By Swain Thorne
Turkey ranks 33rd out of 190 countries according to the World Bank’s Ease of Doing Business Report in 2020. With its young and active population and dynamic free market economy, Turkey offers numerous business opportunities for foreign investors. The country has achieved a better investment climate due to its economic and social policies.
Foreign investors can take advantage of the incentive programs with little to no red tape and barriers from the government. For instance, the Turkish Citizenship by Invest Program allows foreign investors to get a Turkish passport within three to seven months. However, investors should invest at least $250,000 in the Turkish economy.
Rapidly Growing Economy
There are numerous opportunities for opening a company in Turkey. With a rapidly growing economy and incentives, you can quickly increase your organization with the right business strategies. Turkey has one of the largest economies in the Middle East and Europe.
The steady increase in the value of foreign currencies is another opportunity for investors looking to establish a company in Turkey. The increasing value of foreign currencies and the decreasing value of Turkish Lira can help you expand your business. The country also has a broad range of initiatives for foreign investment.
European Business Regulations
European and American investors will always find it easy to conduct business operations in Turkey. The country’s plea for membership in the European Union has still not been approved. However, it has adopted numerous European business regulations and standards recently. Besides European and American investors, the business environment is conducive for investors from across the world.
Things to Know About Turkish Foreign Investment Policies
The Turkish law states that the foreign investors should be treated equally to the Turkish investors. Furthermore, there is no restriction on foreign shareholding, which is appealing to most investors. As a foreign investor, you can choose foreign courts for jurisdiction over your trade contracts. But note that the agreement between the two parties in Turkey should be in the Turkish language.
Get Attractive Tax Benefits of Operating in the Free Zones
Your earnings are exempt from income and corporate tax if you operate in the free zones specified by the Turkish government. Moreover, your transactions in free zones are exempt from stamp duties and fees. So, if you are willing to invest in Turkey, establishing your company in the free zones is the best option.
The Prospect of Getting Turkish Citizenship
Since 2017, foreign investors can obtain Turkish citizenship and its benefits by setting up a company in Turkey. But you can be eligible for Turkish citizenship only if your investment exceeds a certain amount.
For instance, investors making an investment of at least $500000 are eligible for citizenship in Turkey. On the other hand, the government will also grant you citizenship if you can create employment for at least fifty individuals.
It is the right time to set up your company in Turkey as the current business environment favors foreign investors. If you want to establish your business in Turkey in a hassle-free way, consult with FO Consultancy. They have vast experience in helping foreign investors establish their companies in Turkey.
