sales revenue equal to or above TRL 200,000,000,

and 500 or more employees by themselves or cumulatively with their

affiliates and subsidiaries; as well as the finance, asset management and

rating companies that are active in finance as stipulated within the Annex

of the Decision.

Obligation to the Build a Website

Companies incorporated after the entry into force of the Regulation

must build a website within three months of registering with the trade

registry, and companies incorporated before such time must build a

website within a period of three months as of 01.07.2013, that is to say

by 01.10.2013 at the latest. Companies that meet the above mentioned

Article of June 2013