Omnibuss Bill Numbered 7263 has been Published
The Omnibus Bill numbered 7263 has been published on the Official Gazette dated 3 February 2021 and numbered 31384 (the “Omnibus Bill”) and has entered into force as of its publication date.
The Omnibus Bill consists of a series of amendments in terms of the legal regulations and administrative acts impeding business transactions, aiming to improve the investment environment and setting up a legal infrastructure for electronic company establishment.
Accordingly, the main changes brought by the Omnibus Bill are as follows;
I. Abolishment of the Obligation of Signature Declaration Submission Before Trade Registries
In order to conduct the processes of company establishment and authorized signatory changes in a time, environment and cost-efficient way, the obligation of submitting signature declaration before Trade Registry Offices has been abolished in terms of the authorized signatories having signatures available in the data base of public institutions. In this regard;
- Signatures of authorized signatories of merchants will be provided electronically from database of public institutions and registered to the registration file being available at the central common database.
- In case of non-availability of signatures on database of public institutions, authorized person, as previously, will have to submit signature declaration to the respective Trade Registry Office.
II. Abolishment of the Obligation of Signature Circular Submission Before Public Institutions
Within the scope of the Omnibus Bill, obligation of submitting signature circular in terms of the transactions to be carried out before public institutions has been abolished. In this regard;
- Public institutions will merely take into consideration the records of trade registry for company’s authorized persons registered to such trade registry and their signature authorizations.
- Public institutions will not request any additional documents from companies except for the documents issued by Trade Registry Offices and the ones published on Turkish Trade Registry Gazette.
III. Allowance to Commercial Enterprises for Establishing Pledge Over Certain Movable Properties
In order to extend the use of movable pledge - a finance instrument in terms of obtaining capital - it has been allowed to establish, solely, pledge over certain group of movable properties within an enterprise without establishing pledge over the whole enterprise.
You may reach the full text of the Omnibus Bill from here.
Bilge Binay Kanat, Senior Associate
Burak Batı, Associate
Orçun Turan, Trainee Lawyer