Joint Stock Company (A.Ş.)

A joint stock company is a commercial company with a fixed share capital divided into shares, liable for its debts only with its own assets. Shareholders are only obliged to pay the capital they have subscribed (TCC Art. 329). Companies aiming to raise investment, ease share transfers or go public later usually choose this form.

Key Features

• Minimum capital: TRY 250,000; for non-public companies adopting the authorised capital system, initial capital must be at least TRY 500,000.
• Incorporation: May be set up with a single shareholder; at least 25% of shares subscribed in cash is paid before registration.
• Organs: General assembly and board of directors; independent audit where thresholds are met.
• Share transfers: Free as a rule; transfers of registered shares may be restricted by the articles (TCC Art. 493).
• Flexibility: Preferred shares, share classes and the authorised capital system can be used.

2026 Deadline

Law No. 7511 raised the minimum capital for companies incorporated from 1 January 2024. Joint stock companies incorporated earlier with capital below this amount must increase their capital to the minimum by 31 December 2026. At the general assembly for this increase, no meeting quorum is required, resolutions are passed by a majority of votes present and privileges cannot be used. A company that does not increase its capital is deemed dissolved and enters liquidation. The Ministry may extend the period by one year at a time, at most twice.

Difference from a Limited Liability Company

In a joint stock company, share transfers are easier, shareholders’ personal liability for the company’s public debts is more limited than in a limited liability company, and investor rights can be structured more flexibly. In exchange, governance and recording obligations are heavier. See Limited Liability Company and Shareholder Liability for Public Debts. For incorporation steps, see our guide Setting Up a Company in Turkey.