Setting up your next business venture in Turkey is highly recommended because of the country’s fastest-growing economy. Nestled between Asia and Europe, Turkey has a strategic geographical location that makes it ideal for companies seeking growth and expansion.
In recent years, Turkey has achieved a much better investment climate thanks to its dynamic free market economy. Moreover, the growth-friendly fiscal and monetary policies encourage foreign investors to establish their companies in Turkey.
However, company establishment in Turkey involves complying with various rules and regulations. For instance, as a foreign investor, you might have to navigate the administrative and legal processes. It is also necessary to obtain the tax identification numbers.
Access to Global Markets
One of the key reasons to setup your company in Turkey is its prime location. It serves as an essential link between the East and the West, making the country an ideal hub for international trade. Istanbul, the capital of Turkey, is a prominent financial center and a major transcontinental transportation hub. With easy access to international markets, you can expand and grow your company in Turkey.
Incentives from the Turkish Government
As a foreign investor, you may benefit from investment incentives as freely as Turkish investors. Some common investment incentives include tax reductions, tax exemptions, personnel training support, etc.
Furthermore, there is no need to pay customs duty for machinery imported from abroad. You will also receive social security premium support and interest rate support. But to get all these benefits, you need to hire Foreign Operation Consultancy.
You can have full ownership of your business, which eliminates the need for local partnerships. The establishment of Free Trade Zones (FTZs) has further boosted the popularity of Turkey among businesses.
Turkish Citizenship
To attract foreign investments, Türkiye Citizenship by Investment Program was launched in 2017. This program allows investors to select from different types of economic contributions to Turkey.
You must invest a minimum of $400,000 to get citizenship in Turkey. However, this is the amount of money you can invest in the country’s real estate sector. Once you make the investment, you can receive your citizenship in three months.
The Popularity of Establishing Startups in Turkey
Nowadays, there is a growing trend of establishing startups in Turkey. The surge in popularity of setting up startups is prominent in Izmir and Istanbul. To setup your startup in Turkey, you should know the intricacies of the company registration process in Turkey.
The government is highly supportive of entrepreneurs who prefer establishing startups. You can access major incentives like government funding and mentorship programs for your startup company.
The Presence of a Skilled Workforce
The skilled Turkish workforce forms the backbone of the country’s industrial sector. Moreover, Turkey’s emphasis on vocational training and education has resulted in the growth of skilled labor. Besides academic education, Turkey places great importance on vocational training. So, as a foreign investor, you will expect to recruit skilled workers for your company.
Turkey offers numerous opportunities and benefits for foreign nationals looking to invest in its economy. With Turkey’s favorable market dynamics and strategic location, setting up a business here is highly profitable. To learn more about company formation, you can visit http://fo-consultancy.com/.
