<a fr-original-style="" href="https://www.linkedin.com/in/av-muhammed-kerem-%C5%9Fenol-ll-m-160a82b0/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">Muhammed Kerem Şenol</a>*The Istanbul Finance Center (IFC) stands out as the most significant project of recent years when considering the innovations it brings and the gains it targets.The Istanbul Finance Center Law No. 7412, which officially establishes the IFC and regulates the tax exemptions, exceptions, discounts, and incentives for the activities to be carried out in the IFC, was published in the Official Gazette on 28 June 2022 and entered into force.<h2 fr-original-style="" style="margin: 0px; color: rgba(0, 0, 0, 0.85); font-weight: 500; padding: 0px; box-sizing: border-box;">What is Turkey aiming for?</h2>The Law aims to increase Turkey's financial competitiveness in the international arena, strengthen the global integration of finance and capital markets, and make Istanbul one of the global financial centers by taking advantage of its geostrategic position.<h2 fr-original-style="" style="margin: 0px; color: rgba(0, 0, 0, 0.85); font-weight: 500; padding: 0px; box-sizing: border-box;">What is in the IFM? Who will operate?</h2>IFC has 1.4 million square meters of office space, 100 thousand square meters of a shopping center, a conference center with a capacity of 2.100 people, a hotel, and a parking lot with a 26 thousand vehicle capacity. Thus, IFC is a gigantic ecosystem that will be managed with a smart city model, established with the motto of meeting all the needs of the business world.For now, institutions and organizations such as the Central Bank of the Republic of Turkey (CBRT), the Banking Regulation and Supervision Agency (BRSA), the Capital Markets Board (CMB), Borsa Istanbul, Ziraat Bank, Halkbank, Vakıfbank, Türkiye Sigorta, and İŞ GYO will move their operations to the IFM. But it's known that the IFC is closely followed by domestic and foreign organizations that want to benefit from the advantages brought by the Law.<h2 fr-original-style="" style="margin: 0px; color: rgba(0, 0, 0, 0.85); font-weight: 500; padding: 0px; box-sizing: border-box;">Innovations brought by the IFC</h2>With the IFC, the Presidential Finance Officer (CFO) has expected to become even more prominent, as it is necessary to obtain a participant certificate from the CFO to operate in the office space of the IFC and benefit from the advantages brought by the Law.Institutions and organizations that qualify to operate in the IFC by obtaining a participant certificate can benefit from various exemptions, employment advantages, and incentives, including discounted corporate tax, fee, and tax exemptions.Participants can also freely choose the law in all kinds of transactions and contracts subject to private law, provided that they fulfill the conditions required by the Law. In addition, the participants are relieved from the burden of making all kinds of transactions, agreements, contracts, and communications between themselves and within the scope of the activities they carry out in the IFC in Turkish.There is another new concept that will enter our lives with the Law: One Stop Office. Designed as an office where representatives from all relevant institutions will be present, the One-Stop Bureau aims to enable participants to apply for permits, licenses and similar approvals for their activities from a single center and quickly.<h2 fr-original-style="" style="margin: 0px; color: rgba(0, 0, 0, 0.85); font-weight: 500; padding: 0px; box-sizing: border-box;">There is only one question in mind: What if it works?</h2>IFC was criticized for its alleged cost of more than USD 3 billion. But those who believe in the project argue that the IFC will soon become one of the world's largest financial centers.Whatever the case, it is necessary to get rid of the illusion that "Turkey cannot do it," to believe in Turkey's potential, work in line with this potential and understand the global trend.It is difficult to predict the fate of the IFC, which is planned to become operational in the coming days. But it is expected to contribute to the variation of world financial centers and be an alternative stop for the capital fleeing from the one-sided justice of the pragmatist West which has almost collapsed the assets of Russian oligarchs on the grounds of security concerns but make alliance with the Saudis by turning a blind eye to their disclosed and proven lawlessness.*Lawyer

Presidential Finance Officer ile ilgili hikayeler