If you are thinking about starting your own business in Turkey, you are on the right track. You will not only invest in the Turkish economy, but also will be able to obtain a residence permit in this country.

Firstly, Turkish legislation in business does not distinguish citizens and foreigners. This means you will have the same rights and privileges as local residents. There are three most popular schemes for business: open a branch of a foreign company in Turkey, open a representative office or start your own business from scratch. Of course, for the third option a more detailed study of local market and mentality is needed.
Secondly, Turkey has a program to stimulate the investment. You can get different benefits (from low rental costs to a complete exemption from taxes) if choose the right region and direction.

Turkey is divided into four types of territories: highly developed, developed, first and second priority investments. You will get an Investment incentive certificate, which provides all the benefits by starting business in the last two types of territories. Also, free economic zones in which foreign investment is particularly encouraged. These are Mersin, Izmir, Antalya, Erzurum, Mardin and others. As for the industry of business, the benefits will be granted to companies connected to medicine, education, and tourism.

Now let us consider the business registration procedure in Turkey. To begin with, you will need to obtain an Individual Taxpayer Identification Number (ITIN). Then you will need to get the company’s charter and the protocol books. All of them are needed to be translated into Turkish, notarized and got an Apostille. After that you will need to apply to the Companies House and pay the tax. The next step is to submit an advertisement to the official newspaper about the registration of a legal entity. Then you will need to transfer 0.4% of the authorized capital to the Committee for Anti-monopoly Policy and open bank accounts. After that you can print the necessary forms for your work (printing establishment should be licensed). Finally, you have to register in the local administration center and pay the environmental fee.

In total, starting a business in Turkey costs about 3000 Turkish liras. 2000-10000 Turkish liras are the services of special companies that collect all necessary documents. However, of course, this depends only on your desire and employment.

Managers of MyBestAgent have wide experience in all organizational issues faced by entrepreneurs when starting a business in Turkey.

To obtain Ikamet (the residence permit) you may need a bank account statement from Turkish bank. This account must be opened in your name in a Turkish bank. How to open a bank account and how much should be kept in it?

Every bank requires you to present an Individual Taxpayer Identification Number (vergi numarasi) to open a checking account in Turkey. You can apply for an Individual Taxpayer Identification Number by providing your passport to an any convenient for you branch of Tax Administration. With this document you can go to the bank.

When it is time to open a new bank account, you should carefully consider all of your options, as some of them can get you a number of advantages. For instance, if the Turkish bank cooperates with any bank in your native country or if you are going to take a real estate mortgage in this Turkish bank. It is also important to make sure that the bank has a convenient online service. This will be extremely useful for people who are not going to spend most of the time in Turkey.

The bank will offer you to choose the most convenient currency for you: euros, U.S. dollars or Turkish lira (the national currency of Turkey). By European standards deposit account in Turkey are quite profitable. On average it is 2.4% per annum for foreign currency and from 7 to 14% for Turkish lira. The calculation takes place on a monthly basis (extremely important to remember this).

The irrefutable evidence of the advantages of opening bank account in Turkey is that local investors are 100% protected by the state. It is quite difficult to obtain a banking license in Turkey and all banks are insured in the interbank insurance system. This means that in case of banking failure you will get all of your money without any problems.

Moreover, applying for a new bank account as an alien you will be asked to get a card. Its advantages are also unquestionable especially if you are going to spend a lot of time in Turkey and are planning to make purchases in local stores. If earlier due to the peculiarities of the banking system in Turkey it was difficult for a foreigner to get a card with the opportunity of paying for online shopping, now it is quite real. All you can do is just apply for it in the bank.

The most popular among foreigners are the following banks: Garanti bank, AK bank, Deniz bank, HSBC bank, Ziraat bankası, Yapı Kredi bank, Küveit Türk bank. But, of course, as you can understand the choice is much greater and the final decision is always for you.

As for the amount of money on your new bank account, it should be 6000 U.S. dollars per year (or the same amount in Turkish lira).

Today travelers prefer to choose unconventional routes and independent trips. Despite the big number of luxury hotels in the Mediterranean coast of Turkey, the popularity of rented apartments are growing. Greater resort to such services like Booking.com and Airbnb prove it.

That is why if you buying property for renting is not throwing your money away. The U.S. dollar and the euro can fluctuate significantly, but the cost of housing is growing steadily. What are the advantages of renting out the apartment?

Profits

Undoubtedly, this is the main advantage. Not only foreigners are interested in profits, but also immigrants who want to earn in Turkey.

You will receive profits in any case (if you choose short-term rental or long-term rental). In case of short-term housing, you can request a fairly big rent. But you will need to spend money on furniture, dishes and textiles in order to make the life of your guests more comfortable. These will probably make them to come again or to stay for a longer period. Needless to say, you will need to find your clients yourself (usually it is really hard and labor-intensive, especially if you are located in another country). Therefore, MyBestAgent provides a special short-term service. The company not only find customers, but also control the bills and the condition of the apartment.

In case of long-term housing, tenants usually bring their own furniture. They are more interested in an empty flat. That is why the rent is usually significantly lower.

Quick Payback

As a rule the average annual profit is somewhere between 6 and 10% of the apartment price (this is already minus fees for housing maintenance (Aidat) and utility payments). Thus, buying an apartment will pay for itself in about ten or twelve years.

Relaxed Atmosphere and Plenty of Sunshine

Renting out a short-term apartment will allows you to relax from time to time in your apartment on the coast. Your relatives and friends will accompany you at any time due to the visa-free regime. A wonderful climate and 300 days of sunshine each year will leave only pleasant impressions!

When purchasing accommodation tin Turkey for permanent residence, do not forget to take care of health. Since 2014 the Law on foreigners and international protection has been in force in Turkey. According to this law, availability of health insurance is required. Only citizens under 18 and over 65 are exempt from insurance. In other cases the residence permit can be granted only after receiving the health insurance.

So, where to start?

When you get a residence permit in Turkey, you need to apply for local insurance for 1 year. It usually includes out-patient treatment, hospitalization, doctor’s consultation, tests, and even operative (surgical) intervention. But if you need to make a dentist appointment, you will need to pay extra.

How to Choose the Right Insurance Company

This depends on your desire and financial capacity. The cost of insurance and its coverage may vary significantly in different countries. The most popular among foreigners are the following firms: Ankara sigorta, Guneş sigorta, Yapı kredi sıgorta, Aliyanz sıgorta, Acıbadem sigorta, Groupama sigorta, Ak sigorta, Axa sigorta.

What Documents Will You Need When You Apply?

A foreign passport, the previous residence permit (if you have one) and the amount of money claimed by the company are needed to apply for the health insurance.

How Much Does Health Insurance Cost?

The average cost of an annual health insurance varies between 400 and 3000 Turkish liras depending on gender, age, the insurance company and the coverage area of the insurance.

Can I get a Refund

Yes, you can get a refund in two cases: if you have a health insurance from another company and if you are refused to obtain s residence permit.