Turkey has been on the rise in recent years as one of the top places to start up your business, and with good reason. Here are just some of the reasons why you might want to consider Turkey if you’re looking to start your own business or grow an existing business that could use expansion into a different market than you originally intended it for.
Turkey, among the fastest growing economies in the world, is one of the best places to expand your business. With its thriving economy, geopolitical position, promising growth opportunities, the hard-working business community, and a young population, the country attracts foreign investors from all over the world.
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There are many benefits for foreign investors who are planning to establish a business in Turkey. Turkey is an exciting market because it has a strategic position by being the trading center of Europe and the Middle East. Also, the country presents a unique opportunity for foreign investors with a high investment potential for the future with ongoing support from the Turkish government.
Low Operating Costs
One of the benefits that you earn from establishing a business in Turkey is the low operating costs. While establishing a business in another country, such as UK or US will cost you a fortune, Turkey is a great chance. Every year, about a million students graduate from the university in Turkey, and then many of them start to look for jobs instead of starting their business. Because of this fact, the cost of the starting salaries and labor is relatively low. Also, the cost for the suppliers is relatively low as well, although the quality of the goods and the service is still high. This is a great benefit since you do not need to worry more about the starting cost of your business.
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Strong Consumer Spendings
Another benefit of Turkey’s young population is the volume of their spending. Young people love to follow trends that they have their favorite brands, and they like to spend money without thinking twice. With the right business plan and marketing strategy, you can establish a successful business in Turkey according to the needs of the young population. By following the latest trends and practicing them in your business, you can easily attract young consumers in Turkey.
Local Manufacturers
In business life, it is logical to locate manufacturers close to where you establish your business. Turkey has many local manufacturers who are willing to help and support investors. If you have an idea and want to run it by a local manufacturer, then they will be ready to assist you. Local manufacturers are also more open to take minimum orders rather than bigger providers. For an investor who is establishing a business in Turkey, this is a great benefit.
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Incentives Granted from the Turkish Government
The Turkish government is encouraging both local and foreign investors by reducing investment related costs and creating a more investor-friendly environment. With the new investment incentives system, they reduced the expenses of the investors. Foreign investors who obtain the Investment Incentive Certificate (IIC) are granted to the incentives as follows: VAT and custom duty exemption, tax deduction, social security premium support, interest rate support, land allocation, VAT refund, and income tax withholding support.
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Turkish Citizenship
Last, but not least, since 2017, foreign investors can obtain Turkish citizenship and its combined benefits by establishing a business in Turkey. Turkish citizenship right has been recognized to the foreign nationals who make investment more than a certain amount and create employment or keep the deposit. If you make capital investment of at least $500 thousand, or create at least 50 person employment, or purchase immovable property worth of $250 thousand, or keep deposit of at least $500 thousand in the banks operating in Turkey for minimum 3 years, or purchase government debt securities of at least $500 thousand provided that they are kept for 3 years you can acquire your Turkish citizenship.
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Why Set Up a Business in Turkey?
Recent legislation to promote foreign investment means it’s easier than ever before to set up a business in Turkey. It’s easy to see why Turkey appeals as a destination for new companies: half its 80-million strong population is aged under 30, and they’re increasingly educated and solvent, with cash to spend. Banking and communications infrastructure has improved vastly, and trade links with Europe and the Middle East have strengthened significantly.
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Recent Government Incentives for Investors and New Businesses Include:
- The right for foreign companies to hold “Turkish Company” status, giving new business owners the same rights and obligations as existing Turkish companies;
- Guarantee of existing investment rights;
- Conformity with international standards;
- Changing the definition of a foreign investor to include companies registered outside the country, non-Turkish nationals and Turkish nationals living outside the country;
- Imports of certain machinery and equipment are now exempt from customs duties, levies and VAT;
- Certain exemptions from income tax and social insurance contributions;
- Energy subsidies;
- Incentives available in Turkey’s free trade zones, including exemptions from a number of taxes and customs duties;
- Better protections for foreign investors.
- As of 2018, it is possible for business owners to gain citizenship in Turkey. Skip to the bottom of the page to find out more.
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