Company formation in Turkey requires formal registration, from starting a store to starting a trading corporation. In reality, all non-Turkish citizens must get a business licence in Turkey before opening a shop. Nevertheless, deciding to incorporate a business in Turkey might be financially rewarding.
Start-ups will find a welcoming environment in Turkey, but moving there won’t be cheap if you want to stay there and become a citizen.
Few Running Expenses
One of the upsides of setting up a shop in Turkey is the country’s relatively inexpensive operational expenses. Starting a company in the United Kingdom or the United States will cost you a lot, but starting a business in Turkey won’t cost you a thing. In Turkey, over one million college graduates begin their employment hunt rather than launch their own businesses annually.
As a result, entry-level earnings and labour costs are comparatively modest. In addition, the suppliers’ costs are cheap, and the quality of the products and services they provide is excellent. It’s a huge plus since it means you can stop stressing about how you will pay for your company’s launch.
The Turkish Government’s Financial Incentives
Both domestic and international investors are being courted by the Turkish government, which is doing so by lowering expenses associated with investing and making the country more investor-friendly. For example, costs for investors were cut in half because of the new system of investment incentives.
Incentives are provided to foreign investors who receive an Investment Incentive Certificate (IIC), including tax exemptions, tax deductions, subsidies for social security premiums and interest rates, distribution of land, and subsidies for withholding taxes on income.
Regarding doing business, Turkey ranks among the top 60 countries in the world. Furthermore, according to the Transparency Index, Turkey ranks among the least corrupt countries worldwide. Therefore, the government of Turkey does not have any role in the business registration procedure.
The country of Turkey is located on the Asian side of the European continent. Therefore, transport is simplified, and the location offers potential patrons and financiers advantages. Turkey does not formally belong to the European Union, although it has special tariff arrangements with the EU. Currently, Turkey and the European Union have a customs union, meaning fewer customs and consumer taxes.
Do you see yourself as a potential company owner in Turkey? If so, Fo-Consultancy is the place for you. They are an excellent resource for all things connected to company registration in Turkey.