Turkey, with its unique location bridging Asia, Europe, and the Middle East, has always been a hub for international business. Especially in bustling cities like Istanbul and Ankara, the allure of business is evident. So why not consider joining the entrepreneurial wave in this dynamic country?

Why Choose Turkey for Your Business?

Turkey boasts a young and vibrant population of 80 million, with half under the age of 30. Imagine tapping into this youthful, educated, and financially growing market! Plus, with improved infrastructure in banking, communication, and solidified trade links with Europe and the Middle East, it’s an ideal locale.

Government incentives have further sweetened the pot. Here’s a glimpse:

• Foreign businesses can enjoy “Turkish Company” status.
• Enhanced investment rights and international standard adherence.
• Expanding the definition of foreign investors.
• Import benefits and tax exemptions.
• Exciting energy subsidies.
• Enticing offers in Turkey’s free trade zones.
• Enhanced investor protection.

And guess what? As of 2018, you might just be able to gain Turkish citizenship through business investments. Curious? Keep reading!

Starting a Business in Turkey: How to Go About It

While there are myriad business structures to consider, most foreign investors find setting up a private limited company to be the most straightforward.

Can you set up a private limited company as a foreigner?
Absolutely! All you need is one shareholder and a minimum share capital of 10,000TL.

Where to Get Business Advice?
Start with your lawyer. Ensuring they are well-versed in Turkish company laws is crucial.

Furthermore, consult:

The Turkish Embassy
British Chamber of Commerce Turkey (BCCT)
The Turkish British Chamber of Commerce and Industry (TBCCI)
Considering a company formation agent? It could save you time, but ensure they have a proven track record with expats.

Business Types for Foreigners
From bars and restaurants to estate agencies and maintenance companies, foreigners typically venture into sectors linked with tourism or catering to other foreigners. However, always check if your chosen field requires prior governmental approval.

Business Setup Cost & Process
Setting up a private limited company would cost around 10,000TL, a sum to be deposited during the incorporation phase.

The setup process includes:

• Drafting and legally authenticating the articles of association.
• Depositing the share capital in a company-named bank account.
• Registering with the Turkish Commercial Registry Office.
• Ensuring the company trading name is original and adheres to Turkish laws.
• Finally, completing registration with the Trade Registry Office.
• Ongoing Operations
• Remember, your company will need to pay taxes on profits and regularly engage with an accountant. As always, keep abreast of changing laws and tax implications.

Some Tips

Do thorough research before diving in.
Draft a solid business plan outlining your vision and costs.
Don’t underestimate language barriers. A trusted Turkish speaker will be invaluable.

Bonus: Gaining Citizenship via Business Investments

Since 2018, the Turkish government has added a cherry on top. By investing $400,000 in Turkish real estate or meeting other specific criteria, entrepreneurs can obtain Turkish citizenship. This can significantly simplify the business process!

Read more in our “Turkish Citizenship by Investment Guide” from Estates Istanbul.

Disclaimer: While thorough research backs this guide, it’s meant for guidance purposes only. Always seek expert legal advice for your unique circumstances.