Starting a business in Turkey can be a rewarding and profitable venture. Here are the steps to follow to start a business in Turkey:
- Decide on the type of business: The first step in starting a business in Turkey is to decide on the type of business you want to establish. It can be a sole proprietorship, partnership, or limited liability company.
- Choose a company name: Once you have decided on the type of business, you need to choose a name for your company. The name should not be the same as any existing company in Turkey.
- Register your company: To register your company, you need to prepare a memorandum of association, articles of association, and other legal documents. You can register your company at the Trade Registry Office.
- Obtain a tax number: You need to obtain a tax number from the tax office to pay taxes and carry out business transactions.
- Obtain necessary permits and licenses: Depending on the nature of your business, you may need to obtain permits and licenses from various government agencies.
- Open a bank account: You need to open a bank account in Turkey to conduct business transactions.
- Hire employees: If you plan to hire employees, you need to obtain a work permit from the Ministry of Labor and Social Security.
- Comply with regulations: Once your business is up and running, you need to comply with all the regulations and laws governing businesses in Turkey.
Starting a business in Turkey can be a complex process, and it is recommended that you seek the help of a lawyer or a consultant to guide you through the process.
What will be the incentives ?
The Turkish government offers a number of incentives to encourage investment and promote economic development. Some of the incentives available for businesses in Turkey are:
- Tax incentives: There are a variety of tax incentives available for businesses, including exemptions, reductions, and deferrals of corporate income tax, value-added tax (VAT), customs duties, and social security contributions.
- Investment allowances: Investment allowances are provided for businesses that invest in specific regions or industries, or that engage in research and development activities.
- Subsidies and grants: The government provides subsidies and grants to businesses in certain sectors, such as agriculture, tourism, and technology, to encourage investment and promote growth.
- Infrastructure support: The government provides support for infrastructure development, including transportation, energy, and telecommunications.
- Free trade zones: There are 18 free trade zones in Turkey, which offer a number of incentives for businesses, including exemption from VAT and customs duties, and simplified customs procedures.
- Simplified procedures: The government has implemented a number of measures to simplify business procedures, including online registration and electronic document processing.
- Workforce incentives: The government provides incentives for businesses that employ disadvantaged or disabled individuals, as well as for businesses that provide training and education to their employees.
- Turkish Citizenship: Once you setup your company and investment over reaches USD 500k, you will be eligible for getting Turkish citizenship.
These incentives can vary depending on the location, size, and type of business. It is recommended to consult with a professional or a government agency to understand the available incentives and how they can be accessed.
Homasa consultants will support you in all aspects of your business that will lead a successful investment.
Please don’t hesitate to contact if you may have any inquires or questions.
