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What Are The Conditions for Obtaining a Work and Residence Permit by Establishing a Company in Montenegro? 14 May 2019
Montenegro has received the status of “candidate country” for membership of the European Union and Montenegro is expected to be a member of the European Union in the near future. Montenegro attracts the intense interest of investors due to its developing economy and its close proximity to EU membership. It is possible to obtain work and residence permit by establishing a company in this country which has great potential and advantages. In order to do this, it is sufficient to deposit minimum 1 Euro capital to the company to be established and to apply for work and residence permit following the establishment of the company.
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The Movable Pledge within the Scope of Law on Movable Pledge Registry-Tares 19 April 2019
Law on Movable Pledge in Commercial Transactions (“Movable Pledge Law”) entered into force in 01.01.2017 and brought a number of innovations including commercial enterprise pledge by abolishing Law on Commercial Enterprise Pledge (“Abolished Pledge Law”).
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Debt Restructuring Transactions 27 March 2019
Due to the recent economic troubles in our country, many companies have suffered financial difficulties and have started to experience difficulties on paying their debts. This situation also negatively affects the flow of money and indirectly financial strength of the companies that are credited from aforesaid companies. Therefore, most cases in practice debt restructuring contracts/ exchange underwriting are signed and the maturities of the firms’ debts and collaterals received have been changed / renewed. Unfortunately, debt restructuring / installment transactions, which are mostly concluded without detailed information, cause companies to suffer greater losses.
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What Are The Required Conditions to Acquire Montenegrin Citizenship? 22 March 2019
From time to time, the decisions of the Montenegrin Economic Citizenship Program (“Program”) and the procedures and criteria for acquiring Montenegro citizenship are shared with the public by the Montenegrin government.
In light of recent developments, with the decision published in the Official Gazette of Montenegro no 79/2018 “The Decision on Criteria, Method and Procedure for Selection of Persons Who May Acquire Montenegrin Citizenship by Admission for the Implementation of a Special Investment Program of Particular Importance for the Business and Economic Interest of Montenegro” (“Decision”) has entered into force on January 1, 2019 and will continue until 31 December, 2021. The applications to be accepted in this period are limited to 2000 foreign investors.
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What is Technical Bankruptcy? What are The Procedures And Principles To Comply With? 20 March 2019
The extent to which the financial distress of capital companies affects the company's capital is important in terms of determining whether the company fall into scope of capital losses or over indebtedness that is also known as technical bankruptcy.
Procedures and principles to be complied in the event of capital loss or over indebtedness of capital companies that are regulated in general terms under Article 376 of the Turkish Commercial Code (“TCC”) are clarified with The Communiqué on the Principles and Procedures for the Application of Article 376 of the Turkish Commercial Code No. 6102 (”Communiqué”) which was published in the Official Gazette dated 15 September 2018 and became effective upon its publication. In general terms, while bringing in regulations parallel to Article 376 of t...
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Deadline for Liquidation Applications in Public Procurement Contracts Approaches 13 March 2019
Due to the economic difficulties experienced in recent years in our country and the unexpected increase in the price of manufacturing inputs as a result of the change in the exchange rates, the contractors who have difficulties to continue the public procurement contracts that they have executed were granted the right to liquidate or transfer the existing contracts.
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What Are the Requirements to Benefit from Employer’s Share Incentive of Unemployment Insurance Premium? 26 February 2019
As remembered, a number of amendments were made on Law on Unemployment Insurance no. 4447 (“Law”) with Article 25 of the Law on the amendments on Labor Health and Safety and other Laws and Statuary decrees in 04.04.2015. Within this scope, Communique on the Procedures and Principles Regarding The Benefit From Employer’s Share Incentive of Unemployment Insurance Premium In the Workplace Which is Classified as Very Dangerous and Have More than 10 Employees (“Communique”) was published in Official Gazette no. 36042 in December 31 2018 .
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What Are the Penalties Imposed on the Crime of Causing a Cheque To Be Dishonored? 1 February 2019
A number of amendments have been introduced to the Cheque Law No. 5941 (“Cheque Law”) in order to improve the investment environment. With this amendment, various sanctions have been envisaged for the person responsible for the consideration of the cheque in the relevant bank account in order to increase the confidence in cheque as an instrument of payment frequently using in the business life and to eliminate the usage of dishonored cheque.
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Is It Possible to Obtain an E-2 Treaty Investor Visa by Making a Real Estate Investment in America? 22 January 2019
“E-2 Treaty Investor Visa” classified as Commercial Treaty Investor Visa is a nonimmigrant visa given to people who need going to the USA and being there for a while in order to make a significant trade between the USA and Turkey or to manage or develop the business in which he invested a substantial amount of capital.
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Do Neighbors Have the Pre-emption Right in the Sale of Agricultural Lands? 16 January 2019
Legal pre-emption right which is granted to the land owners whose land borders the agricultural lands with the amendments on Soil Protection and Land Use Law no. 5403 (“Law no. 5043”) has a lot of features parallel to the regulations of the Turkish Civil Code (“Civil Code”) in terms of the method and conditions of use of the right in conjunction with its unique characteristic. In practice, it is seen that this regulation which was enacted by the legislator to ensure public interest in an attempt to prevent agricultural lands from losing its functionality and entirety by dividing, creates great problems for the owners.
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