Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Board's activity licence, including banking and payment rails.
Get an investment license in Türkiye.
Everything runs through the Capital Markets Board. Article 39 of Capital Markets Law No. 6362 reserves investment services for firms the Board has permitted, and Communiqué III-39.1 grades intermediary institutions as narrowly, partially or broadly authorised - 45,000,000 TL, 190,000,000 TL and 380,000,000 TL of minimum equity for 2026 under Bulletin 2025/68. Portfolio management companies under Communiqué III-55.1 start at 50,000,000 TL in 2026, and the Board has already fixed 2027 at 500,000,000 TL for a broadly authorised company and 250,000,000 TL for a limited one. The Board decides within six months of a complete file. The market: 66 intermediary institutions and 88 portfolio management companies managing 12.145 trillion TL at the end of 2025 - and our own office in Istanbul.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Türkiye in brief
One Board, three tiers, and a capital figure that moves every January.
Türkiye licenses investment business under Capital Markets Law No. 6362 (Official Gazette 30 December 2012, No. 28513). Article 37(1) lists the services - reception and transmission, execution, dealing on own account, portfolio management, investment advice, underwriting, placing, multilateral trading systems, custody - and article 39 reserves all of them for investment firms the Capital Markets Board has permitted. Communiqué III-39.1 grades intermediary institutions in three tiers: narrowly authorised for order transmission, investment advice and individual portfolio management; partially authorised, adding execution, best-effort underwriting and limited custody; broadly authorised, adding dealing on own account, firm-commitment underwriting and general custody. Article 43 fixes the vehicle: a joint stock corporation, shares registered and paid in cash. Portfolio management companies are a separate licence under Communiqué III-55.1 - collective and individual portfolio management, investment advice as a further authorisation - and every file runs in two stages, an establishment permit (kuruluş izni) and then an activity licence (faaliyet izni).
The figures are annual, and that is the warning. Bulletin 2025/68 of 31 December 2025 sets 2026 minimum equity at 45,000,000 TL for a narrowly authorised intermediary institution, 190,000,000 TL partially, 380,000,000 TL broadly; a portfolio management company needs 50,000,000 TL of initial capital and equity of 150,000,000 TL to 480,000,000 TL by portfolio size. For 2027 the Board has already decided (Bulletin 2026/54): 500,000,000 TL for a broadly authorised portfolio management company, 250,000,000 TL for a limited one. Article 39 gives the Board six months from a complete file. The market rewards the cost: 88 portfolio management companies at the end of 2025 against 73 a year earlier, managing 12.145 trillion TL; 66 intermediary institutions; 2,718 funds. Capital-market institutions pay 30% corporate tax under article 32 of the Corporate Tax Law, not the 25% standard rate, and the Board publishes no application fee. We run the file from our own Istanbul office.
CMB permission under Capital Markets Law 6362: intermediary institutions narrowly, partially or broadly authorised at 45,000,000 / 190,000,000 / 380,000,000 TL for 2026; portfolio management companies at 50,000,000 TL initial capital, 500,000,000 TL broadly or 250,000,000 TL limited from 2027. Six months statutory under article 39.
88 portfolio managers with 12.145 trillion TL, 66 intermediary institutions, YTM cover 2,065,145 TL; 30% corporate tax for capital-market institutions. Run from our own Istanbul office.
The two licences
The portfolio management company - or the intermediary institution.
Two communiqués, one Board: a PYŞ under III-55.1 at 50,000,000 TL of initial capital in 2026, an intermediary institution under III-39.1 at 45,000,000 TL to 380,000,000 TL by authorisation tier. Both re-price each January - we fix the tier and the filing year first.
The PYŞ at 50M TL - or the intermediary institution at 45M-380M TL.
01 - PORTFOLIO MANAGEMENT COMPANY (PYŞ)
The fund and portfolio manager
Collective and individual portfolio management under Communiqué III-55.1, investment advice as a separate authorisation - 50,000,000 TL of initial capital for 2026 and equity of 150,000,000 TL up to 4.8 billion TL managed, 195,000,000 TL to 19.2 billion, 240,000,000 TL to 180 billion, 480,000,000 TL above; a general manager, at least two qualified portfolio managers per collective investment undertaking, research and fund-services units, and a Takasbank custody contract before the activity licence.
Collective and individual portfolio management under Communiqué III-55.1, investment advice as a separate authorisation - 50,000,000 TL of initial capital for 2026 and equity of 150,000,000 TL up to 4.8 billion TL managed, 195,000,000 TL to 19.2 billion, 240,000,000 TL to 180 billion, 480,000,000 TL above; a general manager, at least two qualified portfolio managers per collective investment undertaking, research and fund-services units, and a Takasbank custody contract before the activity licence.
- ✓Collective and individual portfolio management
- ✓Initial capital 50,000,000 TL (2026)
- ✓Equity 150M-480M TL by portfolio size - art. 28
- ✓2027: 500M TL broadly · 250M TL limited
- ✓Two portfolio managers per fund, research unit
- ✓Custody contract with Takasbank first
02 - INTERMEDIARY INSTITUTION
45M / 190M / 380M TL by tier (2026)The broker-dealer
Investment services under Communiqué III-39.1 in three tiers - narrowly authorised (order transmission, investment advice, individual portfolio management) at 45,000,000 TL of minimum equity, partially authorised (adding execution, best-effort underwriting, limited custody) at 190,000,000 TL, broadly authorised (adding dealing on own account, firm-commitment underwriting, general custody) at 380,000,000 TL - with Seri: V, No: 34 capital adequacy running from day one and automatic membership of the Investor Compensation Centre.
Narrowly, partially or broadly authorised under III-39.1 at 45,000,000, 190,000,000 or 380,000,000 TL for 2026 - Seri: V, No: 34 capital adequacy, YTM membership automatic.
- ✓Narrowly authorised - 45,000,000 TL
- ✓Partially authorised - 190,000,000 TL
- ✓Broadly authorised - 380,000,000 TL
- ✓Joint stock corporation, registered shares - art. 43
- ✓Seri: V, No: 34 capital adequacy
- ✓YTM cover 2,065,145 TL per investor (2026)
TL figures per CMB Bulletin 2025/68 (2026) and Bulletin 2026/54 (2027 PYŞ). The Board publishes no application or annual supervision fee, and the 2,000,000 TL still shown in the older PYŞ guide is superseded - we plan on the year you file.
Why Türkiye
Six reasons managers file with the Board.
A growing domestic market with a statutory clock and our own office in it - and one warning that decides the budget.
✓
88 managers, 12.145 trillion TL
Portfolio management companies rose from 73 to 88 in 2025 and their assets from 6.904 to 12.145 trillion TL - the market grew into the cost of entry.12.145 trillion TL managed.
✓
Six months in the statute
Article 39: the Board decides within six months of full submission - two stages, an establishment permit and then an activity licence.Article 39 clock.
✓
Three tiers, three prices
45,000,000, 190,000,000 and 380,000,000 TL for 2026, holding 6, 10 and 50 firms at the end of 2025 - the broad tier is where the industry sits.45M / 190M / 380M TL.
✓
Compensation to 2,065,145 TL
The Investor Compensation Centre's 2026 ceiling per investor, up from 1,645,665 TL, for unmet cash and delivery obligations - membership automatic for every investment firm.2,065,145 TL per investor.
✓
Our own office in Istanbul
Perpa Ticaret Merkezi, A Blok: the establishment file, the founders' vetting and the Takasbank custody contract handled on the ground by our own team.Istanbul, on the ground.
✓
The figure changes every January
The Board re-determines minimum capital annually: a PYŞ at 50,000,000 TL in 2026 is 500,000,000 TL or 250,000,000 TL in 2027 - and capital-market institutions pay 30% tax, not 25%.PYŞ 50M to 500M TL in 2027.
How it compares
How Türkiye differs from other routes.
The honest comparison: a domestic licence in lira, re-priced each year, with a six-month statute - against euro-tiered MiFID licences that passport.
Türkiye vs other jurisdictions
| Feature |  Türkiye | Other jurisdictions |
|---|---|---|
| Regime | Capital Markets Law 6362 - CMB | MiFID II - HCMC, CySEC |
| Capital | 45M-380M TL · PYŞ 50M TL (2026) | €75k-€750k IFR tiers |
| Scope | Domestic · no EU passport | 30 EEA states |
| Timeline | 6 months from a full file (art. 39) | 6 months MiFID II art. 7(3) · 8-14 months Cyprus realistic |
Regime
TürkiyeCapital Markets Law 6362 - CMB
Other jurisdictionsMiFID II - HCMC, CySEC
Capital
Türkiye45M-380M TL · PYŞ 50M TL (2026)
Other jurisdictions€75k-€750k IFR tiers
Scope
TürkiyeDomestic · no EU passport
Other jurisdictions30 EEA states
Timeline
Türkiye6 months from a full file (art. 39)
Other jurisdictions6 months MiFID II art. 7(3) · 8-14 months Cyprus realistic
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Türkiye | CMB - intermediary institution / PYŞ | 30% capital-market institutions · 25% standard | 45M-380M TL · PYŞ 50M TL (2026) |
 Greece | ΑΕΠΕΥ - HCMC | 22% CIT | IFR €75k-€750k, Guarantee Fund €30k |
 Israel | ISA - adviser / marketer / portfolio manager | 23% | NIS 200,000 indexed · no passport |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD €75k-€750k, EU passport |
TürkiyeLicense typeCMB - intermediary institution / PYŞ
Taxation30% capital-market institutions · 25% standard
Requirements45M-380M TL · PYŞ 50M TL (2026)
GreeceLicense typeΑΕΠΕΥ - HCMC
Taxation22% CIT
RequirementsIFR €75k-€750k, Guarantee Fund €30k
IsraelLicense typeISA - adviser / marketer / portfolio manager
Taxation23%
RequirementsNIS 200,000 indexed · no passport
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD €75k-€750k, EU passport
Before you apply
Requirements for the Turkish licence.Requirements for the licence.
The Board permits the company first and licenses the activity second. The checklist below is what both files contain.
01
Joint stock corporation - article 43 of the Capital Markets Law: an anonim ortaklık with all shares registered and issued for cash, capital not below the Board's figure; individuals cannot hold the licence.
02
Capital for the year of filing - 45,000,000 TL narrowly, 190,000,000 TL partially, 380,000,000 TL broadly authorised for 2026 (Bulletin 2025/68); a PYŞ at 50,000,000 TL initial capital in 2026, 500,000,000 TL broadly or 250,000,000 TL limited from 2027 (Bulletin 2026/54).
03
PYŞ equity by portfolio - 150,000,000 TL up to 4.8 billion TL managed, 195,000,000 TL to 19.2 billion, 240,000,000 TL to 180 billion, 480,000,000 TL above (Communiqué III-55.1 art. 28, 2026 figures).
04
Founders - not bankrupt, no licence revoked by the Board, honesty and reputation (dürüstlük ve itibar) per the PYŞ guide.
05
General manager and portfolio managers - a general manager appointed and at least two qualified portfolio managers per collective investment undertaking.
06
Units - a research unit, a fund services unit, internal control and risk management for a PYŞ; internal control, internal audit, risk management and compliance under III-39.1 for an intermediary institution.
07
Custody - client cash and instruments in the client's name at Takasbank and MKK; a PYŞ signs a portfolio custody contract with Takasbank or a Board-authorised custodian before the activity licence.
08
Capital adequacy - Communiqué Seri: V, No: 34 capital adequacy base, position risk, counterparty risk and liquidity requirement for intermediary institutions.
09
Investor Compensation Centre - membership automatic for investment firms; the 2026 ceiling is 2,065,145 TL per investor under article 84(5).
10
Current templates - applications only on the Board's current forms or they are not processed; establishment permit first, activity licence and authorisation certificate second.
01
Joint stock corporation - art. 43.
02
Capital for the filing year.
03
PYŞ equity by portfolio size.
04
Founders vetted.
05
GM and two portfolio managers.
06
Research, fund services, control.
07
Takasbank custody contract.
08
Seri: V, No: 34 adequacy.
09
YTM membership automatic.
10
Current templates only.
Reflects Capital Markets Law 6362, Communiqués III-39.1, III-55.1 and Seri: V, No: 34 and the Board's Bulletins 2025/68 and 2026/54. The Board publishes no foreign-ownership limit and no director-residency rule; we confirm both with the Board rather than assume either.CML 6362 + III-39.1, III-55.1 + Bulletins 2025/68, 2026/54.
How it works
From first call to the activity licence.
01
Tier and vehicle
Intermediary institution by tier or a PYŞ, and which year's capital figure applies - fixed in writing before any drafting.Fixed in writing.
02
Establishment permit
Kuruluş izni from the Board; the joint stock corporation founded with registered shares paid in cash under article 43.Kuruluş izni, company founded.
03
Bench and custody
General manager, portfolio managers, research and fund-services units, internal control - and the Takasbank custody contract signed.People and Takasbank.
04
Activity licence
The faaliyet izni file on current templates; six months statutory from full submission under article 39, then the authorisation certificate.Six months, art. 39.
05
Live in the market
YTM membership automatic, Borsa İstanbul and MKK access, first funds or mandates - running from Istanbul.Running from Istanbul.
Quick facts
RegulatorCapital Markets Board (CMB)
LawCapital Markets Law No. 6362
Narrowly authorised45,000,000 TL (2026)
Partially authorised190,000,000 TL (2026)
Broadly authorised380,000,000 TL (2026)
PYŞ initial capital50,000,000 TL (2026) · 500M / 250M TL (2027)
Statutory clock6 months from a full file
Corporate tax30% capital-market institutions
Article 39 counts six months from full submission, and the Board processes only its current templates - a file on an old form is not processed at all. No official statistics on actual timing exist.
On the ground in Türkiye
Run from our own Istanbul office.
Prifinance - Türkiye
Istanbul · Perpa Ticaret Merkezi, A Blok
Perpa Ticaret Merkezi, A Blok, Istanbul
01
Tier and filing year
Narrowly, partially or broadly authorised, or a PYŞ - and which year's Bulletin figure the company is capitalised to, decided before the first form.Decided before the form.
02
Establishment permit
The anonim ortaklık founded on the kuruluş izni with registered shares paid in cash, founders vetted for bankruptcy, revoked licences and reputation.Company founded on it.
03
Bench and units
General manager, two portfolio managers per fund, research and fund-services units, internal control and risk - hired in Istanbul, where we sit.Hired in Istanbul.
04
Activity licence and launch
The faaliyet izni file on the Board's current templates, Takasbank custody, Borsa İstanbul and MKK access, YTM membership automatic.Custody, access, launch.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of investment firms in Türkiye.
A sector rate above the standard one - 30% for capital-market institutions against 25% - with the reductions the Corporate Tax Law sets and the indirect rates confirmed per structure.
30% for capital-market institutions
Article 32 of the Corporate Tax Law lists capital-market institutions with banks, payment institutions, asset management companies and insurers - an intermediary institution or PYŞ pays 30%, per the Revenue Administration's 2026 rate note.Capital-market institutions.
25% standard
The general rate for companies outside the article 32 list - a holding company above the licensee is tested per structure, never assumed.Standard rate.
Points off the rate
5 points on export income, 1 point on manufacturing income, 2 points for companies listing at least 20% of their shares on Borsa İstanbul.2 for listing, 5 export.
VAT 20% and BSMV
The standard VAT rate is 20%, and banking and insurance transactions bear a 5% BSMV instead; which of the two applies to each service line is confirmed with the Revenue Administration for your structure.BSMV 5% - per structure.
Dividend withholding: per treaty
The withholding rate on dividends to non-residents is confirmed, with the treaty for your holding, in the quote - never assumed from the domestic rate alone.Per treaty, confirmed.
No licence fee
The Board publishes no application or annual supervision fee; the statutory Kurul ücreti is levied on securities issues, not on licences.Kurul ücreti on issues only.
Tax summary
Corporate tax30% capital-market institutions
Standard rate25%
Listing reduction2 points at 20%+ on Borsa İstanbul
VAT20% · BSMV 5% · per structure
Dividend withholdingPer treaty · confirmed per case
*Figures as of 2026 per the Revenue Administration's 2026 corporate-rate note (Corporate Tax Law art. 32). VAT, BSMV and dividend rates are confirmed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Turkish joint stock corporation, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
Active across our channels.
Türkiye · CMB
Launch your investment firm in Türkiye with expert support.
Full-service assistance - from the anonim ortaklık and the establishment permit to the activity licence, the bench, Takasbank custody and launch - run from our own Istanbul office.
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Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Turkish investment licence, answered.
What licence does an investment firm need in Türkiye?+
Permission from the Capital Markets Board under article 39 of Capital Markets Law 6362 for the article 37 services. Brokerage and dealing run through an intermediary institution graded narrowly, partially or broadly authorised under Communiqué III-39.1; fund and portfolio management through a portfolio management company under Communiqué III-55.1.
What capital is required?+
For 2026 under Bulletin 2025/68: 45,000,000 TL narrowly, 190,000,000 TL partially, 380,000,000 TL broadly authorised; a PYŞ needs 50,000,000 TL of initial capital and 150,000,000 TL to 480,000,000 TL of equity by portfolio size. Bulletin 2026/54 sets 2027 PYŞ capital at 500,000,000 TL broadly and 250,000,000 TL limited.
Why do the figures change every year?+
The Board re-determines minimum equity annually by decision - Bulletin 2025/68 of 31 December 2025 for 2026, decision 52/1589 of 28 August 2026 for 2027. The figure that binds is the one for the year the activity licence is applied for, so the budget is set to the filing year, not to today.
How long does the Board take?+
Article 39 gives it six months from the full submission of the documents, in two stages: the establishment permit, then the activity licence and authorisation certificate. No official processing statistics exist, and a file on anything but the Board's current templates is not processed at all.
Can a foreign group own the firm?+
The Board publishes no foreign-ownership limit for intermediary institutions. The vehicle is a Turkish joint stock corporation with registered shares paid in cash (article 43), and its founders must clear the bankruptcy, revoked-licence and reputation tests. There is no EU passport; the cross-border rules of Communiqué III-37.1 are confirmed for your client map before the file is built.
What people does a PYŞ need?+
A general manager, at least two qualified portfolio managers per collective investment undertaking, a research unit, a fund services unit, and internal control and risk management systems - all before the activity licence, alongside the Takasbank custody contract. The Board publishes no director-residency rule.
Is there an investor-compensation scheme?+
Yes - the Investor Compensation Centre (YTM) under articles 82-84 of the Law, with membership automatic for investment firms. It pays unmet cash and delivery obligations from investment services, not advisory losses or market moves, up to 2,065,145 TL per investor in 2026 (1,645,665 TL in 2025).
How are Turkish investment firms taxed?+
30% corporate tax for capital-market institutions under article 32 of the Corporate Tax Law, against a 25% standard rate, with 2 points off for listing at least 20% of shares on Borsa İstanbul. VAT at 20% or the 5% BSMV applies by service line; dividend withholding to non-residents follows your treaty - both confirmed per structure.
Türkiye or Greece for a new firm?+
Greece buys the EU passport: an ΑΕΠΕΥ from the HCMC at €75,000 to €750,000, 22% corporate tax, six months under MiFID II. Türkiye is a lira licence re-priced each January, at 30% tax - for a market of 88 portfolio managers and 12.145 trillion TL. Serving Turkish clients, file in Istanbul; serving Europe, Athens. We model both.
Why Prifinance for Türkiye?+
Our own Istanbul office at Perpa Ticaret Merkezi runs the file: the joint stock corporation on the establishment permit, the bench and units hired locally, the Takasbank custody contract signed and the activity-licence file on the Board's current templates - capitalised to the year you file, not the year you ask.
What licence?+
CMB permission, art. 39.
Capital?+
45M-380M TL · PYŞ 50M TL.
Why annual?+
Board re-prices each year.
How long?+
6 months, two stages.
Foreign owner?+
No published limit.
People?+
GM, 2 PMs per fund.
Compensation?+
YTM 2,065,145 TL.
Taxes?+
30%; VAT per structure.
Or Greece?+
Domestic vs passport.
Why you?+
Own Istanbul office.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Capital Markets Board of Türkiye or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.