Advice for Those Who Are Planning to Start a Business in TurkeySat, Dec 11, 2021 12:00 AM
Turkey is attracting a huge number of foreign investors every month. The Turkish Lira depreciation made the country a heaven for many entrepreneurs. If you are planning to start a business abroad, then Turkey is one of the ideal candidates for you.
Thus, we have covered everything you would like to know to start a business in Turkey in the following. Besides the advantages of starting a company in Turkey, we have also covered the steps you need to know.
Without a doubt, the following information will be beneficial for those who have never visited Turkey or run a business before. So, we highly recommend checking out the following information we have covered for you.
Why Should You Start a Business in Turkey?
Every month a new international company is making announcements about moving their production line to Turkey. The last one was IKEA. This furniture giant will completely move its production line to Turkey gradually until the end of 2022.
More and more entrepreneurs are also preferring Turkey to start their new businesses. First of all, Turkey offers amazing benefits due to its strategic location. It is located between the European and Asia continents. Istanbul is a city that has land on both continents. Moreover, the country has dozens of cities with overseas ports for transportation.
Any European city takes at most three hours by flight. In addition to this, the cheap cost of living and labor makes it quite attractive to cut business costs. So, regardless of your industry, Turkish is a great choice to start a business and you should not miss this opportunity.
In addition to this, all international carriers serve in the country. It takes only 2 days to deliver your product from Turkey to any address in the United States. Your deliveries sent to Europe reach their destination the next day.
Moreover, you can find qualified labor at affordable prices. You can also benefit from the incentives provided for businesses in Turkey. Being a foreigner does not limit yourself to enjoying these benefits. Anyone who is running a business in Turkey can enjoy these grants and supports.
Lastly, you can get a permanent residence permit and even Turkish citizenship if you employ at least six employees. There are also numerous benefits offered as a part of European Union grants. In short, you should not miss this opportunity to enjoy a head start in your new business.
Starting a Business in Turkey in 6 Simple Steps
The Turkish government welcomes everyone and offers the same procedures for anyone who is planning to start a business in the country. You can start your company within a few days. The best part of starting a business in Turkey is most of the procedures can be carried out online.
Below, we have covered everything you need to know to start a business in Turkey. All you need to do is follow these steps in the same order to start your business in a few days.
Getting a Tax Number from the Tax Office
You can visit any tax office to get a tax number. We recommend outsourcing an accounting service so that you will not have to deal with any of these on your own. In general, accountants serve as business consultants in Turkey. Whether you are going to outsource your accounting or hire an accountant, he or she can carry out the entire process on your behalf.
Since you need to receive this service for your operations, it may be a good idea to hire him or her at the beginning of the process.
Determining the Address of Your Business
As you can rent an office for your business, you can also prefer virtual offices. Your accountant or business consultant can help you to find the perfect one for your business. One thing you need to pay attention to is you should apply to the tax office that will be in the same district as your business.
Although you can apply to any of the tax offices you like, choosing a tax office in your area will be much more convenient for you in the long run.
Determine the Legal Entity Type for Your Business
The only difference between locals and foreigners is the legal entity type you can prefer. While locals can start a private company, foreigners can only start a limited liability company (LLC) or corporate company (JSC). Depending on your operations and plans, you can pick one of these legal entity types for your business.
Outsourcing an Accounting Service
You can outsource this service from individual accountants or corporate companies. In general, you pay them in monthly installments, and they can take care of every procedure to avoid penalties and ensure your responsibilities against the government as a business.
It is quite easy to find a professional corporate company to outsource these services. Additionally, you can hire your own accountant if you want.
Officially Registering Your Company in Turkey
You need a sworn translator during the application and all the documents you are going to provide in your native language must be translated into Turkish. In general, most business owners follow the guidance of their accountants.
Accountants will take care of everything on your behalf and inform you about the documents you need to prepare for the application. This process usually takes between two to three days.
Opening an Account in Turkish Banks
After you officially register your company, you need to open a bank account in one of the Turkish banks for your company. You can prefer any bank you like without any limitations. Depending on the bank you are going to prefer, they may request different documents for opening an account.
If you want, you can also open multiple accounts for your company and use any of them you like. There are no limitations on this topic.
As you can see, starting a business in Turkey is quite easy and offers numerous benefits to all kinds of businesses. You should not miss your opportunity to run your business in Turkey, which is located in the middle of Europe and Asia.