Turkey is known for its unique blend of Eastern and Western cultures and rich history. With over 80 million people, Turkey has a booming economy and is a popular destination for tourists and business travelers. If you are thinking of starting your own business in Turkey, there are a few important steps you need to take to get started.
Here are seven steps in setting up your own business in Turkey.
Step 1: Decide on the Type of Business
The first step in setting up your business in Turkey is to decide on the type of business you want to start. This will depend on your interests, expertise, and the market demand in Turkey. Some popular business ideas in Turkey include tourism, real estate, food and beverage, e-commerce, and manufacturing.
Step 2: Research the Market
Once you have decided on the type of business you want to start, it is important to research the market in Turkey. You need to find out if there is a demand for your product or service, who your competitors are, and what the market trends are. This information will help you make informed decisions about your business strategy and pricing.
Step 3: Choose a Business Structure
In Turkey, you can choose from several types of business structures, including sole proprietorship, partnership, and limited liability company (LLC). Each structure has its advantages and disadvantages, so choosing the one that best suits your business needs is important.
Step 4: Register Your Business
Once you have chosen a business structure, you need to register your business with the relevant authorities in Turkey. This involves obtaining a tax identification number, registering your company with the Commercial Registry, and obtaining necessary licenses and permits.
Step 5: Open a Bank Account
In Turkey, having a bank account for your business is mandatory. You need to open a bank account with a Turkish bank and obtain a bank certificate to prove that you have sufficient funds to start and operate your business.
Step 6: Obtain a Residence Permit
If you are a foreign national, you must obtain a residence permit to live and work in Turkey. You can apply for a residence permit in Turkey. Once you have obtained your residence permit, you can legally apply for a work permit to work in Turkey.
If you wish to apply directly, you may submit an application for a work permit to the Turkish embassy or consulate in your home country, along with all supporting documents.
Step 7: Hire Employees
If you plan to hire employees for your business, register them with the Social Security Institution (SGK). You must also provide them with a written employment contract and comply with Turkish labour laws.
Step 8: Comply with Tax and Accounting Regulations
As a business owner in Turkey, you must comply with tax and accounting regulations. This involves keeping accurate financial records, filing tax returns, and paying taxes on time. You must also comply with employment and labour laws, including minimum wage requirements and working hours.
Following these steps, you can set up your business in Turkey and take advantage of the country's growing economy and business opportunities. Remember to seek professional advice and guidance from a lawyer, accountant, or business consultant to comply with all legal and regulatory requirements.
If you are an ex-pat living in Turkey or planning to move to Turkey and need a residency advisor in Turkey, look no further than Ikamet. Contact us today!