Share Transfer: Share transfers must be registered with the Turkish Trade Registry.

Liability: Shareholders can be held liable to the company, to other shareholders and creditors for breaching their liabilities regulated by law and articles of association wrongfully arisen from the law and contract.

The branch representative represents the branch based on a power of attorney to be issued by the parent company. At least one of the representatives of the branch shall hold Turkish residency permit.

Share Transfer: N/A

Liability: Since branch offices are not separate legal entities distinct from their parent company under Turkish law, the parent company directly assumes rights and debts/profits and losses arising from the transactions of the branch.

- Liaison offices are not authorized to be engaged with commercial activities, execute contracts and have an income.

Employee salaries have exemption of Turkish income tax as long as the salary payments are foreign sourced.