What you need to Know about Turkey before Starting Your Business There
Turkey is home to the very extremes in ethnicity with a unique Eurasian hybrid of East meets West. The Turkish culture straddles two
continents and eight borders where everything is organically aesthetic. The business environment in Turkey is catching up to awe-
inspiring status, and it is soon set to become a major commercial and financial hub in the region. Flaunting free enterprise, liberal foreign
policy and trade practice, and a dynamic stock exchange, Turkey attracts investors in its booming economy.
Is it viable to expand to Turkey?
Seen as an emerging market, Turkey's population is seeking development in a diverse group of sectors from education to finance. There is
a wealth of investment opportunities for entrepreneurs thinking about expanding a business in Turkey. In its developing economy, there is
growth predicted in shipbuilding, construction, water and the development of infrastructure to meet the demands of a growing population.
Being a participant in the Kyoto agreement on climate change there is an array of opportunities for sustainable technologies, as the
government of Turkey looks to invest in the sector to meet its obligations.
A brief Economic Overview
With a dynamic market equipped with a network of developed infrastructure and a competitive work force, Turkey is a fast developing
economy. Although the economy here has been dominated by traditional agricultural activities, there is now tremendous diversification in
its economy which is now dependent on a developed services sector and an industrial complex in the major cities concentrated in the
western provinces. Turkey's economy is a mix of modern industry and commerce along with the country's traditional agriculture sector
that still accounts for more than 35 percent of the country's employment.
The main growth sectors in Turkey
The country's tourism sector and private sector have also experienced rapid growth in recent years, and are important parts of the
economy. Other key sectors of the Turkish economy are construction, automotive, banking, home appliances, machine industry, textiles,
oil refining, petrochemical products, food, mining, iron, steel, and electronics. The largest industrial sector is textiles and clothing, which
accounts for of industrial employment. Its main exports are apparel, foodstuffs, textiles, metal manufacturers and transport equipment.
The main export partners are Germany, UK, Italy, France, Russia and Spain. The country's main imports are machinery, chemicals, semi-
finished goods, fuels and transport equipment. Turkey's import partners are Russia, Germany, China, Italy, US and France. Turkey's major
companies are textiles, food processing,automotives, electronics, mining, steel, petroleum, construction, lumber and paper manufacturing.
When doing business overseas, it is important to know the business opportunities that the country has to offer. In Turkey, the main
business opportunities are in environment, finance, education and training, telecoms, agriculture, ship building and manufacturing.
There are commercial bank loans as well as various forms of state aids which are available to both local and foreign investors that are
offered by the Turkish banks. Grants and loans are also obtainable from national and regional authorities. In addition to that there are
other incentives like customs relief, investment allowance, tax duty, credit charges exemption, energy subsidy, land allocation and
Overcome the challenges
Rules and regulations can change quickly and get convoluted so it is recommended that if registering a business in Turkey, you employ a
local partner with a good understanding of the markets legislation. It is almost impossible to keep abreast with the laws and regulations in
a foreign land. To avoid lapses that can bring about penalties, take the assistance of a reliable partner. With the expert guidance of a
professional in numerous areas like i nternational accounting , legal, HR, re
gulatory filings etc, you can be can be free of stress regarding
your overseas expansion and concentrate on your business objectives.
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