Corporate Governance Consulting Turkey
Corporate governance consulting plays a critical role in increasing efficiency of companies in Turkey. Turkey hosts numerous foreign or national companies within its own jurisdiction. Effective management practices aligned with international standards can ensure that activities such as accounting, auditing, and oversight are conducted proficiently within Turkey’s legal framework. In this way such activities can be managed properly and effectively according to international standards for corporate governance.
Corporate Governance is a key component of our broader Turkish Business and Corporate Law practice. To learn more about our full range of corporate services, please visit our main practice area page.
Understanding Corporate Governance in Turkey?
Corporate governance encompasses rules, practices, and processes guiding proper management and oversight of a company. Corporate governance encompasses the rules, practices, and processes that guide a company’s management and oversight. Typically, a company’s board of directors holds the responsibility for these activities, which include organizing senior management, overseeing audits, and managing board and general assembly meetings according to both national and international standards.
What Are the 4 Principles for Corporate Governance?
There is a global recognition that corporate management concerned must perform their duties in compliance with 4 principles:
- Transparency: Ensuring openness in decision-making and processes
- Fairness: Treating all stakeholders equitably and justly
- Responsibility: Acknowledging the board’s duty to protect the interests of the company and its stakeholders
- Accountability: Establishing mechanisms for answering to stakeholders and evaluating decisions
What is Corporate Governance Consulting?
An efficient corporate governance advisory must address a set of policies and work including,
- Embracing strategies for investment and risk management with regard to company formation and type change,
- Policies for senior executive hiring and management.
- Oversight of company activities to meet regulatory standards.
- Development of investment and risk management strategies suitable for the company’s structure,
- Drafting business and commercial contracts including establishment of limited liability or joint-stock companies, branches and liaison offices.
Regarding business set-up opportunuties in Turkey, take a look at our articles on
- Establishment of A Company in Turkey
- Formation of Liaison Offices in Turkey
- Opening Branch Office in Turkey
Concerning more observation about the implementation of Contract Law, take a look at our article on
Consulting services also extend to facilitating the adoption of international standards for accounting, auditing, and management supervision. Transparency and accountability are crucial, forming the basis for trustworthy governance. Corporate Governance Consulting covers all services obtaining assistance for the initialization of the relevant company. The introduction of full enforcement of international standards for auditing, accounting and supervising of company management is a significant part of corporate governance consulting. Transparency and accountability are another important aspect for the managerial team.
What Are Key Legal Frameworks Governing the Corporate Governance Consulting in Turkey?
Commercial life has broadly changed over the years. That is the case for such rules and practices particularly because of the recent economic downturn over the world. Regarding newly emerging commercial necessities, the Turkish corporate law regime establishes a comprehensive legal framework for natural and legal persons and|or corporations. Turkish Commercial Code (Numbered 6102) and Capital Markets Law (Numbered 6362) have been at the heart of corporate governance practice in Turkey.
How Is Turkey’s Corporate Governance System is Changing?
It should be stressed at the outset that Turkish policy makers work on attracting more investors to Turkey. Several progress has been made through the revision, amendment and adoption of new regulations.
Such developments must be carefully analyzed by all practitioners including Turkish business lawyers. Recently the Law Numbered 7529 was passed through the Turkish Grand National Assembly through establishment of direct sale system in Turkey within the meaning of new Article 47 (A) of the Law on Consumer Protection Numbered 6502.
Our recent article on Electronic Maintenance of Commercial Books Starts in Turkey underlines that the electronic maintenance of commercial books unrelated to accounting of the business has been officially introduced in Turkey. That is declared by the Communiqué in the Official Gazette dated 14 February 2025 and numbered 32813. The present article will analyze long term implications of the regulatory change upon Turkish markets.
Implications of the 2025 Decision on Amending the Criteria for Independent Audit in Turkey should be throughly kept in mind by corporate managements. Criteria for Independent Audit in Turkey has been declared in the Official Gazette dated 1 May 2025 and numbered 32887. All business lawyers should analyze the implications of the regulatory change.
What Are Corporate Governance Services by Pi Legal Consultancy?
Pi Legal Consultancy business lawyers offer professional support to our commercial enterprises on understanding and absorbing main obligations and rights provided by relevant regulations.
Core principles of good governance particularly for large corporations require an innovative approach. Such approach may only be developed by professional legal experts. Our corporate governance lawyers can give comprehensive guidance on those matters.
We also offer effective support to foreign clients based outside of Turkey for an efficient organization of their operations and the enhancement of their competitive strength in Turkey. Those are main titles for the services that is offered by Pi Legal Consultancy:
1. Business Formation including company, branch or liaison formation and applications for necessary licences for critical sectors including health care, banking and finance and capital markets,
2. Investment Rules applicable to foreigners
3. Corporate Management and Compliance
4. Work and Residency Permits
5. Banking and Financial Matters
6. Taxation and Accounting
7. Real Estate and Office Space
8. Contracts
9. Import, Export and Custom Procedures
10. Dispute Resolution and Legal Protection
11.Corporate Restructuring
12.Debt-to-Equity Conversion & Share Premium Structuring
What Does a Corporate Governance Consultant Do for Pi Legal Consultancy?
Our corporate governance consultancy service extends to, inter alia, as follows:
- Organizing and managing board and general assembly meetings.
- Handling capital changes and overseeing structural transformations.
- Advising on legal and criminal liabilities for company founders, board members, and management.
- Supporting the formation of companies, liaison offices, and branch offices.
- Assisting with mergers and acquisitions, including due diligence and contract drafting.
- Addressing taxation and legal disputes as necessary.
- Preparing comprehensive contracts related to mergers, franchising, and trademark licensing,
- Establishment of a company in Turkey,
- Incorporation of liaison office,
- Formation of branch office,
- Liquidation or deregistration
- Mergers and acquisitions of commercial firms; audit of such transactions,
- Taxation issues and taking legal actions if necessary,
- Legal procedures for core corporate governance issues including the establishment of a company and the institution of a branch in Turkey,
- Drafting commercial contracts and business contracts for mergers and acquisitions, franchising, agency, trademark and trademark licencing, option agreements,
- Drafting due diligence reports about relevant companies for doing a business
Key developments changing the scope of corporate governance consultancy
There is no doubt that landmark international organizations play a signifant role upon the development of Turkey investment area as a global investment hub. In this context, Turkish policy-makers took a commitment of the full compliance of the emerging capital markets system in line with the Financial Task Force standards and principles designed for the prevention of money laundering and terrorism, the Law Numbered 7518 Amending the Capital Markets Law Numbered 6362, has been enacted. The Law Numbered 7518, regarded as Crypto Law of Turkey, came into force following its publication in the Official Gazette dated July 2, 2024.
During this development, the FATF removed Turkey’s name from its grey list. Take a look at our up-to-date article on the 2024 FATF Decision on Turkey
What are the 2024 amendments to Turkish Commercial Code (Numbered 6102) for corporate governance?
A comprehensive corporate governance consultancy also requires the up-to-date legal changes made by lawmakers and policymakers. Thus we should bear in mind the recent changes to the 2024 Amendments to Turkish Commercial Code.The Law Numbered 7511 revising Turkish Commercial Code (Numbered 6102) includes vital modifications to rules for the board of directors as follows:
- the obligation by the board of directors for the election of a chair and vice chair every year is eliminated from article 366 of Turkish Commercial Code,
- the mandate for the appointment and dismissal of branch managers by the board of directors is abolished under article 375 of Turkish Commercial Code,
- where the chair of the board does not perform his|her duties properly about the call for a meeting, the call for the meeting may be carried out by the members of the board under new version of article 392 of Turkish Commercial Code.
What is the 2024 Minimum Capital Amount
for Limited Liability and Joint-Stock Companies according to recent legal revisions?
As of 1.10.2024, the minimum capital amount for joint-stock companies was increased from 50.000 to 250.000TRY. Additionally, the minimum initial capital amount was also increased from 100.000 to 500.000 TRY for non-public joint stock companies.
In terms of the limited-liability companies, 50.000 TRY rather than 10.000 TRY as the minimum capital amount will apply in the new year.
For more discussions, take a look at our article on
2024 Minimum Capital Amounts for Joint-Stock and Limited Liability Companies in Turkey
and
Increase in Monetary Threshold of Initial Public Offerings 2024 for Turkey
For a comprehensive discussion on the establishment of limited liability companies, take a look at our article on Limited Liability Company Formation.
Corporate Governance Consulting by Pi Legal Consultancy
At Pi Legal Consultancy, we specialize in providing expert corporate governance consulting services, ensuring that businesses operate with transparency, accountability, and efficiency. Our experienced corporate governance consultants work closely with companies to help them navigate the complexities of governance structures, ensuring alignment with legal and regulatory frameworks.
Our Relevant Articles
All our articles and papers on emerging legal challenges for this area together with their fully fledged solutions are available online here.
Establishment of a Company in Turkey
Minimal Capital Amounts for Join-Stock and Limited Liability Companies in Turkey
The 2024 Amendments to Turkish Commercial Code
Establishment of Direct Sale Mechanism in Turkey
2024 Regulation on Products Subject to Distance Shopping
Opening Branch Office in Turkey
Electronic Maintenance of Commercial Books Starts in Turkey
Implications of the 2025 Decision on Amending the Criteria for Independent Audit in Turkey
Revision of the Regulation on Shopping Centers in Turkey
Fundamental Breach of Contract
2025 Türkiye Climate Law Enters Into Force