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Reasons to Start a Business in Turkey
Turkey is surrounded by the sea, and its natural beauty and jaw-dropping ancient structures are everyone’s dream. As the country’s maritime transportation develops, Turkey is endowed with incredible economic opportunities. Thus, there are plenty of reasons to start a business in Turkey.
If you are a foreign investor, then there are many benefits of investing in Turkey as it has a strategic position by being the trading centre of the whole of Europe. The Turkish government is also supporting business ventures.
The Government Incentives to Encourage Foreign Investors
Turkish government encourages both local and foreign businesspeople by offering incentives and helping their business in the initial stage. Foreign investors who obtain an Investment Incentive Certificate (IIC) are granted great benefits like custom duty exemption, interest rate support, and many more.
Strong Consumer Spending
Turkey has many young populations, and the main source of spending in Turkey is their young generation. Young people follow trends that always change, thus keeping the market running. With a full-proof plan, you can successfully establish a business in Turkey, keeping the young generation as your target customers.
Low Operating Cost
Low operating costs are one of the main benefits of establishing a business in Turkey. If you plan to establish a business in more posh countries like the UK or the US, you have to pay the operating cost on a very high range. Millions of people graduate in Turkey every year, and when many people are looking for a job, the initial cost of labour will be on the lower side.
Local Manufacturers
A common rule of establishing a business in Turkey is to locate a manufacturer near you to eliminate transfer costs. Plus, the locals are helping in Turkey, and they will be ready to assist you. The locals are humble and ready to take minimum orders to help start a business in Turkey.
Turkish Citizenship
Since 2017, the Turkish government has made it feasible to obtain Turkish citizenship easily. If you invest more than a certain amount, then you may be eligible for citizenship. If you invest at least $250,000 or create 50 jobs for locals, then you are eligible to apply for Turkish citizenship.
Turkey is a great country to invest in, and the people are a very humble, supportive, and welcome foreign investment with open arms. If you plan to establish a business in Turkey, you can do it without any worry!
Related Article: How to Start a Profitable Small Business in Turkey as a Foreigner.
