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.
