08.08.2017
The text below is prepared according to the Communiqué about Commercial Books established in the Official Gazette dated 19 December 2012 and numbered 28502 and prepared by the Ministry of Customs and Trade and the Ministry of Finance.
1- WHICH BOOKS ARE SUBJECT TO CLOSURE RATIFICATION IN LIMITED COMPANIES?
(1) Day Book
2- THE PERIOD OF CLOSURE RATIFICATION OF THE BOOKS
* the closure ratification of day books should be made until the end of June (sixth month) of the subsequent year.
3- IF ONE WOULD LIKE TO USE THE BOOKS IN THE FOLLOWING YEAR, WHEN HE/SHE SHOULD MAKE THE CLOSURE RATIFICATION OF THE BOOKS?
* If one would like to use the book being entitled to closure ratification in the following year; firstly he/she should make the closure ratification on January of the subsequent year and then he/she should make an interim ratification until the end of January in order to use it in the New Year. It means closure ratification will not be made in June, but it should be made in January.
4- IS THE MINUTE BOOK OF BOARD OF DIRECTORS SUBJECT TO RATIFICATION?
No.
Limited Companies do not have to keep Minute Book of Board of Directors. They may keep decision books for the decisions taken.
On the other hand, if one ratifies the Minute Book of Board of Directors along with the Decision Book, the Decision of Board of Directors should be recorded in that book and those books are subject to closure ratification in January of the subsequent year.
After the closure ratification of Decision Book of Board of Directors if company wouldn’t like to use it, the new book shouldn’t be ratified and Decision Book should be used in the subsequent year instead of that.
5- HOW MANY YEARS SHOULD A LIMITED COMPANY KEEP ITS BOOKS?
Limited Companies should keep their commercial books that they have to keep and the documents related to the recordings of those books for 10 years by classifying them.
Even if period of limitation for books and documents is 5 years according to the Tax Procedure Law, it is obligatory to keep them for 10 years according to Turkish Commercial Code. (-253)
Source: the Communiqué about Commercial Books established in the Official Gazette dated 19 December 2012 and numbered 28502 and prepared by the Ministry of Customs and Trade and the Ministry of Finance
