According to the Turkish Commercial Code (TCC), hiring a regular attorney is mandatory for joint stock companies (JSC / anonim şirket, abbreviated A.Ş.) with a share capital of TRY 1,250,000 or more.
[TRY 1,250,000 is approximately USD 30,250. ]
If a company fails to comply, administrative fines will be imposed at TRY 52,011 per month, [2] which equals twice the gross minimum wage.
[TRY 52,011 is approximately USD 1250.]
However, monthly attorney’s fees start from TRY 32,000 + VAT [3] and will vary depending on the complexity and volume of legal actions.
[TRY 32,000 is approximately USD 775.]
Therefore, JSCs should not take the risk of incurring administrative fines and must hire a regular attorney.
Compliance with the TCC is critical not just to avoid fines and legal confrontations involving company directors or public prosecutors, but also to ensure that the operations of the company are grounded in legally sound, evaluated foundations.
JSCs with a share capital of TRY 1,250,000 or more must hire an attorney at the time of their registration with the trade registry. If a capital increase brings a company’s share capital to or above TRY 250,000, then compliance is required from the date the increase is registered.
“Hiring an attorney” does not necessarily mean having an in-house lawyer. Many companies fulfill this requirement via a contract with an external attorney.
Choosing the right attorney is vital for the longevity and legal security of your company. Although other company types or business enterprises are not obligated under this specific law, having regular legal consultancy helps prevent future losses, legal risks, and non-compliance.
A regular attorney for your company should have expertise especially in:
- Commercial Law
- Labor Law
- Contract Law
- Enforcement & Bankruptcy Law
Ateskan Law Office offers regular attorney-services under contract to all types of companies and business enterprises. Contact us for more information about how we can keep your company compliant and legally secure.
Contact Details:
GSM: +90 (544) 288 52 80
Email: yusuf@ateskanlaw.com
Address: Kazimdirik Mah. 284 Sk. No:2 Folkart Time Ofis-2 D:303, Bornova-İzmir