Istanbul Hotels

Article 1: This law encompases the matters related to the establishment of free zones; the determination of their location and boundaries; their management; the scope of their activities; their operation; and the establishment of the installations and facilities within the zone; with the objective of increasing export-oriented investment and production in Turkey accelerating the entry of foreign capital and technology; procuring the inputs the economy in an economic and orderly fashion; and increasing the utilization of external finance and trade possibilities.

Authority

Article 2: The Council of Ministers is empowered with the authority to determine the location and the boundaries of the free zones. The Council of Ministers grants permission for the establishment and operation of free zones to public institutions and agencies, resident or non-resident real persons or legal entities.

Definitions

Article 3: In the implementation of this Law:

a) "Operator" signifies the public institution and agency; the resident and nonresident real persons or legal entities operating the free trade zone.

b) "User" signifies the real and legal person bearing an Operaing License and having a specific place of business within the free trade zone.

c) "Foreign Exchange" refers to all currencies, or all types of accounts or bills, considered as being convertible by the Central Bank of the Republic of Turkey.

Activities

Article 4: All kinds of industrial, commercial and service activities approved by the Economic Affairs Supreme Coordination Council may be carried on within the free zones.

Any authority regarding prices, quality and standarts granted to public institutions and agencies by laws or other legislation will not be valid in the free zones.

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