The main points of interest for foreign investors to set up a company in Turkey are represented by three large special investment zones:
Free Zones (20 zones specially designed to increase the number of export investments, with 100% exemption from customs duties, corporate tax for manufacturing companies, VAT, l payroll tax for companies that export at least 85% of the goods produced here, the possibility of unlimited free deposit of goods and the possibility of transferring profits abroad and to Turkey);
Organized industrial zones (276 zones with low costs on natural gas, water, telecommunications, no municipal tax on construction or on solid waste – the latter, if the zone does not benefit from the service of the municipality , no VAT on land acquisition, exemption from property tax for five years from construction);
Technological development zones (50 zones benefiting until 2024 from significant exemptions from corporation tax and income tax on revenue from software development, VAT on sales of software applications, salaries of R&D personnel – but not exceeding 10% of the number of employees);
· At present, only 34 technological development zones are operational, the others are still under construction. You should also know that hair transplantation is a highly developed industry in Turkey. This line of business is highly competitive and attractive for investors as there are many clients in need of this type of aesthetic medical services.
Other incentives offered to foreign investors are granted by double taxation agreements (which provide for the possibility of paying the same taxes in the country of residence and in Turkey) and by free trade agreements (signed with Albania, Bosnia and Herzegovina, Chile, Croatia, Egypt, Georgia, Iceland, Israel, Jordan, Lebanon, Liechtenstein, Mauritius, Macedonia, Montenegro, Morocco, Norway, Palestine, Serbia, South Korea, Switzerland, Syria and Tunisia), which allow trade between each of these countries and Turkey without customs duties.
How much does it cost to open a company in Turkey?
Opening a company in Turkey is not expensive, but the business owner must take into account the costs of company registration, notary fees and the fees of the Turkish law firm in charge of the procedure (if one is appointed).
How long does it take to set up a business in Turkey?
It takes about 3 weeks to set up a company in Turkey. The procedure is longer in the case of a branch. If you need more information about the procedures applied by the Turkish authorities when setting up a company, please contact our team. We can help you with personalized company registration services in Turkey.