Minimum Capital Increase in Turkey: 2027 Compliance Guide

The deadline for raising capital to the new statutory minimums was extended from 31 December 2026 to 31 December 2027 by the Ministry of Trade Communiqué on the Extension of the Period for Joint-Stock and Limited Liability Companies to Increase Their Capital to the New Minimum Amounts, published on 17 October 2026; the amounts themselves did not change. Amounts are in Turkish lira (TRY): the minimum is TRY 250,000 for joint-stock companies, TRY 50,000 for limited liability companies, and TRY 500,000 in initial and issued capital for non-public joint-stock companies under the registered capital system. A joint-stock or limited liability company that remains below the applicable amount and does not resolve and register the increase is deemed dissolved at the end of the period; for a non-public joint-stock company under the registered capital system the consequence, depending on its issued capital, is deemed exit from that system or dissolution.

What Is the Minimum Capital Increase?

The minimum capital increase is the raising of a company’s share capital to the statutory minimum where its capital is below that amount. The obligation stems from provisional Article 15 of the Turkish Commercial Code and applies to companies below the threshold.

Is the Deadline 31 December 2026 or 2027?

The deadline was originally 31 December 2026. Provisional Article 15, added to the Turkish Commercial Code (TCC) No. 6102 by Law No. 7511, read as follows:

Provisional Article 15(1) of the TCC (unofficial translation):
“Joint-stock and limited liability companies whose capital is below the minimum capital amount shall increase their capital to the amounts set out in Articles 332 and 580 by 31/12/2026; otherwise they shall be deemed dissolved. Non-public joint-stock companies that have adopted the registered capital system and whose issued capital is at least two hundred and fifty thousand Turkish liras shall be deemed to have exited that system if they do not increase their initial and issued capital to five hundred thousand Turkish liras by that date.”

The communiqué published in the Official Gazette of 17 October 2026 (No. 33403) extended that period by one year:

Article 2 of the Communiqué (unofficial translation):
“Pursuant to the first paragraph of provisional Article 15 of Law No. 6102, the period allowed for joint-stock and limited liability companies whose capital is below the amounts set out in Articles 332 and 580 of Law No. 6102, and for non-public joint-stock companies that have adopted the registered capital system and whose initial and issued capital is below the amounts specified in those Articles, to increase their initial and issued capital to the new minimum amounts has been extended until 31/12/2027.”

The communiqué entered into force on the date of publication. As of 29 October 2026, therefore, the operative deadline is 31 December 2027; pages that still state 31 December 2026 are out of date.

The Ministry of Trade may extend the period for one year at a time, up to two times:

Provisional Article 15(3) of the TCC (unofficial translation):
“The Ministry of Trade may extend the period set out in the first paragraph for one year at a time, up to two times.”

The communiqué of 17 October 2026 is the first use of that power; no second extension has been announced. Planning should be based on 31 December 2027, not on the expectation of a further extension.

Which Companies Are in Scope?

Scope and amounts, as of 29 October 2026, are as follows:

• Joint-stock company (A.Ş.): TRY 250,000 of share capital.
• Limited liability company (Ltd. Şti.): TRY 50,000 of share capital.
• Non-public joint-stock company under the registered capital system: if issued capital is at least TRY 250,000, TRY 500,000 for both initial and issued capital.

A company whose capital is below the relevant figure is in scope; a company with capital above it has no obligation to increase. Companies incorporated after 1 January 2024 were set up with the new amounts and are therefore unaffected in practice; for the incorporation process, see our article on company formation. In public joint-stock companies the capital regime is governed by capital markets legislation, which Article 332(4) reserves. For these companies, scope should be confirmed with the Trade Registry Directorate (Ticaret Sicili Müdürlüğü) before the transaction. The procedure for capital increases in public companies is governed by Capital Markets Law No. 6362 and the related communiqués; the procedural description in this article is intended for non-public companies. Joint-stock or limited liability companies operating as banks, insurers, financial leasing companies or energy companies must also satisfy the capital requirements of their own legislation; they remain within the TCC minimums as well.

The Amounts Have Not Changed Since 2024

The amounts were raised by Presidential Decision No. 7887, published in the Official Gazette of 25 November 2023 (No. 32380) and corrected in the Official Gazette of 26 November 2023 (No. 32381), with effect from 1 January 2024. Share capital rose from TRY 50,000 to TRY 250,000 for joint-stock companies and from TRY 10,000 to TRY 50,000 for limited liability companies; initial capital for non-public joint-stock companies under the registered capital system rose from TRY 100,000 to TRY 500,000. The communiqué of 17 October 2026 changed only the deadline; it did not touch the amounts.

How Much Must Be Increased?

The required increase is the difference between the threshold and the existing capital: TRY 30,000 for a limited liability company with TRY 20,000 of capital, TRY 150,000 for a joint-stock company with TRY 100,000. A company may resolve on a larger increase; the statute only requires that capital not remain below the threshold. Any part above the threshold, and any other amendment to the articles, are subject to the quorum rules in the general provisions rather than the special quorum in provisional Article 15; the compliance increase should be tabled as a separate agenda item.

Any unpaid share capital must be paid up before the increase; unpaid amounts that are not significant in proportion to capital do not prevent it:

Article 456(1) of the TCC (unofficial translation):
“Except for an increase from internal resources, capital may not be increased while the cash consideration for shares has not been paid in full. Unpaid amounts that are not significant in proportion to capital do not prevent an increase.”

This is a common obstacle in practice: in a company whose capital appears to be below the threshold, the shareholders’ failure to pay their earlier subscriptions may block the increase. The 11th Civil Chamber of the Court of Cassation (Yargıtay) has stated that, in reviewing a capital increase resolution, the requirements of Article 456(1) must be examined by the court of its own motion (11th Civil Chamber, 6 May 2025, E. 2024/3162, K. 2025/3128; E. and K. are the case and decision numbers).

For a joint-stock company whose capital is between TRY 50,000 and TRY 250,000, an increase is not the only option; the company may convert into a limited liability company (Article 181(1)(a) of the TCC). Because the incorporation rules of the new type apply on conversion (Article 184(1)), the limited liability company must have capital of at least TRY 50,000 (Article 580; Presidential Decision No. 7887). This route does not benefit from the relaxed quorum in provisional Article 15. The conversion resolution is adopted by two-thirds of the votes present at the general assembly, provided that those votes represent two-thirds of the share capital or of the issued capital; if additional payment or personal performance obligations will arise, all shareholders must consent (Article 189(1)(a)). A Ministry representative must attend the general assembly that discusses the conversion. Single-shareholder companies are exempt from this requirement, except those whose incorporation and amendments to the articles are subject to Ministry authorization (Article 32(1)(a) and 32(2) of the Regulation on the Procedures and Principles of General Assembly Meetings of Joint-Stock Companies and the Ministry Representatives to Attend Them, the “Ministry Representatives Regulation”). Because shareholders of a limited liability company are also bound by any additional payment and ancillary performance obligations provided for in the articles of association (Article 573(2)), the choice should not be based on the capital amount alone. A company that is no longer active may, instead of waiting to be deemed dissolved, choose dissolution and liquidation by a general assembly resolution (Article 529(1)(d) for a joint-stock company; Article 636(1)(b) for a limited liability company).

Cash or Internal Resources?

The increase may be funded in cash, through a contribution in kind, or from internal resources; valuation and transfer of a contribution in kind are subject to the incorporation rules (Articles 342 and 343, applied by Article 459(3), of the TCC). Internal resources are reserves not earmarked for a specific purpose, the freely available part of statutory reserves, and funds that legislation permits to be added to capital (Article 462 of the TCC). An increase from internal resources does not require new money from the shareholders, but the existence of the resource in the company must be verified by an approved balance sheet and a statement of the management body; if more than six months have passed since the balance sheet date, a new balance sheet must be prepared (Article 462(2)).

Where the balance sheet contains funds that may be added to capital, capital may not be increased solely by cash subscriptions unless those funds are first converted into capital (Article 462(3)). Whether items such as inflation adjustment differences fall within that rule is assessed on the basis of the balance sheet and the relevant legislation. The balance sheet items should therefore be reviewed before the method of increase is chosen. An increase from internal resources becomes final on registration of the resolution and the amendment to the articles; on registration, the existing shareholders automatically acquire the bonus shares in proportion to their holdings. The right to bonus shares cannot be removed or restricted, and it cannot be waived (Article 462(3)). Capital may also be increased by subscription at the same time as, and in the same proportion as, the conversion of funds into capital.

A third route is to set off a shareholder’s receivable from the company against the capital subscription; the statement must describe the existence and validity of the debt and whether it is capable of set-off (Article 457(2)(a)). A limited liability company may also increase capital from internal resources; the required documents are set out in Article 94(1)(c) and 94(2) of the Trade Registry Regulation and are described below.

The payment schedule differs by company type. In a joint-stock company at least 25% of the cash subscription must be paid before registration and the balance within 24 months of registration; Article 459(3) applies Article 344, on payment of the share price, by analogy. In a limited liability company the 25% pre-registration payment is not required, whether at incorporation or on an increase (Article 590, which refers to the incorporation rules, and the express exception in Article 585(1)). The 24-month cap in Article 344 also applies by analogy to payment of the balance in a limited liability company.

In a joint-stock company the board signs a statement for registration according to the type of increase. In a cash increase the statement describes the subscription and payment; in an internal-resources increase it states that the resource genuinely exists (Article 457). The statement must give the information clearly, completely, accurately and honestly.

The documents required for the registration application differ by company type. In a joint-stock company, the applicant submits a notarized copy of the general assembly resolution, the amended articles showing that all shares have been subscribed, the board statement, a report by a certified public accountant (mali müşavir) or an auditor, and a document showing that the Competition Authority fee has been paid. Depending on the type of increase, it also submits a bank letter showing that at least 25% of the share price has been deposited with a bank (cash increase) or an expert valuation report (contribution in kind) (Article 73 of the Trade Registry Regulation). In a joint-stock company, an application to register the board resolution on the procedure for exercising preemptive rights is also made before the increase is registered (Article 72(3) of the Regulation). In a limited liability company, the applicant submits a notarized copy of the general assembly resolution, the amended articles of association, the certified public accountant’s or auditor’s report, an expert valuation report for a contribution in kind, and a document showing that the Competition Authority fee has been paid. This list does not include a board statement. A bank letter is required only if the articles of association provide for part of the share price to be paid before registration. Where a limited liability company increases capital solely from internal resources, the report may be replaced by a clear written statement of the board of managers and the annual balance sheet approved by the general assembly. If more than six months have passed since the balance sheet date, an interim balance sheet approved by the board of managers is submitted instead (Article 94 of the Regulation). On a capital increase, the Competition Authority fee is four ten-thousandths of the amount by which the capital is increased (Article 39(1)(c) of the Law on the Protection of Competition No. 4054).

General Assembly Resolution and Quorum

A special quorum rule applies to the compliance increase:

Provisional Article 15(2) of the TCC (unofficial translation):
“No meeting quorum shall be required at general assembly meetings held to increase capital to the amounts set out in Articles 332 and 580; resolutions shall be adopted by a majority of the votes present at the meeting, and no privilege may be exercised against such resolutions.”

For this increase only, the provision displaces the meeting quorum for amendments to the articles of a joint-stock company (Article 421). In a limited liability company, it likewise displaces the quorum required for a capital increase, namely that the resolution carry at least two-thirds of the votes represented together with an absolute majority of the entire share capital carrying voting rights (Article 621(1)(d)). A majority of the votes present suffices; what matters is the voting rights represented, not the number of shareholders. A holder of privileged shares cannot exercise its privilege against the resolution. A minority shareholder therefore cannot block the compliance increase through the quorum; the resolution may, however, be challenged in an action for annulment on grounds other than quorum, such as breach of the law, the articles or the principle of good faith. How grounds of nullity and non-existence can be raised after registration, and the time limits for bringing an action, are explained below under registration.

Provisional Article 15 governs only the quorum, the majority of votes and the exercise of privileges. No privilege may be exercised against the compliance increase resolution. The question of a special meeting arises only where the increase resolution is of a nature that infringes the rights of holders of privileged shares (Article 454(1) of the TCC). According to the legislative reasoning, the aim is to prevent holders of privileged shares from using their privileges to block the capital increase made for compliance (Turkish Grand National Assembly (TBMM), Report No. 110 (Sıra Sayısı 110), reasoning for Article 16 of the bill; the provision was enacted as Article 17 of Law No. 7511). The legislative reasoning therefore supports the interpretation that the compliance increase does not require the approval of the special meeting of privileged shareholders under Article 454. That conclusion is not settled, however. In the previous compliance period, Article 20(2) of Law No. 6103 on the Entry into Force and Application of the Turkish Commercial Code expressly provided that Article 454 would not apply; provisional Article 15 does not use that wording, and as of 30 October 2026 we have found no court decision or Ministry statement on the point. Under Article 71(3) of the Trade Registry Regulation, an amendment to the articles that infringes the rights of holders of privileged shares is not registered unless the special meeting has approved it or it is deemed approved under Article 454(5).

The quickest way to remove the uncertainty is for the holders of privileged shares to vote in favor at the general assembly in line with the quorum in Article 454(3); in that case no separate special meeting is held (Article 454(4)). If that cannot be achieved, the company should confirm with the Trade Registry Directorate, before calling the general assembly, whether a special meeting resolution will be required. If a special meeting is needed, the board of directors must call it within one month at the latest of the announcement of the general assembly resolution (Article 454(2)); this timetable must fit within the compliance period. In a company under the registered capital system where the board of directors increases the issued capital, the same paragraph of the Regulation also makes that resolution subject to the approval of the special meeting, so the confirmation should cover that resolution as well. The legislative reasoning limits the relief to the resolution adopted to reach the new capital amount. An increase above the threshold that infringes the rights of holders of privileged shares can be expected to fall outside the relief and to require the approval under Article 454; the safe course is to limit the increase to the compliance amount. A separate amendment to the articles that infringes the rights of holders of privileged shares requires the approval of the special meeting under Article 454. Where preemptive rights are restricted, the requirements in Article 461(2) for just cause, a board of directors’ report and the quorum must also be met.

The quorum exception does not remove preemptive rights. In a cash increase shareholders have a right to subscribe for new shares in proportion to their share of capital; it may be restricted or removed only for justified reasons and by the qualified majority laid down in the statute (Article 461; Article 591 for limited liability companies). In a limited liability company shareholders must be given at least fifteen days to exercise the right. In a joint-stock company the board determines the procedure for exercising the right by resolution and gives at least fifteen days; that resolution is registered and published (Article 461(3)).

A majority resolution does not, however, compel a shareholder to take up new shares. In a joint-stock company, the increase is not registered unless all shares representing the increased capital have been subscribed in the amended articles or in subscription forms (Article 459(1) of the TCC; Article 73 of the Trade Registry Regulation). In a limited liability company, too, the incorporation rules apply to an increase, so the entire capital must be subscribed unconditionally (Articles 590 and 585(1) of the TCC); a shareholder is liable only to pay the share capital it has subscribed (Article 573(2)). The increase cannot be registered unless the shares of a shareholder who does not exercise its preemptive right are subscribed by the other shareholders or by third parties; if they are, the ownership percentages change. This problem does not arise in an increase from internal resources, because the shareholders acquire the bonus shares automatically on registration, in proportion to their existing holdings (Article 462(3)).

The resolution sets out the new capital article, the amount of the increase and the allocation of shares. In a joint-stock company, a Ministry representative must attend a general assembly whose agenda includes an increase of capital; resolutions adopted in the representative’s absence are invalid (Ministry Representatives Regulation, Articles 32(1)(a) and 32(4)). The representative is not required in single-shareholder companies, except companies whose incorporation and amendments to the articles are subject to Ministry authorization (Article 32(2)). The minutes are also signed by the meeting chair and the Ministry representative; without those signatures the minutes are invalid (Article 422(1) of the TCC).

In a limited liability company the resolution is registered and published as an amendment to the articles of association (Article 589), and an increase that is not registered does not take effect as an amendment to the articles. In a limited liability company the application must be made within thirty days of the date of the resolution under Article 93 of the Trade Registry Regulation. It should be taken into account that the three-month invalidity period described below may also apply to limited liability companies. In the case upheld by the 11th Civil Chamber of the Court of Cassation on 5 February 2018 (E. 2016/6920, K. 2018/774), a company had adopted a resolution of its shareholders’ meeting (ortaklar kurulu) to raise its capital to TRY 10,000, the minimum then required for limited liability companies. Its application for registration, made more than three months after the resolution, was rejected. The first-instance court found the rejection justified on the ground that the resolution had become invalid under Article 456(3); the Chamber upheld that judgment without giving separate reasons. The safe course for a limited liability company, too, is therefore to have the resolution registered within three months.

Registration and the Three-Month Period

In a joint-stock company the resolution becomes invalid if the increase is not registered within three months of the date of the resolution:

Article 456(3) of the TCC (unofficial translation):
“If the increase cannot be registered within three months of the date of the general assembly or board resolution, the general assembly or board resolution and any permit obtained shall become invalid, and Article 345(2) shall apply.”

Registration is completed by entering the amendment to the articles in the trade registry, and the resolution has effect against third parties only after registration (Article 455). Where the increase cannot be registered within three months, the amounts paid are returned to their owners under Article 345(2), applied by analogy. Two rules apply to the period for applying for registration: Article 30(1) of the TCC sets fifteen days where no other rule applies, while the Trade Registry Regulation sets a specific thirty-day period for capital increases (Article 72 for joint-stock companies, Article 93 for limited liability companies). Trade registry directorates apply the Regulation’s specific thirty-day period in capital increases; confirmation from the Trade Registry Directorate before the transaction is advisable. The three-month period is a validity period, not an application period.

For both joint-stock and limited liability companies, therefore, adopting the resolution close to 31 December 2027 is risky: the resolution must be registered within the three-month period and registration must be completed within 2027. As a matter of planning, adopting the resolution by 30 September 2027 is advisable; that date is not a statutory deadline, and it keeps the three-month period inside 2027. In practice, trade registry directorates become busier toward the end of the year, so the work should not be left to the last quarter.

Two separate time limits apply to an action against the increase resolution. An action for annulment on the ground that the resolution breaches the law, the articles or the principle of good faith must be brought within three months of the date of the resolution. It is brought before the Commercial Court of First Instance (Asliye Ticaret Mahkemesi) at the place of the company’s registered office (Article 445 of the TCC; for a limited liability company, through the reference in Article 622). Registration does not restart that period. In its decision of 7 May 2019 (11th Civil Chamber, E. 2017/4590, K. 2019/3495), in an action against a capital increase resolution, the Court of Cassation stated that “an action for annulment, on the other hand, must be brought within three months of the date of the resolution under Article 445 of the TCC”. The case upheld by the 11th Civil Chamber of the Court of Cassation on 22 December 2022 (E. 2021/5252, K. 2022/9377) concerned an increase resolution dated 10 September 2018, against which an action was brought on 8 January 2019. The Regional Court of Appeal (Bölge Adliye Mahkemesi) dismissed the action on procedural grounds because three months had passed since the date of the resolution. According to the statement of claim, the resolution had been registered on 22 November 2018, so the action had been brought within three months of registration.

Grounds of nullity and non-existence, by contrast, cannot be asserted after registration; they may be raised only in an action for annulment brought within a three-month preclusive period running from registration and publication (Article 353, applied by Article 456(4)). In its decision of 12 March 2025 (11th Civil Chamber, E. 2024/3257, K. 2025/1763), the Court of Cassation held that “after the capital increase resolution has been registered in the trade registry, its non-existence and nullity cannot be adjudged, and it must therefore be accepted that only its annulment may be sought within three months after registration”.

Joint-Stock Companies Under the Registered Capital System

For these companies the consequence is not dissolution but deemed exit from the registered capital system. Initial capital is the amount required on entry into the system, issued capital is the aggregate nominal value of issued shares, and the registered capital ceiling is the maximum up to which the board may increase capital (Articles 332 and 460). A company with issued capital of at least TRY 250,000 that does not raise its initial and issued capital to TRY 500,000 is deemed to have left the registered capital system; its legal personality continues. In these companies the board resolves on the increase within the registered capital ceiling and has the new wording of the article showing the issued capital registered (Article 460). If the initial capital must also be raised, a general assembly resolution amending the articles is required. The articles may authorize the board to increase capital for a maximum of five years (Article 460(1)). If that authorization has expired or the registered capital ceiling does not cover TRY 500,000, the general assembly must first amend the articles to renew the authorization or raise the ceiling. A Ministry representative must attend the general assembly at which the ceiling is raised. Single-shareholder companies are exempt from this requirement, except those whose incorporation and amendments to the articles are subject to Ministry authorization (Ministry Representatives Regulation, Article 32(1)(a) and 32(2)). The board’s increase resolution also becomes invalid if it is not registered within three months of the date of the resolution (Article 456(3)). Shareholders and board members may bring an action for annulment against that resolution, on the grounds set out in Article 445, within one month of its publication (Article 460(5)). Where issued capital is below TRY 250,000, the first sentence of provisional Article 15 applies and the consequence is dissolution. Exit ends the authority to increase capital based on the registered capital ceiling and requires the articles to be adapted to the share capital regime; these steps should be confirmed with the Ministry of Trade and the Trade Registry Directorate before the transaction.

What Happens If the Deadline Is Missed?

If capital is not raised to the threshold by the end of the period, the company is deemed dissolved. The statute attaches that consequence automatically; no separate court decision is provided for. How the dissolution is reflected in the registry and how liquidation is conducted are determined by trade registry practice. The ground of dissolution is Article 529(1)(f) for a joint-stock company and Article 636(1)(d) for a limited liability company, and the consequences of dissolution are governed by the joint-stock company rules.

A return from liquidation is available only to a company dissolved by expiry of its term or by a general assembly resolution; even then, distribution of the company’s assets among the shareholders must not have begun, and the continuation resolution must be adopted by at least sixty percent of the capital (Article 548(1)). A company that misses the compliance deadline is instead deemed dissolved by law, so it should not be assumed that business may continue by a general assembly resolution. Nor should it be assumed that an increase resolution adopted after the deadline is missed will be registered by the trade registry and bring the company back from liquidation. In circular No. E-50035491-433.99-00092124772 of 3 January 2024 on the previous compliance period, the Directorate General of Domestic Trade of the Ministry of Trade instructed (Article 6) that registration requests for capital increases by companies deemed dissolved for failing to adjust their capital should not be granted unless there is an express court decision that an increase may be made. In 2014, a separate statutory provision was needed to rescue companies that had missed the deadline (provisional Article 10 of the TCC). Additional liquidation (Article 547) is a separate institution: it covers limited transactions carried out on the company’s re-registration and does not mean a return to ordinary trading.

The position of a company in liquidation is as follows:

Article 533(2) of the TCC (unofficial translation):
“A company in liquidation retains its legal personality, including in its relations with shareholders, until liquidation is completed, and uses its trade name with the words “in liquidation”. The powers of its organs are limited to the purpose of liquidation.”

Dissolution therefore does not erase the company from the registry at once: it enters liquidation, its organs’ powers are limited to that purpose, and its trade name carries the words “in liquidation”. Liquidation is carried out through the appointment of a liquidator and the liquidation steps (Articles 536 and 540–542 of the TCC). Continuing trading activity and entering into new commitments outside the purpose of liquidation are not possible within that framework; transactions required by the liquidation (realizing assets, collecting receivables, paying debts) fall outside that limit. In its decision of 21 March 2023 (12th Civil Chamber, E. 2022/13723, K. 2023/1867), interpreting Article 533(2), the Court of Cassation said of a company in liquidation: “Because of this purpose, the company may not, as a rule, enter into new transactions and activities.”

Step-by-Step Checklist

1. Compare the existing capital with the threshold and confirm whether the company is in scope.
2. Pay up any unpaid share capital; an increase from internal resources is exempt from this requirement.
3. Choose the method: cash, a contribution in kind, internal resources, or a combination.
4. Review the balance sheet items and, if there are funds to be added to capital, plan the order of priority.
5. Adopt the general assembly resolution, stating the new capital and the allocation of shares.
6. In a joint-stock company, ensure that the Ministry representative attends the meeting (except in single-shareholder companies) and signs the minutes together with the meeting chair.
7. In a joint-stock company, pay at least 25% of the cash increase before registration and sign the board statement.
8. For both company types, have the resolution registered within three months of its date and no later than 31 December 2027; in a limited liability company, the amendment to the articles of association is also published.
9. Update the share ledger and the ownership records after registration.

Frequently Asked Questions

What is the deadline for the minimum capital increase? 31 December 2027. The period was extended from 31 December 2026 by the communiqué of 17 October 2026.

If we do not increase capital by the deadline, does the company close automatically? No, the company is not removed from the registry immediately. If capital is not raised in time, the company is deemed dissolved and enters liquidation; legal personality continues until liquidation is completed.

Is the approval of all shareholders required? No. No meeting quorum is required for the compliance increase; a majority of the votes present suffices and privileges cannot be exercised against the resolution.

Can capital be increased without new cash? Yes, if the balance sheet contains suitable reserves or funds, the increase may be made from internal resources. Their existence is verified by the balance sheet and the management statement.

Does the 25% payment rule apply to limited liability companies? No. A limited liability company is not required to pay 25% before registration; a joint-stock company must pay at least 25% of a cash increase before registration.

Can a second extension be expected? Yes, it is legally possible, but none had been announced as of 29 October 2026. The Ministry has power to grant two one-year extensions and has used the first; planning should not be based on a further extension.