If you are looking for foreign investments, Turkey is perhaps the best option for you right now. The industry is still growing here, but the market has reached saturation, ensuring your company gets a fair shot at being profitable.
However, when it comes to foreign investments, there are quite a few things you need to keep in mind. If you are wondering how to establish a company in Turkey, this article is the best read. Here are some more tips for a foreign investor looking to open a company in Turkey.
- Understand The Legal Requirements:
It is essential to understand the legal requirements for setting up a business in Turkey. You will need to register your company with the Trade Registry Office and obtain necessary permits and licenses from relevant government agencies.
It is also important to hire a local lawyer or consultant to guide you through the legal requirements and ensure compliance with Turkish laws and regulations.
- Choose The Right Location:
Turkey is a large country with several business hubs, and choosing the right location for your business is critical.
Istanbul is the largest city and the economic hub of Turkey, but other cities such as Ankara, Izmir, and Bursa also offer significant business opportunities. You should consider factors such as accessibility, infrastructure, and the availability of a skilled workforce when choosing the location for your business.
- Build A Local Network:
Building a local network is essential for the success of your business in Turkey. It is recommended to establish relationships with local business partners, suppliers, and distributors.
Joining local business associations and attending industry events and trade shows are excellent ways to build your network. You can also consult with reputed firms like Foreign Operations Turkey to know the networks and how to go about your company establishment in Turkey.
- Hire A Local Workforce:
Hiring a local workforce is critical for the success of your business in Turkey. Turkey has a highly skilled and educated workforce, and hiring local employees will help you navigate the cultural and language barriers.
It is essential to provide training and development opportunities for your employees to ensure they are equipped with the skills and knowledge necessary to help your business succeed.
- Consider Cultural Differences:
Turkey has a unique cultural and business environment, and it is essential to understand and respect cultural differences. Building strong personal relationships and understanding Turkish business etiquette can help you establish trust and credibility with your business partners and customers.
- Seek Support From Government Agencies:
The Turkish government offers several initiatives and support programs to encourage foreign investment.
You can seek support from government agencies such as the Investment Support and Promotion Agency of Turkey (ISPAT) and the Small and Medium Enterprises Development Organisation (KOSGEB). These agencies provide services such as market research, investment incentives, and business development support.
These are some common things you should keep in mind to make the most of your investment and take your company on the right track. Rest assured, Turkey’s government offers a number of different incentives that will surely help your endeavour.