Advantages of starting a startup in TurkeyMon, Jan 17, 2022 12:00 AM
If you are planning to start a new startup and looking for an ideal country to do so, we have a suggestion for you. As you know, Turkey is the rising star in the global market for investors. From property investments to businesses, many foreigners are considering Turkey in the first place.
Starting a startup in Turkey has numerous benefits that can easily convince you. As of today, Turkey is the leading country in terms of foreign investments. Whether you are looking for a new market to expand your operations or cut your initial business costs, Turkey can be the answer.
Thus, we have compiled some of the main advantages that you would like to know. Without a doubt, all the following information will be highly appealing for you too.
Benefits of Starting a Startup in Turkey
There can be hundreds of reasons why you need to pick Turkey as the country to start your new business. However, we have picked the eight most important ones for you in this section. There is no doubt that most of them will sound highly appealing regardless of your industry or business.
So, let’s stop wasting time and check out these amazing benefits one by one.
Easy Registration and Procedures
Starting a startup in Turkey is one of the easiest things you can do in the country. All you need to do is find a reliable accountant and give power of attorney to him. As a foreigner, you will not face any limitations or obstacles. The only difference between foreigners and Turkish citizens while establishing a company is that foreigners cannot start a private company.
Other than this, depending on your company type, you can start your startup between a day and a week. In addition to this, your initial costs for registering your company are highly cheap compared to other countries in the world.
Low Operation Costs and Expenses
Besides the cheap initial costs to start your company, you will not have to worry about high rent fees or other operational costs. Turkish Lira suffered a great depreciation last year and this makes the country highly affordable to enjoy cheap operational costs.
In addition to this, foreigners can benefit from tax exemptions depending on the type of business they are going to start. The Turkish government also provides plenty of incentives for both locals and foreigners that include additional discounts and exemptions.
Cheap Yet Quality Workforce
Turkey has some of the best universities in the world and you can find plenty of skilled workforce in the country. In addition to this, the minimum salary in Turkey is around $300. Thus, you can easily employ a quality workforce at affordable costs compared to all European countries and most countries in the world.
You can also benefit from various discounts, exemptions, and incentives to pay the social security premiums of locals. Moreover, the Turkish government does not put any limitations on who you can hire. If you want, you can hire people from abroad as well.
Ease of Access for Export
Considering the strategic location of Turkey, which is placed in the conjunction of Asia and Europe, the country is the ideal place for export-oriented businesses. You can benefit from the cheap workforce, low costs, and promote your goods or services abroad. The Turkish government also provides bonuses for companies and organizations that focus on export.
In addition to this, the Turkish government also provides convenience for businesses that pack their goods and keep them ready for export. You can keep your goods with the customers and will not have to pay any lot fee until you export your products. This will help you to shorten the paperwork you may need to export them.
A Large and Diverse Marketplace
Turkey has a more than eight million population and most consumers tend to spend money just for fun. Moreover, the Turkish government adopts a liberal economic model. Thus, it is a heaven for producers and consumers. All the industries enjoy high demand. Besides regular markets, the eCommerce infrastructure in the country is also well-developed.
Consumers do not hesitate to buy the goods over the internet, which may be an advantage for many startups and help them to avoid expensive rents. Thanks to the well-established transportation and shipping systems in the country, you can deliver your products to any part of the world within a few business days at most.
Plenty of Local Manufacturers to Supply Goods or Services
The Turkish government pays great attention to encouraging production. Their efforts started to pay off and Turkey’s export volume is increasing rapidly. However, some of these products are offered in the domestic market as well. Thus, you will never have to worry about accessing local manufacturers to supply goods or services.
You will never have to worry about delays or miscommunication as well. Turks usually have great ethics in their business, and they tend to increase their network with new business partnerships. Moreover, the costs will be much more affordable than in any part of the world.
Incentives Provided by the Government
The Turkish government does not discriminate in terms of the incentives that they offer for businesses. Whether you are a Turkish citizen or a foreigner, you can benefit from all the opportunities that the government offers unless you have a company registered in Turkey.
There are hundreds of incentives you can benefit from, but they mainly vary depending on your company type.
Turkish Citizenship Acquisition
One of the biggest advantages of starting a startup in Turkey is being eligible for Turkish citizenship. If you employ at least 50 Turkish citizens or you make an investment with an initial capital investment of $500,000, you can apply for Turkish citizenship.
In addition to this, if you buy a property worth $250,000 or more or be a partner to any real estate or business worth $500,000, you will be eligible for citizenship. In addition to this, you can also keep $500,000 in your bank account for three years to enjoy the same benefits.
You can contact us for these and more opportunities to get your Turkish citizenship by investing in the country.