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Setting-up an Exchange Bureau

Setting-up an Exchange Bureau

The legislation on setting up an exchange/change bureau only adds a few more steps to the standard company formation procedure. The steps are as follows;

  • Setting up a limited liability local company (MŞ)

  • The goal of the comapny must be solely to operate in the field of change/exchange i.e Memorandum of association must be exclusive to this goal as well as complying with the regulations required by law.

  • Requires a paid up capital of 100.000-EUR

  • Shares must be paid.

  • Director, secretary and shareholders of the exchange company must have a clean record clear of any crime consisting theft, embezzlement, bribery,fraud, mistrust, misrepresentation, fraudulent bankruptcy, professional misconduct,drug trafficking, treason, tax fraud and financing terrorist activities regardless of whether past-convictions have been cleared or not.

  • At least one shareholder must be majority/controlling shareholder.

  • This controlling shareholder must hold an undergradute degree on finance, banking or accounting and must have at least 5 years of experience in this respective field.


 

The firm is required to have ‘Change or Exchange’ in its name and must have a suitable office where the change/exchange activites can take place.

Attr. Deniz Avkıran
  • Attr. Deniz Avkıran
  • August 2021