Gemicioglu

  a. Prior to the Public Offering or Sales to Qualified Investors During that period, it is necessary to obtain a permission from the Capital Markets Board (CMP) to transfer preferential shares regardless of the ratio or transfer shares representing ten percent of the VCIT’s capital or more. It is strictly forbidden to register any […]

Trust shares in a Venture Capital Investment Trust (“VCIT”) may be issued to the bearer or as registered shares.  Regulations governing the transfer of shares in a VCIT are provided in Article 16 of the Communiqué (no. III-48.3) on Principles and Rules applicable to Venture Capital Mutual Trusts (“Communiqué”). Regulations therein are defined on the […]

Because of the functions performed by VC Investment Companies and the special conditions under which they exist, certain attributes are required for both their shareholders and their directors. In the case of conversions into VC Investment Companies, the existing shareholders must possess the qualifications specified in article 6 of the Communiqué. Accordingly, existing shareholders: Must […]

Applications for conversion should be filed with the CMB by submitting a conversion application form, the format and content of which is to be determined by the CMB, together with any documentation indicated in such form. An application submitted to the CMB should at a minimum cover a feasibility study containing information about the sectors […]

The transformation of the Joint Stock Company into a Venture Capital Investment Trust is also approved by the Capital Markets Board. The Communiqué on the Principles of Venture Capital Investment Companies (III-48.3) (“Communiqué”) as prepared by the Capital Markets Board (“CMB”) on the basis of articles 48 and 49 of the CMLaw to regulate the […]

Because technological advancement is a part of and goal for public policy and to ensure that venture capital investments, which provide significant contributions to technological advancement, are both regulated and productive, VC Investment Companies and their shareholders have been granted a number of tax benefits as explained below. Even though as joint stock corporations VC […]