Steps |
Establishing a joint stock company(A.Ş.) with a 5 million TL paid-in capital. | |
Before registering to the trade registry, filling in the form EK-11A, EK-11B, EK-11C, and EK-11D to start the process of application to the Central Bank with the following documents |
1. Draft article of association | |
2. Application Fee Document | |
After receiving the confirmation letter of application from the Central Bank, It should be applied to request the financial intelligence from the Central Bank | |
Application for final approval to the Central Bank within 120 days after receiving the letter of acceptance of performing of financial intelligence | |
Paid-in capital injection 41 million TL | |
Before final approval, the physical conditions of the head office are checked by the rep. of the Central Bank | |
Final approval is published in the official gazette. | |
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Duration |
Less than one year | |
(1-6 months) (Max 120 days + 60 days) | |
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Documents |
Before registering to the trade registry, fillin in the form EK-11A, EK-11B, EK-11C, and EK-11D to start the process of application to the Central Bank with the following documents |
1. Draft article of association | |
2. Application Fee Document | |
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Document to be delivered for financial intelligence |
1. Board member decision subject to an application for permission | |
2. Business Plan (EK-11 and EK-10) | |
3. Independent Audit Report conducted by KGK authorized company | |
4. Statement of shareholder (notarized) | |
5. Article of association included trade registry doc. | |
6. Statement of solvency for shareholders | |
7. Independent Audit Report of corporate shareholders | |
8. Commitments(EK-4 and EK-5) | |
9. CPA report showing private entities’ financial power | |
10. Letter of corporate and private entities’ no tax and social security liabilities | |
11. Letter of proxy for authorized staff | |
12. Document of board members and general manager | |
13. Assignments of the general manager and board members included trade registry | |
14. Diplomas and resumes of general manager | |
15. Preparation of documents of internal control, risk management, accounting, reporting, and information technologies (EK-20) | |
16. In case there are international partners or corporate entities located abroad, it is requested extra documents | |
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Costs and min. requirement | Cost |
Application fee | 500.000 |
Min. Paid-in capital before getting permission from the Central Bank (In cash at once) | 5.000.000 |
Min. Paid-in capital after getting permission from the Central Bank (In cash at once) | 41.000.000 |
Professional Liability Insurance Cost ? | |
Electronic Money Companies must use the following words in their legal entity name, “Elektronik Para ve Ödeme Hizmetleri A.Ş.”. | |
Please note that electronic money companies are allowed to operate only in this activity area. | |
Suggestions |
Technical evaluation report for information security and avoiding fraud from an independent audit firm | |
Setting up a sound internal control system | |
Getting a service of the penetration test from an independent audit firm | |
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References |
https://www.tcmb.gov.tr/wps/wcm/connect/e43f22de-0731-4dd7-bb43-5c843e981221/%C3%96deme+Sistemleri+Kanunu.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-e43f22de-0731-4dd7-bb43-5c843e981221-nbMmg7- |
https://resmigazete.gov.tr/eskiler/2021/12/20211201-1.htm | |
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Ahmet Gokhan Sahin PhD(C) @Baskent University, MBA, CPA | |
www.ahmetgokhansahin.com | |