Turkey
Financial Reporting Obligations for Companies in Turkey
1. Registry for Submission of Financial Statements
In Turkey, companies are required to submit their financial statements and annual reports to the "Ticaret Sicil Müdürlüğü" (Trade Registry Office). The official registry can be accessed through the Central Trade Registry System (MERSİS).
Public Access to Financial Statements
In Turkey, financial statements of listed companies are publicly available through the Public Disclosure Platform (KAP) (https://www.kap.org.tr/en/ ).
However, financial reports of private companies (LLCs and other non-listed entities) are not publicly accessible. Such reports are filed with regulatory authorities but are not disclosed to the general public.
2. Legal Forms Required to Publish Financial Statements
- Anonim Şirket (A.Ş.) – Joint Stock Company: Obliged to submit and publish financial statements.
- Limited Şirket (Ltd. Şti.) – Limited Liability Company: Obliged to submit and publish financial statements.
- Sermayesi Paylara Bölünmüş Komandit Şirket – Partnership Divided by Shares: Obliged to submit financial statements (treated similarly to A.Ş.).
- Kooperatif – Cooperative: Obliged to submit financial statements based on size and type.
- Yabancı Şube – Foreign Branch: Obliged to submit financial statements to the Trade Registry.
- Komandit Şirket – Limited Partnership: Partially obliged. If legal entities are partners, or specific sector rules apply, financial statements may need to be published.
- Kollektif Şirket – General Partnership: Not obliged to publish financial statements unless required by specific regulations.
- Şahıs Şirketi – Sole Proprietorship: Not obliged to publish financial statements.
- Adi Ortaklık – Ordinary Partnership: Not obliged to publish financial statements (no separate legal personality; partners are taxed individually).
- Dernek – Association / Vakıf – Foundation: Not required to submit to Trade Registry, but subject to their own internal reporting rules under association/foundation law.
Note: Sole Proprietorships and Ordinary Partnerships are typically small, non-incorporated entities and therefore outside the public disclosure regime applied to corporate entities.
3. Audit Requirements for Financial Statements
Some companies must have their financial statements audited if they meet thresholds in the Turkish Commercial Code and the Council of Ministers Decision No. 2018/11597. Thresholds are based on total assets, net sales, and number of employees.
| Legal Form (Original & English) | Rule | Criteria (meet any two) |
| Anonim Şirket (A.Ş.) – Joint Stock Company | Mandatory audit if criteria are met | 1) Total assets (no less than) TRY 35 million 2) Net sales (no less than) TRY 70 million 3) Number of employees (no less than) 175 |
| Limited Şirket (Ltd. Şti.) – Limited Liability Company | Mandatory audit if criteria are met | 1) Total assets (no less than) TRY 35 million 2) Net sales (no less than) TRY 70 million 3) Number of employees (no less than) 175 |
| Sermayesi Paylara Bölünmüş Komandit Şirket – Partnership Divided by Shares | Mandatory audit if criteria are met | 1) Total assets (no less than) TRY 35 million 2) Net sales (no less than) TRY 70 million 3) Number of employees (no less than) 175 |
| Kooperatif – Cooperative | Mandatory audit based on size/structure | Subject to similar criteria as A.Ş. and Ltd. Şti. OR if capital (no less than) TRY 1.5 million |
| Komandit Şirket – Limited Partnership | Audit required only in specific cases | Generally, no audit unless legal entity partners exist or specific regulatory rules apply |
| Kollektif Şirket – General Partnership | No general audit obligation | Only subject to audit if meeting special regulatory conditions |
Public Interest Entities (PIEs)
- Publicly listed companies (on Borsa İstanbul) are subject to mandatory independent audit regardless of size.
- Financial institutions (banks, insurance companies, financial service providers) are always subject to independent audit.
Small and Micro Businesses (Küçük ve Mikro İşletmeler)
- Generally not required to undergo independent audits, unless they voluntarily choose to or are in a regulated industry requiring audits.
Criteria for Independent Audits (2018/11597 Decision)
For companies that are not PIEs but meet the following criteria, independent audits are mandatory:
- Total Assets exceeding TRY 35 million
- Net Sales Revenue exceeding TRY 70 million
- Average Number of Employees exceeding 175
Any two of the three criteria must be met. Thresholds are evaluated annually.
4. Stock Exchange Reporting
Companies listed on the local stock exchange must publish their financial statements on Borsa İstanbul (Istanbul Stock Exchange).
5. Deadline for Submission of Financial Statements
- Anonim Şirket (A.Ş.) / Limited Şirket (Ltd. Şti.): Must submit by the end of the third month following the fiscal year-end (31 March).
- Kooperatif: Deadlines depend on the cooperative's general assembly, generally within six months after fiscal year-end.
6. Partial Financial Statements
No explicit requirement for partial financial statements, but interim reports may be required for listed or regulated entities.
7. Consequences of Late Submission
- Fines: Administrative fines can be imposed by the Trade Registry Office.
- Legal Action: Persistent non-compliance may lead to legal proceedings.
- Striking Off the Register: In extreme cases, the company may be removed from the registry.
8. Special Conditions for Foreign-Owned Branches or New Companies
- Reporting Obligations: Must submit initial financial statements within a specified period after establishment.
- Different Deadlines: May apply if part of an international group with different fiscal year-ends.
Sources
| Source | Link |
| MERSİS (Merkezi Sicil Kayıt Sistemi – Central Trade Registry System) | https://mersis.gtb.gov.tr |
| Borsa İstanbul (Istanbul Stock Exchange) | https://www.borsaistanbul.com |
| Turkish Commercial Code (Türk Ticaret Kanunu) | https://www.mevzuat.gov.tr/MevzuatMetin/1.5.6102.pdf |
| Council of Ministers Decision No. 2018/11597 (Official Gazette) | https://www.resmigazete.gov.tr |
| Start Companies Search | Order Credit Report |
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