Here is the process of establishing an electronic company in Turkey.
| 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. | |
| Duration | |
| Less than one year | |
| (1-6 months) (Max 120 days + 60 days) | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| Ahmet Gokhan Sahin PhD(C) @Baskent University, MBA, CPA | |
| www.ahmetgokhansahin.com |
