Advantages of Establishing a Business in Turkey

Are you considering setting up a business in Turkey? Turkey offers a wide range of potential business opportunities and a competitive business environment—one that’s suitable for a variety of companies, including small and medium-sized enterprises. Here, we’ll explore the benefits of establishing a business in Turkey, and provide a few tips to help you get started.

The Benefits of Establishing a Business in Turkey

Turkey is a desirable location for businesses of all sizes. Here are some of the benefits you can expect:

• Competitive business costs: Turkey boasts competitive business costs due to its highly qualified workforce, lower energy costs, and reasonable labour costs.
• Developed infrastructure: The Turkish economy is highly developed and has a well-established infrastructure, including transport, communication, energy, and banking.
• Flexible regulations: The Turkish commercial code provides a flexible and transparent legal framework, which makes establishing a business easy.
• Location advantages: Turkey is an ideal location due to its strategic position at the crossroads of Europe, Africa and the Middle East.
• Political and economic stability: Turkish government policy is generally stable, and the economy is strong and growing.

In addition to these benefits, there are other factors worth considering when setting up a business in Turkey. For example, the Turkish economy is highly diversified, offering businesses access to a wide range of markets, from food and textiles to high-tech and pharmaceuticals.

Steps to Start a Business in Turkey

If you’re interested in setting up a business in Turkey, the process can be broken down into the following steps:

• Choose your business type: First, you’ll need to decide what kind of business you want to set up. There are a number of options, including sole proprietorship, partnership, corporation, and limited liability company.
• Register your business: Once you’ve chosen the type of business, you’ll need to register it with the Turkish Commercial Registry Office. This will involve submitting relevant documents, such as a company incorporation document, business plan, and other required information.
• Secure permits and licenses: Depending on your business, you may need to acquire permits and licenses from different departments. This could include an environmental permit, a building permit, and a work permit, among other things.
• Obtain a tax number: Before you can start trading in Turkey, you’ll need to obtain a tax number from the Turkish Revenue Administration. This must be done before you open a bank account or register for VAT.
• Find the right premises: You’ll need to choose and secure the right premises for your business in Turkey. This could mean renting or buying a property, or setting up a virtual office.

FAQs

• What are the benefits of establishing a business in Turkey?
  Turkey offers a wide range of potential business opportunities and a competitive business environment—one that’s suitable for a variety of companies, including small and medium-sized enterprises. Some of the benefits of establishing a business in Turkey include competitive business costs, developed infrastructure, flexible regulations, location advantages, and political and economic stability.
• What steps should I take to start a business in Turkey?
  The process involves choosing the type of business you want to set up, registering the business with the Turkish Commercial Registry Office, securing permits and licenses, obtaining a tax number, and finding the right premises. For more details on the specifics of each step, please refer to the information given above.

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