5 secrets to setup a successful business in Turkey

In the event that you want to establish a successful business in Turkey, it is not necessary to have a completely new idea, as the main factor for the success of any project is excellence and the creation of ideas out of the ordinary to develop pre-existing ideas that make you a strong competitor in the labor market.business in Turkey

What are the points to focus on before starting a business in Turkey?

In order to start any business in Turkey, several aspects must be studied such as the location of the business in Turkey, the necessary equipment, the necessary manpower and  marketing methods for this business in Turkey, of course the cost of the project must be studied, the source of funding must be determined, the legal licenses obtained and the difficulties that may be encountered, and finally the profit calculation The returns from this project, and based on it, the success and usefulness of the project is determined.

What types of companies can be established in Turkey?

Laws in Turkey allow different types of companies to be established on Turkish territory, and each type has specific characteristics:

  • Joint-stock companies:

This type of company requires 50 thousand Turkish liras as a minimum capital, and there are at least 5 shareholders, also the capital is divided into shares and the responsibility of the shareholders is limited to the percentage of their share in the company’s capital,  these companies can carry out any commercial activity permitted by law It is also possible to carry out other commercial activities after obtaining the SSN from the Ministry of Industry and Trade.

  • Solidarity companies:

There is no requirement for a specific capital for this type of company, and it must be established for commercial projects with a specific name.

  • Private Legislation Companies:

This type of company includes banks, insurance companies, leasing, swap, exchange and private financial institutions.

  • Limited liability companies:

The perfect choice for owners of small and medium enterprises.

How do I register a new business in Turkey?

Entrepreneurs have to complete some steps to register any new project before starting it, and these steps are summarized as follows:

  • Choosing the type of company they want to establish in a way that suits the nature of their project, and drafting and documenting incorporation documents in accordance with the Companies Law.
  • Opening a bank account and depositing the required capital.
  • The appointment of the company director, as stipulated in the Turkish legislation.
  • Submit incorporation documents and details of shareholders and directors in the commercial registry.
  • Obtaining a tax number and value-added tax.
  • Registration for social security purposes with the tax office.

How long does it take to establish a business in Turkey?

It often takes about 3 weeks to establish a company in Turkey, and it may take longer if the company has branch offices.

How much does it cost to open a business in Turkey?

To calculate the cost of establishing a company, the type of company, the value of the required capital, the company’s registration fees, and the notary public must be taken into account. If a lawyer is appointed to handle the legal matters to register the company, his fees must be taken into account.

The importance of the trade name when opening a company in Turkey

Choosing the appropriate trade name is the first and most important step for registering any company in Turkey, and a suitable name must be chosen for the purpose of the company, so that it is not used by any party before and does not constitute abuse in any way, and it must hold branch offices if there are any. The same name of the main company, and a local address for the company registered in the city in which you will work is required in order to be considered a company residing in Turkey.

Is it easy to hire employees for your business in Turkey?

If the company is interested in employing foreigners, the recruitment procedures can only take place if the foreign worker has a work permit issued by the Turkish authorities.

How can I obtain a work permit?

A work permit for side workers can be obtained by submitting an application at the Turkish consulates or embassy.

What are the documents required to obtain a work permit?

The following documents must be submitted to the Turkish consulate or embassy:

  • An unexpired passport.
  • Work visa application that is submitted to the applicant.
  • A recent copy and one copy of the employment contract (the employer must send a copy as well).
  • Assignment letter confirming the appointment of the future employee.

Does the employer have to take any procedures when hiring a foreign worker?

When employing a foreign person, the Turkish employer must submit to the Ministry of Labor and Social Security an online application and the following documents:

  • Work permit letter.
  • Staff side request form.
  • General budget.
  • Most recent profit / loss statement.

The application must be submitted online within a maximum period of ten working days at the Turkish consulate after the foreign employee applies for the job, and the decision to grant a work permit is issued within a maximum period of one month.

What are the points of interest of foreign investors?

The most important points of investment are in several basic areas:

Free Zones: Designated to increase export investment, with 100% exemption from customs duties, value-added tax and income tax.

Organized industrial zones: with low costs and exempt from municipal taxes, solid waste, and value-added tax on land ownership.

Real estate investment: Real estate investment in Turkey, and in Istanbul in particular, is one of the popular economic activities that has attracted many investors in recent years and has ranked Turkey among the top 10 countries to buy real estate.

What are the real estate investment options?

There are a variety of real estate investment options, the most important of which are:

  • Buying a property in a project under construction in a strategic area and selling it after the project ends at a higher price.
  • Buying an old and worn out property, renewing it and improving it so that its price increases, then selling it.
  • Buying an apartment undergoing finishing, and renting it to ensure a stable monthly income.
  • Investing in areas that are expected to become a major investment activity in the future.

Tourism Investment: Turkey is one of the first countries in the world in the world in terms of tourism, and millions of tourists visit it annually, which generated the need to establish projects related to tourism and tourism activities, such as hotels, resorts and tourist offices.

What are the main advantages of investing in Turkey?

The advantages of investing in Turkey are reflected in 5 main points:

  • Multiple infrastructures facilitate the success of any project.
  • Political stability.
  • Reduced taxes.
  • Great competitive market.
  • The possibility of obtaining Turkish citizenship in the event of owning a property worth 250 thousand dollars.

The steps for establishing a business in Turkey can be summarized in 5 steps:

  • First: Choose the type and structure of the work.
  • Second: Prepare your company documents and documents.
  • Third: Apply for licenses and register the trade name for your project.
  • Fourth: Register with the tax office and social security.
  • Fifth: Get the stamp of your company and start work.

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