Several amendments were introduced on the Implementation Regulation on Direct Foreign Investments Law (the “Regulation”) on 16 October 2020. The companies and branches within the scope of the Law on Direct Foreign Investments (the “Law”) are now required to obtain a registered electronic mail (“KEP“) account. Accordingly, notifications and applications made through Electronic Information System on Incentive Implementation and Foreign Capital (“E-TUYS”) will be carried out via KEP accounts.
Following transactions related to the companies and branches within the scope of the Law will no longer be conducted physically but will be carried out electronically. In this regard, documents required for below submissions will be sent to KEP account of the General Directorate of Incentive Applications and Foreign Capital (“General Directorate”):
- Appointment of authorized users (“Representative“) to use E-TUYS in the name of the company/branch,
- Extension of the Representative’s term of duty,
- Cancellation of the Representative’s duty,
- Notifications regarding the change of tax number of the company/branch,
- Notifications regarding the termination of company’s/branch’s activities,
- Any other updates on the companies, branches or Representatives.
However, companies and branches within the scope of the Law are allowed to appoint Representatives for E-TUYS as per the former method until 16 November 2020. Unless the Ministry of Industry and Technology extends this deadline, hard copy deliveries will not be accepted thereafter, and the applications will have to be submitted only via KEP accounts.
Additionally, for the application of Representative appointment, companies and branches must ensure that documents and information provided to the General Directorate are complete and accurate while being obliged to retain the original set of such for 10 years.
The amendments on the Regulation will apply to the companies and branches which are within the scope of the Law. Notifications and applications concerning the liaison offices in Turkey are not affected by this amendment, thus hard copy delivery method is still applicable and effective for the liaison offices.
The full text of the Amendment Regulation published in the Official Gazette dated 16 October 2020 and numbered 31276 is available at this link (only available in Turkish).
