jurisdiction

Turkey

1. Is notarisation required and are notary fees payable on the following securities / deeds? 

1.1 Share Pledge 

No – for joint stock companies. 
Yes – for limited liability companies. Notary fees depend on the amount and length of the agreement. As an example; for an approx. 25-page share pledge agreement, the notary fees vary from EUR 2,000 to 2,500.

1.2 Account Pledge 

No.

1.3 Assignment of Receivables 

Even though legally not compulsory, it is advisable and market standard that the assignment of receivables agreement is signed in the presence of a notary public. Notary fees depend on the amount and length of the agreement. As an example; for an approx. 25-page assignment of receivables agreement, the notary fees vary from EUR 1,500 to 2,500.

1.4 Mortgage 

No.

1.5 Commercial Enterprise Pledge (if executed before January 1, 2017) / Pledge on Movable Properties (if executed after January 1, 2017)*


*The law on Pledges on Movable Properties will be effective as of January 1, 2017. The Commercial Enterprise Pledge Law will be abolished with the enactment thereof, however, it will continue to be applicable for the commercial enterprise pledges established before January 1, 2017.

Yes.


Commercial Enterprise Pledge: The agreement should be prepared (in statutory form) by the notary public, notary fees depend on the amount and length of the agreement. As an example; for an approx. 10-page commercial enterprise pledge agreement, the notary fees vary from EUR 1,200 to 1,500.


Movable Property Pledge: Signing before notary public is optional. If signed before a notary public, we expect that the notary fees will be similar to the above-mentioned fees and calculations.

1.6 Guarantee / Surety 

No.

1.7 Subordination 

No.

2. Do the following securities / deeds require to be registered in the Local Property Register and what fees are payable? 

2.1 Share Pledge 

No.

2.2 Account Pledge 

No.

2.3 Assignment of Receivables 

No.

2.4 Mortgage 

Yes. A fee of 0,455% to be calculated over the mortgage amount.

2.5 Commercial Enterprise Pledge (before January 1, 2017) / Pledge on Movable Properties (after January 1, 2017)*


*The law on Pledges on Movable Properties will be effective as of January 1, 2017. The Commercial Enterprise Pledge Law will be abolished with the enactment thereof, however, it will continue to be applicable for the commercial enterprise pledges established before January 1, 2017.

Yes.


Commercial Enterprise Pledge: A notification letter from trade registry regarding the establishment of pledge shall be submitted to the local land registry.


Movable Property Pledge: A notification letter regarding the establishment of pledge shall be submitted to the local land registry.

2.6 Guarantee / Surety 

No.

2.7 Subordination 

No.

3. Do the following securities / deeds require to be registered at the local Registrar of Companies and what fees are payable? 

3.1 Share Pledge 

No.

3.2 Account Pledge

No.

3.3 Assignment of Receivables 

No.

3.4 Mortgage 

No.

3.5 Commercial Enterprise Pledge (before January 1, 2017) / Pledge on Movable Properties (after January 1, 2017)*


*The law on Pledges on Movable Properties will be effective as of January 1, 2017. The Commercial Enterprise Pledge Law will be abolished with the enactment thereof, however, it will continue to be applicable for the commercial enterprise pledges established before January 1, 2017. 

Commercial Enterprise Pledge: The agreement should be registered before the trade registry, an approximate fee of EUR 500 will be charged per transaction.


Movable Property Pledge: The agreement should be registered before the pledged movables registry office (for recording all pledges on movable properties). Fees should be checked with a member of CMS Turkiye.

3.6 Guarantee / Surety 

No.

3.7 Subordination 

No.

Please note that while the information on this page was current and accurate as at 11/11/16, it may no longer be current or accurate and so you must speak to your local CMS Banking contact if you require confirmation of any of the costs or fee levels as at today’s date!