International Shipping Industry

Turkey is situated in the eastern Mediterranean, lying at the hub of two continents and surrounding by three inland seas as well as on the busy trade routes linking Europe with Caspian region, Medial East and the Far East . It also possesses numerous advantages as a maritime centre, both natural and cultural. Large, safe harbours around the Anatolian Peninsula are plentiful. The commercial harbours are well equipped through the use of the latest technology. The skilled and industrious population is multilingual. Turkey is general politically and economically stable. All these factors have, indeed, served to consolidate the maritime vocation and tradition of Turkey .

Our international shipping services team has a reputation for creative and results-oriented solutions to complex international shipping issues. In environments with multi-country rules, tax treaties and cultural aspects to conducting business, we are often faced with a number of variables which are uncommon in other industries. It should not be forgotten that we are used to handle those shiftings successfully.

In such a dynamic industry as shipping, the pace of change has ever been faster than it is today. Our aim is to enable our customers to use that change to succeed. LEGAL is the first and only one chartered accountant firm in Turkey which is comprehensively addressing shipping companies’ special accounting and financial reporting requirements – such as monitoring profitability by vessel or by route, container cargo maintenance costs, port dues, pilot dues, wharfage and so on. For this reason, approximately an 80 % of the Turkish shipping companies in Turkey prefers to receive a wide range of services provided by LEGAL in auditing, accounting and business consultancy fields. The quality services rendered by our professional international shipping team contain the followings;

  • Integrity and Independence
  • Technical excellence and experience
  • Innovation and Progressiveness
  • High quality
  • Teamwork and mutual support
  • Leadership
  • Managing time efficiently to meet deadlines and goals

The new Turkish International Ship Registration Law , known as TUGS in Turkey , came into force on December 21, 1999 , has brought about significant changes in shipping company administration procedures and has eased more onerous obligations on both companies and their officers. LEGAL had geared up to this challenge and is able to offer the following range of services:

  • Advice on registration of ships under the Turkish flag
  • Informing of the incentives offered by the Turkish government for the Turkish flag carriers
  • Advice on investment tax credit and government subsidies for the shipping companies
  • Advice on tax exemptions on Income and Corporate Taxation
  • Advice on capital gains tax on the sale or transfer of a ship, or the transfer of the shares of the ship-owning company
  • Conducting the independent audits complying with the International Financial Reporting Standards
  • Advice on establishing a firm any where in the world
  • Advice on the possibility of employing any nationality of crew members as long as the Turkish crew comprises a 51 percent of total ship crew
  • Advice on registration procedures of the ships any where in the world.