Foreign capital investment plays an important role in economic growth and job creation. In order to attract foreign investors, Turkey has adopted various legal regulations. The changes introduced on October 1, 2024 have a significant impact on the evaluation process of work permit applications for foreign partners with a capital share of 100,000 US dollars or more.
With this work permit, your family members (spouse and children under the age of 18) are also entitled to a residence permit. This article deals with the scope of these regulations, the application procedures and the results.
Legal framework
Foreign investors must fulfill certain legal obligations in order to do business in Turkey. Law No. 4817 on Work Permits for Foreigners and the related regulations contain the basic provisions on the issuance and supervision of work permits for foreign investors. With the amendments of October 01, 2024, the applicable procedures have been simplified, especially if the investment amount is USD 100,000 and above.
How to obtain a work permit through an investment?
– Application Procedure: With the amendment, work permit applications must be submitted by foreign investors with a capital share of USD 100,000 or more through companies established in Turkey. It is envisaged that the applications will be submitted to the Ministry of Labor and Social Security.
– Documentation of the investment: It is mandatory to submit the necessary documents to prove the investment amount. This includes documents such as the certificate of incorporation of the company, documentation of the capital increase and bank account statements.
– Duration of the work permit: The work permit is issued for one year if the foreign investors will take an active role in the management of the company. At the end of this period, a new application for renewal of the permit must be submitted.
– Verification and obligations: Foreign investors must fulfill certain obligations in order to obtain a work permit.
Evaluation of the application
Applications are assessed by the Ministry of Labor and Social Security, taking into account criteria such as the general situation of the company and the sustainability of the investment. During the assessment process, the complete and correct submission of the required documentation is crucial for a positive outcome of the application.
Why should you seek the help of a lawyer?
As this process can be complex and detailed, it is very important to seek the help of a lawyer. Consulting a lawyer during the process of applying for a work permit can be beneficial in many ways:
- Accurate information: Lawyers closely follow the changing legislation and provide you with the right information during the application process.
- Fast and smooth processing: Lawyers prepare all the necessary documents and track your application. This makes the process faster and smoother.
- Assessment of special cases: If you have special circumstances, such as family members obtaining work permits, your lawyer will provide you with the most appropriate solutions.
- Appeal process: If your application is rejected, your lawyer will take care of the appeals process.
- Minimizing legal risks: Lawyers minimize the legal risks you may face during the application process.
Conclusion
- On October 01, 2024, the application for work permits for foreign partners with a capital share of USD 100,000 or more was regulated more systematically. Clarifying the requirements for investors to take advantage of business opportunities in Turkey contributes positively to both the local economy and the confidence of foreign investors. However, the complexity of the application process and the careful fulfillment of the requirements for investors are crucial for successfully obtaining a work permit.
