Can a Foreigner Open a Business in Turkey?
Turkey is a nation in the Eurasia region. The majority of Turkey is in Asia, with minor geographical areas in Europe. The nation is strategically located at the crossroads of Asia and Europe.
This is the location that links the two continents and therefore serves as a commercial hub. The nation is also bordered by water on three sides, making maritime trade simpler. In recent years, the nation has witnessed significant changes in its politics, with President Erodgan pushing the country from secular to Islamic and restricting press freedom.
In terms of economy, the nation ranks 13th in terms of GDP by Purchasing Power Parity and 17th in terms of nominal GDP. Turkey is also an OECD and G-20 founding member. Turkey’s economy benefits from its exports, which totaled 163 billion dollars in 2012 and have been steadily increasing year after year. Turkey is also a manufacturer of motor cars, ranking 13th in the world, and it also engages in shipbuilding, consumer electronics, metallurgical goods, and so on.
Doing Business in Turkey
If you are a foreigner interested in conducting business in Turkey, here is some essential information about doing business in Turkey. According to the World Bank’s most recent study, Turkey ranks 43rd in terms of ease of doing business.
Ease of doing business refers to the fundamental characteristics of conducting business and how easy it is to do business in a given nation depending on a variety of factors such as credit, loans, establishing a company, insolvency, and so on. According to the World Economic Forum, Turkey is rated 61st in a competitive index that considers different criteria like as corruption, business confidence, insolvency, and so on.
Why Should you Open a Busines in Turkey?
Turkey has an open economy that is heavily affected by Europe. It is a member of NATO as well as other organizations such as the G-20. It has general agreements with several European nations for cross-border commerce where tariff talks have taken place, benefiting both countries.
As a manufacturer of different products, Turkey’s economy has benefited greatly from exports to various European nations. The nation is in a strategic position, making it appealing to visitors from all over the globe, who help to enhance the country’s economy. The agriculture industry in Turkey, which also provides jobs, accounts for about 35% of the country’s economic output.
The nation as a whole is a mixed one, with old and contemporary companies coexisting to contribute to its development.
Starting Business in Turkey as a Foreigner
To establish a company in Turkey as a foreigner, you must first understand the fundamentals of conducting business in Turkey. Some important considerations when establishing a company include:
Obtaining a Startup Visa
Permit for Residential Use
Obtaining Financial Investment
Taxation Depends on the Legal Entity of the Business
Employee Management and Business Growth
Profit and Accounting, Bank Accounts
We suggest Istanbul if you want to start a company in Turkey. This is because Istanbul is Turkey’s largest and wealthiest city, both economically and culturally. The city’s global flavor is beneficial to any company. Aside from magnificent historical sites such as Hagia Sophia, the Basilica Cistern, and others, Istanbul is an economic metropolis with the crowded and full of life Kadikoy or Taksim. If you want to establish a company in Turkey, you should certainly consider Istanbul!