Entity Types

Anonim Sirketi AS

Stands for: Anonim Sirketi

The Turkish joint stock company, used for regulated sectors, capital markets activity, and groups planning to issue freely transferable shares.

Definition

An **Anonim Sirketi (AS)** is a Turkish joint stock company governed by the Turkish Commercial Code (TTK) No. 6102. Capital is divided into shares (paylar) freely transferable subject to articles, and shareholder liability is limited to subscribed capital. The minimum capital is 250,000 TRY (raised from 50,000 TRY in 2024), or 500,000 TRY for companies adopting the registered capital system available to non-public AS.\n\nAt least 25 percent of the share capital must be paid before registration, with the balance due within 24 months. Governance is led by a board of directors elected by the general assembly. Companies in regulated sectors (banking, insurance, factoring, financial leasing, pension companies, public companies under Capital Markets Board oversight) must be Anonim Sirketi; the form is also required for any business intended to issue bearer shares or list on Borsa Istanbul.\n\nAn AS faces the same corporate tax (currently 25 percent), VAT, and payroll regimes as a Ltd Sti, but with stricter audit obligations once size thresholds are exceeded. Annual general meetings are mandatory, board minutes must be notarised, and dividend distributions follow the TTK profit reserve rules. Listed AS must additionally comply with Capital Markets Board (SPK) regulations, including prospectus, disclosure, and corporate governance principles.

When you'll encounter it

You will see the AS form behind major Turkish companies such as Turkish Airlines (Turk Hava Yollari AO), Garanti BBVA, and most Borsa Istanbul listings. Founders pick AS when launching a regulated financial business, planning a Turkish IPO, or running a holding company with multiple share classes. Foreign multinationals operating regulated subsidiaries in Turkey use AS by necessity. Smaller operating businesses default to Ltd Sti instead.

Used in our guides

FAQ

When is an Anonim Sirketi mandatory?

Banks, insurance companies, financial leasing firms, factoring companies, individual pension companies, and any company whose shares will be offered to the public must be incorporated as an AS. Holding companies and businesses planning to issue bearer or registered share certificates also require AS form. Most other operating businesses can choose between Ltd Sti and AS based on capital and governance preferences.

What is the minimum capital for an AS?

Following the 2024 increase, the minimum capital is 250,000 TRY under the basic capital system, or 500,000 TRY under the registered capital system available to non-public companies. At least 25 percent of cash capital must be paid before registration, with the balance due within 24 months. In-kind contributions require valuation by court-appointed experts.

Can an AS issue different share classes?

Yes. The Turkish Commercial Code allows privileged shares (imtiyazli paylar) with extra voting rights, dividend preferences, or board nomination rights, set out in the articles. Listed AS face additional Capital Markets Board limits on multiple voting shares and corporate governance principles. Privileged share structures are common in family holdings, private equity exits, and joint ventures.

References

  1. Capital Markets Board of Turkiye (SPK) https://www.spk.gov.tr/
  2. Borsa Istanbul https://www.borsaistanbul.com/en