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Is it possible for foreigners to have shares in Turkish Companies?

April 26, 2017companies foreigners possible Shares Turkish

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Is it possible for foreigners to have shares in Turkish Companies?

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For a company to be considered a Local Company of North Cyprus, at least 51% of its shares must belong to TRNC subjects. There are no legal restrictions regarding the remaining 49% belonging to one or more foreign persons. However, if these persons (foreigners) shall be directors of the local company, they are required to obtain from their own countries of residence, a no conviction report from the police and a Tax Credibility Statement from the Tax Authorities of North Cyprus by blocking at a local bank in North Cyprus, the portion of the 30,000 USD minimum paid up capital that meets the ratio of the shares he/she holds until the establishment process of the company is complete.