Business in Turkey. Entering the Turkish market
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Save your business tens of thousands of dollars
when entering the Turkish market
Save your business tens of thousands of dollars
when entering the Turkish market
General information
Population
84 780 000 people Official language
Turkish Main religion
Islam Currency
Turkish lira (TRY) Time zone
UTC+3 Economy of Turkey
GDP per capita
9661 USD Economic growth
5,6% Unemployment
13,4% Inflation
32% Investment inflow
13,84 billion USD Business in Turkey
Popular type of legal entity
Limited liability company (LLC) Minimum number of shareholders
1 Company registration period
7-10 days Minimum share capital
10,000 Turkish lira (approximately 1,200 USD) Restrictions for foreigners on starting a business
No A local director is required?
No, but at least one shareholder or director must have a Turkish tax number Corporate tax
25% VAT
18% Advantages and disadvantages
Advantages
strategic location, large domestic market, skilled workforce, diversified economy, favorable demographic situation Disadvantages
bureaucracy, political instability, competition in the local market, currency fluctuations, tax complexities, regional differences, cultural differences