The new Commercial Code, which is coming into effect on July 1, 2012, will revolutionize the business in Turkey. This has been asserted by the Turkish Undersecretary for Trade and Customs, Ziya Altunyaldiz, in a recent conference organized by MUSIAD (Turkish Association of Industrialists) in Istanbul.
The new legislation, which will respond to the legal standards required by the European Union, will provide greater transparency in business practices and improved reliability in the information processing business. In particular, the Code will allow the establishment of a single-member company, will force the Turkish companies to undergo revisions and audits, and will require the establishment of business registers by the Chambers of Commerce. Moreover, local companies, especially SMEs, should provide themselves with their own website which will give information on capital: currently in Turkey only 48% of small enterprises, 73.9% of medium enterprises and 87.3% of large companies have their own website.
According to Altunyaldiz, these measures are aimed at increasing the number of the investments in Turkey, and the objective of the new Code is enabling the Anatolian country entering the network of global business to all intents and purposes. For him it was therefore a mandatory step, since the Turkish companies must now have a perspective that pushes them beyond the national borders.
Turkey can only gain from this reform: the Government’s goal is to get the “Tiger of Europe” in the top ten economies of the world by 2023.