Business Relocating to Turkey
In 2022 Turkey became one of the most attractive countries for business relocation and investments due to its strategically beneficial location between the Europe and Eastern countries, growing economy and affordability of a comfortable lifestyle.
- Except the obvious benefits of Turkey as a country for living, there are some advantages of it as a country for running a business:
progressive tax, depending on the income and location of the business
- ability to enter the European market and get efficient network in Arabic countries
- there are many economic zones with special facilities for the business growth even for the foreigners
- trustworthy bank system with beneficial financing and loan programs and ability to open a bank account easily even for a foreigner without the citizenship or a residency permit
- business and tax privileges for the business owner
The Turkish government supports business by creating special economy zones, benefits, tax reduction.
There are three types of special economy zones in Turkey:
- Technological Development Zone. The companies into science, research, software development. Mostly located in Istanbul or Bursa. These companies are free from income taxes till 2023.
- Duty Free Zones, which are out of the customs rules. Business in such zones is free customs fees, taxes, VAT. Located in airports, port areas, nearby the European and Asian markets.
- Organised Industrial Zones. VAT free locations. If you purchase a land in such a zone, you are free from paying taxes for it for the next 5 years.
It is possible to apply for a citizenship in case you start a business with an authorised capital from 500.000 USD and create more than 50 workplaces for Turkish citizens.
Foreign interpreters can open a company with one of the listed ownership forms or a branch of a foreign company even if they do not have a citizenship.
- LLC — the authorised capital starts from 10.000 tl with the number of company owners from 2 to 50 people.
- JSC — requires to have at least 5 owners and authorised capital from 50.000 tl.
- Limited Partnership — there no minimal amount of authorised capital, created to rule the company under a trademark.
- Collective company with the individuals as shareholders.
- Cooperative society with equal shareholders.
How To Start A Business In Turkey?
- You should start with registration of a statute and foundational agreement in MERSIS
- Translate and notarise papers
- Get your tax identification number
- Transfer 0.04% from your authorised capital to the account of Antimonopoly Committee of the Central Bank of Turkey
- Open an account in any Turkish bank and deposit there 25% of the authorised capital
- Get a registration in Commercial register
- Get a registration in the notary department of the company’s legal books
- The following papers are required to start a company in Turkey:
- Decision on the agreed composition of founders
- Company charter
- Title in Turkish
- Copies of the residence or work permits of the founders
- All the translated to Turkish and notarised peppers
- Lease agreement or ownership document