BUSINESS IN TURKEY
Turkish Market Overview
Business in Turkey. Young and active population, dynamic free market economy, the economy and future growth of the last decade Turkey with a strong performance on the potential offers plenty of business opportunities to global companies in various sectors.
Turkey, effective economic and social policies in recent years, growth-friendly fiscal and monetary policies, the new Turkish Commercial Code, the new incentive program and has achieved a solid financial sector in a much better investment environment as a result.
In fact, Turkey is already Europe’s seventh largest economy and the world’s eighteenth. Turkey is becoming a very attractive place for foreign trade and investment with recent economic growth record, talented-young workforce and geographical location.
Advantages of Doing Business in Turkey
*Turkey presents excellent and long-term opportunities as the most eastern country in the West and the most western country in the East. Government efforts are helpful to develop a conducive environment for the private sector to lead growth in trade and investment. The Turkish government provides many easiness and tax incentives for foreign investors to set up business in Turkey.
*Turkey has signed Prevention of Double Taxation Agreement with 80 countries. This agreement is so advantageous that it allows a tax paid in any country to be deducted from the tax to be paid in the other. This means that if you set up a foreign-invested business in Turkey, you will not have to pay taxes in more than one country.
*Foreign entrepreneurs willing to invest in Turkey, based on Foreign Direct Investment Law may benefit equally from the rights granted to Turkish citizens. This means when foreign investors want to invest in Turkey, they are treated as Turkish’.
*The Ankara Agreement, which has been in force since 1996, allows trade with EU countries without any customs restrictions. You may check the Ankara Agreement; https://www.avrupa.info.tr/sites/default/files/2016-09/Custom_Union_des_ENG.pdf
Cost of Doing Business in Turkey
Although the exchange rate changes, the data in the tables below belong to recent times. Almost the cost of doing business in Turkey with the increase made by the dollar rate is the same.
The Government website gives details about cost of doing business in Turkey, check the website; <http://www.invest.gov.tr/en-US/investmentguide/investorsguide/Pages/BusinessPremises.aspx
Topo Law Firm’s Legal Service about Business in Turkey
Topo Law Firm provides you with professional advice on the advantages of setting up a business in which area. Topo Law Firm informs you in advance of all possible costs.
Topo Law Firm assumes the legal process as long as you do business in Turkey.
Topo Law Firm assigns you information mails at every stage of the process.
Topo Law Firm plans the meetings in the Trade Registry for you and provides the necessary documents.
As Topo Law Firm has mastered the entire process and works with professional attorneys, Topo Law Firm brings you to the best result in the fastest way.
Turkish citizenship through investment
Scope and amounts determined as per the new regulations in 2018 are defined below. Foreigners who meet any of the following criteria may be eligible for Turkish citizenship;
1- Should make a minimum fixed capital investment of USD 500,000.
2- Should acquire a property worth a minimum of USD 250,000 with a title deed ‘restriction on its resale for at least three years’
3- Employer should create jobs for at least 50 people, as attested by the Ministry of Family, Labor and Social Services.
4- Should deposit at least USD 500,000 in banks operating in Turkey with the condition not to withdraw them for at least three years, as attested
5- Should buy at least USD 500,000 worth of government bonds with the condition that ‘cannot be sold for at least three years’, as attested.
6- Should buy at least USD 500,000 worth of real estate investment fund share or venture capital investment fund share with the condition that ‘cannot be sold for at least three years’, as attested.
Foreigners who meet one of these conditions may apply for Turkish citizenship. But the decision belongs the President of the Republic of Turkey.
Topo Law Firm Legal Service about Turkish Citizenship through Investment
We are a team of professional lawyers producing creative solutions. We aim to provide quality service to our clients in the shortest time possible. Our experienced team for Turkish citizenship shall help you get positive results as soon as possible. Our focuses on providing smart legal strategies that accomplish individual goals. We look at each case from a variety of angles and create special plans that account for the many paths a matter may take. We offer holistic solutions to your specific matter. Our entire legal team works collaboratively to accomplish the legal goals of our clients. After you give us your power of attorney, we shall take the necessary actions for you and inform you about the process.
Contact us to get the most accurate information in the shortest time possible. Put your trust into the professional hands At Topo Law Firm.
Publish Date: February 11, 2019