Where to apply to open an exchange office?
13 Şubat 2022, 20:26
Where to apply to open an exchange office?
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Declaration of Ultimate Beneficial Ownership now Required in Turkey
Where to apply to open an exchange office?
An application is made to the Ministry of Treasury and Finance of the Republic of Turkey in order to open a foreign exchange office.
The process works as follows: First of all, establishment permission must be obtained. An operating permit must be obtained within 90 days of obtaining the establishment permit.
Required documents for foreign exchange office establishment permit
- Draft company articles of association
- For each founding partner and legal entity founding partners residing in Turkey, persons with ten percent or more partnership shares, the general manager of the company, members of the board of directors, employees with signature authority, and internal control officers for A group authorized institutions; Written statements stating that they are not bankrupt, have not declared bankruptcy and that a bankruptcy postponement decision has not been taken against them.
- As of the date of application, they do not have a partnership in authorized establishments whose operating license or branch operating permit has been canceled by the Ministry, or that they have not been in one of the positions of chairman of the board of directors, member of the board of directors, general manager or internal control officer, that they have not submitted false information and documents by the Ministry, their written statements that they have not been subject to administrative sanctions regarding their purchase and sale.
- If the applicant is a legal person, the documents regarding the criminal record of the chairman of the board of directors, the general manager and the partners with ten percent or more shareholding of the legal entity founders.
- A document to be obtained from the relevant tax office stating that companies with ten percent or more partnership share do not have tax debts.
- A declaration to be prepared and signed in the presence of a notary public in accordance with the example in Annex 1 of this Communiqué for real persons, and Annex-2 for legal persons.
- Other documents deemed necessary by the Ministry
Required documents for foreign exchange office operating permit
- A copy of the Turkish Trade Registry Gazette, in which the articles of association are published
- A document to be obtained from the bank showing that the minimum company capital committed by the partners in the company's articles of association has been paid in cash and in full.
- Document showing that the fee to be paid in accordance with the Fees Law No. 492 has been paid, (for 2020, the fee amount is 44,396.70 TL and the fee is paid every year)
- A document showing that the amount corresponding to one tenth of the minimum paid-in capital has been deposited in one of the State-owned Banks or State-owned Participation Banks, or a letter of guarantee with the same amount,
- 500 thousand Turkish Liras for A group authorized establishments; Document showing that the application fee of 200 thousand Turkish Liras has been paid for B group authorized institutions
- Documents showing that the camera or video recording system regulated in Article 26 has been duly installed
- Information and documents proving that it meets other conditions to be determined or requested by the Ministry regarding corporate governance
- Board of directors' decision regarding the appointment of an internal control officer for authorized group A institutions, or a written document stating that one or more board members have been appointed as internal control officer and are equipped with the necessary authorities, provided that this is clearly and in writing.
- What is the penalty for unauthorized foreign exchange trading?
The penalty for unauthorized foreign exchange trading is clearly stated in the legislation:
Those who carry out commercial activities without obtaining the necessary permit or document in the matters that require an operating permit or authorization certificate pursuant to decisions, regulations and communiqués issued on the basis of this Law, and other general and regulatory procedures, are punished with an administrative fine from 50,000 Turkish lira to 250,000 Turkish lira, and unauthorized activity All activities in the workplace where it is carried out are stopped from one month to six months, and in case of repetition, it is stopped permanently.
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