- 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 in which the company plans to invest, investment strategy, goals on when to exit the investment, periods scheduled for capital increases and public offerings or sales to qualified investors, amounts of scheduled capital increases, and the scope of consulting services to be received or provided.
- If the CMB approves the application, a request must be submitted to the Ministry of Commerce for the approval of the amendments to the articles of association together with documents showing that the capital has been paid in accordance with the provisions of the Communique as well as any other necessary documentation.
- With respect to conversion, the general assembly meeting during which the amendments to the articles of association will be approved should be held at the latest within 30 days of receiving the relevant CMB approval and such general assembly resolution must be registered with the trade registry at the latest within 15 days after the general assembly meeting.
- Companies must send the documentation pertaining to the registration of the general assembly resolution on conversion with the trade registry and announcement thereof on the Turkish Trade Registry Gazette, to the CMB at the latest within six business days of the announcement.
