Basic information
Outline of the system
The approval of the Ministry of Trade is required for the items which are classified under the HS Codes 4802.55.15.99.11, 4802.55.25.99.11, 4802.55.30.99.11, 4802.55.90.99.11 and 4802.56.80.99.11 excluding for the importation of banknotes and the like, papers of securities excluding of a kind used for printing share certificates, bonds and other instruments of capital markets and of a kind used for printing cheque books and the papers used for printing cheque book.
The approval of the Board of Capital Markets (BCM) is required for the importation of the papers used for printing share certificates, bonds and other instruments of the capital markets and the instruments of capital markets printed abroad for the purpose of sale to the public. And for the papers not included in BCM Law, applications should be made to the Ministry of Trade.
Product coverage
Please see Products "Papers of a kind for printing banknotes and securities"
Nature of licensing
Automatic
If Automatic, administrative purpose
Non-Automatic
If Non-Automatic, description of the notified Non-Automatic Licensing regime
Products under restriction as to the quantity or value of imports
The system is intended to ensure confidence for the persons in the capital markets.
Questions for products under restriction as to the quantity or value of imports
Not applicable.
The system applies to products originating from which country?
The system applies to goods imported from all countries.
Expected duration of licensing procedure
Legal requirements
Is the licensing statutorily required?
The procedure is mentioned in the Import Communiqué: (Import Communiqué 2020/10) published in the Official Gazette of 31 December 2019, No. 30995 bis. The Communiqué is available at the https://www.resmigazete.gov.tr/eskiler/2019/12/20191231M3-11.htm website link.
Does the legislation leave designation of products to be subject to licensing to administrative discretion?
Is it possible for the government to abolish the system without legislative approval?
It is possible for the Government to abolish the system without legislative approval.
Eligibility of applicants
Is there a system of registration of persons or firms permitted to engage in importation?
What persons or firms are eligible to apply for a licence?
Papers used for printing banknotes and the like, papers of securities and of a kind used for printing government debt securities including papers used in the printing of securities issued by the Privatization Administration are imported only by The Central Bank of the Republic of Turkey.
Papers used for printing cheque books are imported only by banks.
Publicly held companies covered by the BCM Law and whose shares are not subjected to trade on the exchange market shall apply to the BCM for importation of the papers used for printing share certificates, bonds and other instruments of the capital markets.
Is there a registration fee?
There is no registration fee.
Is there a published list of authorized importers?
There is no published list of authorized importers.
Contact point for information on eligibility
Ministry/Authority
Address
Telephone
Fax
E-mail address
Website
Contact officer
Submission of an application
Administrative body(ies) for submission of an application
Ministry of Trade
Documentation requirements
What information is required in applications?
What documents is the importer required to supply with the application?
Required documents for the importation of papers used for printing share certificates, bonds and other instruments of the capital markets in the application are as follows:
- Petition.
- Proforma invoice (with translation) that includes the characteristics of the paper to be imported. Company’s commitment that the paper to be imported will be used by the relevant company for its own needs and do not transfer license to another company without the permission of the Board, Signature circular of Company’s representatives.
- Decision of reasoned competent body that includes distribution of stock denomination.
- Description of the amount of papers to be imported.
Window of submission of an application
How far in advance of importation must application for a licence be made?
It is not specifically defined regarding how far in advance of importation application for a license must be made in legislation in force.
Are there any limitations as to the period of the year during which application for licence can be made? If so, explain
There is no limitation. Applications for approval can be made any time during the year.
Issuing the license
Can a licence be granted immediately on request?
Yes.
Can licences be obtained within a shorter time-limit or for goods arriving at the port without a licence
Which administrative body is responsible for approving application of licences?
The assessment of applications are conducted by Ministry of Trade and Board of Capital Markets (BCM).
Must the applications be passed on to other organs for visa, note or approval?
Are there any other conditions attached to the issue of a licence?
No.
Fees and other administrative charges
Is there any licensing fee or administrative charge?
No.
What is the amount of the fee or charge?
Is there any deposit or advance payment required associated with the issue of licences?
No.
Amount or rate?
Is it refundable?
What is the period of retention?
What is the purpose of this requirement?
Refusal of an application
Under what circumstances may an application for a licence be refused other than failure to meet the ordinary criteria?
If the companies prefer to import more paper for printing share certificates than they need, the requests shall be rejected.
Are the reasons for any refusal given to applicants?
This refusal shall be notified to the Company and a change in the amount of paper to be imported shall be requested.
Have applicants a right of appeal in the event of refusal to issue a licence?
No appeal procedures are specified in provisions of the legislation in force. However, all actions and procedures of the administration is subject to judicial remedy according to constitution.
If so, to what bodies and under what procedures?
The mentioned Autorities may review the objections and reasons within the framework of the provisions of the legislation in force and re-evaluate the application.
Importation
Are there any limitations as to the period of year during which importation may be made?
What documents are required upon actual importation?
One copy of the document which comprises the approval of the Institutions is annexed to the Customs Declaration.
Are there any other administrative procedures, apart from import licensing and similar administrative procedures, required prior to importation?
No.
Conditions of licensing
What is the period of validity of a licence? Can the validity be extended? How?
There is no time limit in the validity of a licence.
Is there any penalty for the non-utilization of a licence or a portion of a licence?
There is no penalty for non-use or partial use of a license issued by BCM.
Are licences transferable between importers? If so, are any limitations or conditions attached to such transfer?
Imported paper may be transferred with the permission of BCM.
Foreign Exchange
Is foreign exchange automatically provided by the banking authorities for goods to be imported?
Not applicable.
Is a licence required as a condition to obtaining foreign exchange?
Not applicable.
Is foreign exchange always available to cover licences issued?
Not applicable.
What formalities must be fulfilled for obtaining the foreign exchange?
Not applicable.