Strong Starting A Business In Turkey: A Guide For Foreign Investors

For foreign investors, Turkey offers a competitive environment that is more attractive, more lucrative, and more incentivizing for investors every day. Turkey has a large and dynamic economy that offers an attractive business environment for foreign investors. For Turkish market entry, you must first decide which type of company to establish. The most common company types are limited liability companies and joint stock companies. Each of these types has advantages and disadvantages, so it is important to choose the one that best suits your business model.

To start a successful business, you will need a solid business plan. Your business plan should include your goals, strategies, market analysis, and financial projections. Starting a company in Turkey is an endeavor that will pay off in the short and long term if you make it a successful venture. The Turkish business landscape encompasses a wide range of sectors. So no matter which business sector you are in, you can establish yourself in a great place in the Turkish market.

The Benefits of Starting a Business in Turkey

When it comes to Turkish market entry, Turkey does have more advantages than you might think. With a vibrant business community, strong economic infrastructure, and fascinating cultural heritage, Turkey is becoming an excellent base for foreign investors. Now let’s start by telling you why Turkey is such a great business place!

• Geographical Location

First of all, Turkey’s geographical location makes it a key point for world trade. Located at the crossroads of Europe, Asia, and the Middle East, Turkey creates opportunities for international cooperation for foreign investors. Thanks to this advantageous location, foreign investment in Turkey enables one to have faster and easier access to world markets.

• Strong and Rising Economy

Another important benefit is Turkey’s growing and strong economy. With stable economic growth and low inflation rates, Turkey offers a favorable environment for foreign investors. Moreover, the government makes investing attractive with attractive offers such as incentive packages and low tax rates that support foreign investors. In short, it is the perfect time to start a company in Turkey!

• Unique Cultural Heritage

Turkey business opportunities offer you great possibilities to grow your company or to remain competitive in a new environment. Turkey’s unique cultural heritage and tolerant society are also a great advantage for the Turkish business landscape. Anyone who gets acquainted with Turkish hospitality sees how this warm and friendly atmosphere can strengthen business relationships. This climate of tolerance and friendship plays a big role in the success of businesses and entrepreneurs in Turkey. Starting a business in Turkey helps you build strong and lasting relationships.

• Young and Educated Population

The fact that Turkey has a young and dynamic population is a great advantage for foreign investors who will realize a foreign investment in Turkey breakthroughs. Turkey’s young and educated population offers great potential for the Turkish business landscape. With university graduates and technical specialists across the country, it is easier for businesses in Turkey to access a qualified workforce. This young and energetic population will be the biggest supporter on your path to success!

How to Start a Business in Turkey: A Step-by-Step Guide

Starting a company in Turkey is a great page that will open up brand new opportunities in your business life. But as with any country, there are key points you need to know for Turkish market entry. Let’s discover together the steps we have prepared specially for foreign investors who want to start a company in Turkey:

• Identify Your Business Idea

Starting a successful business in the Turkish market entry starts with a profitable and sustainable business idea. Develop your business idea by conducting market research and identifying the needs of potential customers.

• Prepare a Business Plan

A business plan is a detailed document that includes the goals, strategies, market research, and financial projections of your business. A business plan is an important tool for potential foreign investors and sources of financing.

• Choose the Type of Company

The main types of companies you can choose when starting a business in Turkey are Joint Stock Company, Limited Liability Company, Limited Partnership, and Collective Company. Each type of company has its advantages and disadvantages. However, with a good analysis, it is possible to choose the company that suits you for Turkey business opportunities.

• Determine the Business Name

Choose a unique and memorable name for your business. In Turkey, your business name must contain Turkish characters. Search for your business name in the Turkish Trade Registry to check if it has already been taken. Choosing a name that accurately reflects you will increase your target audience’s interest in your brand. You will also quickly leave your competitors behind.

• Trade Registry Registration

To start a company in Turkey, contact the nearest trade registry office and submit the necessary documents. The documents include a signature declaration, articles of association, and a certificate of application to the tax office.

• Registration with the Tax Office

You will need to register your business with the tax office and receive a tax identification number. You must also declare your company as a prospective taxpayer to fulfill VAT and other tax obligations.

• Open a Bank Account

Open a bank account in the name of your company, simplify your transactions, and quickly organize the company’s financial affairs.

• Work Permit and Visa

Foreign investors planning to start a company in Turkey must apply to the consulate of the Republic of Turkey to obtain a work permit and visa.

• Workplace Opening and Work License

Apply to the municipality and obtain a business license. This license is an always valid document that allows your business to operate.

The Top Industries for Foreign Investment in Turkey

Turkey continues to be a fascinating center of attraction for foreign investors. With a unique geographical location, a young and energetic population, and a rapidly growing economy, Turkey business opportunities are becoming more and more lucrative for foreign investors. Let’s take a look at which sectors are the most preferred by foreign investors for Turkish market entry:

Energy: Turkey’s energy sector presents a great opportunity for foreign investors, thanks to its thriving economy and rising energy demand. Investments in renewable energy sources like wind, solar, and geothermal energy present excellent possibilities to bridge the energy gap and guarantee Turkey’s energy independence. This sector is a perfect fit for foreign investors mobilizing for foreign investment in Turkey.

The Fields of Construction and Real Estate are Full of Opportunities and Potential for Growth: Turkey is a wonderful country that has a lot to offer to foreign investors with its stunning natural beauty and rich historical and cultural heritage. The construction and real estate sector is full of potential, particularly about exciting opportunities in tourism and housing projects.

Automotive: For foreign investors looking to capitalize on Turkey business opportunities, Turkey’s automotive sector is a major attraction for foreign investors, hosting production and assembly facilities of globally recognized brands. The country provides great opportunities for investors in the automotive industry to thrive and achieve remarkable growth, thanks to the significant incentives available.

Information and Communication Technologies: Turkey’s ICT sector has great potential thanks to its young and tech-savvy population. Turkey has been making great strides in technology investments and policies to support start-up companies and encourage innovation in recent years.

Tourism: Turkey’s magnificent nature and historical and cultural richness offer great investment opportunities in the tourism sector. For Turkish market entry, the tourism sector has great potential for foreign investors, especially in areas such as accommodation, food and beverage services, travel agencies, and tour operators.

Tips for Succeeding in the Turkish Business Landscape

If you want to succeed in the Turkey business landscape, you can improve your business relationships and interactions excellently by considering the following critical tips:

• Embrace the Turkish Culture

Embracing Turkish culture and traditions are lead to a fruitful and prosperous business partnership in the Turkey business landscape. Turkish people value family, friendship, and hospitality greatly! Remember to keep these in mind when building business relationships!

• Work on Establishing Excellent Communication

For Turkish market entry, learning Turkish and speaking it fluently will strengthen your business relationships. Learning the local language will help you build strong relationships with your business partners and customers.

• Meetings Regarding Business

Attend meetings on time, and make sure the agenda for the sessions are prepared in advance. During meetings, make sure to keep a professional demeanor and show respect to others. Take care to articulate your thoughts in a manner that is both clear and succinct.

• Business Dinners

Business dinners in Turkey offer an excellent opportunity to strengthen business relationships and build trust. Enjoy dinner invitations and express gratitude to the host. Mention the conversation during the meal to more personal and cultural topics. It will be a wonderful chance for us to learn more about one another during this experience! By following this way, you will confidently secure your position in the thriving Turkish business landscape.

If you have decided to enter the Turkish market and are looking for a reliable real estate company, Mornvest is just a phone call away. Contact us for more details!