Business in Turkey

Doing business in Turkey requires a strategic and culturally sensitive approach. The Turkish market has its own dynamics, and understanding and respecting the local culture is crucial. Here are key steps and considerations for doing business in Turkey:

  1. Market Research:
    • Understand Local Preferences: Conduct thorough market research to understand the preferences, needs, and buying behaviors of Turkish consumers.
    • Competitor Analysis: Analyze competitors operating in the Turkish market to identify opportunities and challenges.
  2. Legal and Regulatory Compliance:
    • Local Business Laws: Familiarize yourself with Turkish business laws, regulations, and compliance requirements.
    • Customs and Import Regulations: Understand customs and import regulations to ensure smooth entry of your products into the Turkish market.
  3. Localization:
    • Language: Communicate in Turkish. Ensure that product information, marketing materials, and customer support are available in the local language.
    • Cultural Sensitivity: Be culturally sensitive in your marketing messages and business interactions.
  4. Establish a Local Presence:
    • Local Office or Representation: Consider establishing a local office or appointing a representative to enhance your local presence.
    • Partnerships: Form partnerships with local distributors, retailers, or e-commerce platforms to extend your reach.
  5. E-commerce and Online Presence:
    • Local E-commerce Platforms: Utilize Turkish e-commerce platforms or create a localized version of your website.
    • Digital Marketing: Leverage digital marketing channels such as social media, search engines, and online advertising.
  6. Understanding Turkish Business Culture:
    • Relationship Building: Turkish business culture values personal relationships. Invest time in building relationships with local partners and customers.
    • Face-to-Face Meetings: Whenever possible, prioritize face-to-face meetings for business discussions.
  7. Customer Service:
    • Responsive Support: Provide responsive and personalized customer support to address inquiries and concerns.
    • Local Customer Service Team: Consider having a local customer service team for better understanding and communication.
  8. Quality Assurance:
    • Emphasize Quality: Highlight the quality of your products or services to meet the expectations of Turkish consumers.
    • Compliance with Standards: Ensure that your products comply with Turkish quality and safety standards.
  9. Payment Methods:
    • Local Payment Options: Accept local payment methods commonly used in Turkey, including credit cards, mobile payments, and other popular options.
    • Currency Management: Be mindful of currency management, considering the Turkish Lira.
  10. Logistics and Distribution:
    • Efficient Supply Chain: Optimize your supply chain for efficient and timely distribution.
    • Local Warehousing: Explore the possibility of local warehousing to expedite deliveries.
  11. Promotional Activities:
    • Seasonal Promotions: Consider running promotions aligned with local holidays and seasons.
    • Discounts and Offers: Turkish consumers appreciate discounts and special offers.
  12. Trade Shows and Exhibitions:
    • Participate in Events: Attend industry-specific trade shows and exhibitions to showcase your products and network with potential partners.
    • Local Networking: Engage in local business networks and associations.
  13. Understanding Local Consumer Behavior:
    • Shopping Habits: Consider the traditional shopping habits of Turkish consumers, which may include visits to local markets.
    • Social Media Influence: Turkish consumers are influenced by social media; leverage influencer marketing if suitable for your product.
  14. After-Sales Support:
    • Warranty and Support: Clearly communicate warranty terms and after-sales support to build customer trust.
    • Returns and Refunds: Have transparent policies for returns and refunds.
  15. Feedback Mechanisms:
    • Customer Feedback: Encourage and actively seek customer feedback to understand and improve your products and services.
    • Adaptation: Be willing to adapt based on feedback and changing market dynamics.

By incorporating these considerations into your selling strategy, you can enhance your chances of success in the Turkish market. Building strong relationships, adapting to local dynamics, and demonstrating cultural sensitivity are key elements of a successful business venture in Turkey.

​Reach out to us, and we will:

  • Undertake market research on the business climate, customer behavior, market trends, and other factors that are important for the success of your business in Turkey
  • Create a business plan for your establishment in Turkey
  • Develop a market entry strategy for Turkey 

General information

Capital: Ankara

Population: 84,780,000

Official language: Turkish

Main religion: Islam

Currency: Turkish lira

Time zone: UTC+3

Economy of Turkey

GDP per capita: $9,661

Economic growth: 5,6%

Unemployment: 13.4%

Inflation: 32%

FDI Inflow: $13.84 billion

Business in Turkey

Popular type of legal entity: Limited Liability Company (LLC)

Minimum number of shareholders for LLC: 1

Terms of company registration: 7-10 days

Minimum share capital: 10,000 TRY ($1,200 USD)

Restrictions for foreigners to start a business: No

A local director required: No, but at least one shareholder or director must have a Turkish tax number

Corporate tax: 25%

VAT: 18%

Benefits and challenges

Benefits: strategic location, large domestic market, skilled workforce, diverse economy, and favorable demographics

Challenges: bureaucracy, political instability, currency fluctuations, high taxes, and cultural differences

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