Why should start a Business in Turkey?
Turkey is Europe's sixth-largest economy in terms of economic growth and is quickly expanding in investment and business sectors. Foreign investors are drawn to Turkey because of its skilled labour, inexpensive startup costs, and strategic location. Construction, autos and metals, IT, Environment, Energy, Agriculture, Textile, Finance, and Tourism are some of the areas in which you can invest.
Before beginning a business in Turkey, it is critical to identify the regions in which to invest. The following are the four finest provinces to start a business in: Textiles, cement, paper, chemical items, processed food, and much more are available for purchase. The Marmara Region produces 73 percent of Turkey's sunflower and 30 percent of corn, oil, and wine.
Because of its strengths in manufacturing, international trade, and tourism, the Marmara Region is one of Turkey's most appealing places to launch a business. Last year, Turkey attracted $3.93 billion in foreign direct investment, with roughly 3.2 million dollars going to the service sector. There has been an upsurge in Turkey's direct foreign investment as a result of many foreigners choosing to engage in a business there. Most industries, such as banking, manufacturing, and energy, attract the most foreign direct investment.
What are the Natural Resources in Turkey?
Iron ore, copper, coal, chromium, antimony, mercury, gold, celestite (strontium), emery, barite, borate feldspar, pyrites, clay, limestone, magnesite, marble, perlite, and pumice are among Turkey's natural resources. The country serves as a vital transit point for crude oil and natural gas supplies. the world's minerals and pumice In the same year, it produced chromite, feldspar, barite, bentonite, kaolin, magnesite, and perlite. Turkey has a gold resource potential of around 23 million ounces. There are currently four working gold mines in the area, with another four in the development stages. According to recent sources, Eldorado Gold Corp's Usak - Kisladag mine, with its 12 million ounce deposit, is the country's greatest gold producer.
Natural Gas is a type of fuel that is used Turkey utilises a lot of natural gas, most of which comes from abroad. It does, however, have the potential to enhance its domestic production, particularly through shale gas. Turkey's natural gas production grew to 48.6 billion cubic metres in 2014, up from 0.5 billion cubic metres the previous year.
Turkey produces more coal than oil and gas, and most of it is used to generate electricity. In actuality, Turkey generated nearly 1.5 million tonnes of hard coal, accounting for roughly 40% of the country's total energy production.
Ore of Iron
Turkey's iron ore deposits are estimated to be 83 million tonnes and are spread over the country, particularly in Anatolia, Erzincan, Malatya, and Sivas. Due to a lack of reserves, production levels have remained relatively constant throughout time. The Avnik mine, located in Bingol Province, some 452 miles east of Ankara, has one of Turkey's greatest iron ore reserves. Includes 44 million tonnes of iron metal and has an estimated reserve of 105 million tonnes of ore grading 42 percent iron.
Gold is mined on a small scale in several parts of Turkey. In 2012, a total of 29.5 tons of gold were mined throughout the country, making Turkey a major gold producer. The largest gold mine in the country is the Kışladağ mine, which located in Uşak Province, and is owned and operated by the Canadain-based Eldorado Gold Company. The Çöpler mine is also one of the largest gold mines in Turkey and the world.
What are the Business Opportunities in Turkey?
Turkey is strategically located in Europe and the Middle East, making it a significant hub of trade and business for both Europe and the Middle East. As a result, you have a strong chance in Turkey to develop and extend your business idea.
1. In Turkey, you will find a hardworking youth labour for your business ideas. This is a huge benefit for young businesses when it comes to beginning a firm. Turkey is a natural stone storehouse and one of the world's top exporters. Furthermore, the country is ranked fourth in the world for marble manufacturing. As a result, natural stone mining is a promising as well as successful business opportunity for you. Natural stones such as marble, limestone, basalt, tuff, granite, travertine, onyx, and slate can all be mined.
2. Turkey has a large and expanding automobile sector. As a result, selling vehicle components is a viable business opportunity for you. Establish a facility that will produce a variety of automotive spare parts.
3. Turkey's textile sector is rapidly expanding and gaining international recognition. As a result, you could consider starting a garment export business. If you know how to design clothes and have a good sense of style, you can create your own label and sell them both domestically and internationally.
4. It involves little capital, making it simple to get started. You can sell Turkish specialties as well as famous fast cuisine such as burgers and French fries. Keep in mind that the food should be of top quality and fresh. Due to the enormous number of people who go out to work, packaged food delivery is a very profitable business in Turkey.
5. As a result, your restaurant will attract both local and tourist consumers. Serve authentic cuisine and invest in a nice environment and serving ware for your restaurant. Keep in mind that the cleanliness of your restaurant and the quality of your employees are critical.
Business-Friendly Policies and Government Initiatives;
Turkey is one of those countries is where starting a business is very simple. If you still need confidence, there are numerous regulations that make life easier for entrepreneurs, as well as numerous institutions and other services that help new businesses succeed. The Turkish government has implemented a number of measures in recent years aimed at improving the business climate and making it simpler for entrepreneurs to start and run enterprises. Furthermore, government efforts such as Make in Turkey have been developed in order to encourage foreign investors to establish manufacturing facilities in Turkey. The country is also pursuing an extremely ambitious plan to attract $100 billion in foreign investment by 2023. These government-sponsored initiatives have a direct impact on your capacity to start and run a business in your country. You'll need to know what these regulations are and how they affect your sector, whether it's building permits or tax incentives. The Turkish government has worked hard to strengthen its business-friendly regulations and initiatives, making it easier for entrepreneurs to start new firms. Starting a business in Turkey is now much easier for foreigners. Many enterprises, particularly digital businesses like e-commerce stores and web development firms, are eligible for special tax treatment (reduced taxes). TEPAV, for example, is a specific programme that assists entrepreneurs with marketing and market research.
Turkey Industrial Infrastructure;
Turkey's industrial expansion has been swift, and it is on its way to becoming one of Europe's major manufacturing hubs. The Turkish economy is relatively diverse, having representation from nearly every industry sector. Textiles and apparel, food processing, automotive parts, mining, construction materials (e.g., cement), chemicals and petrochemicals (including plastics), metallurgy and metal products (including automobiles), electronics and electrical equipment, home appliances, and furniture are among the most important industrial sectors. Turkey has a well-developed infrastructure with modern amenities. The country has great transportation and communication infrastructure, making it simple for businesses to import and export commodities. There are also incentives for new investment in industrial regions, as well as protection for existing assets, ensuring that investors remain secure.
Another advantage of investing in Turkey is that you can utilise your foreign company as an exporter or importer from/to other countries with which Turkey has free trade agreements (FTAs). Modern ports, airports, roadways, railroads, telecommunications networks, schools, and hospitals make up Turkey's urban and industrial infrastructure. With a population of more than 70 million people, the country is densely populated. Because of these factors, it is one of the most appealing markets for exporters all around the world.
What are the steps for Starting a Business in Turkey?
To begin, you must first register your business name and legal structure with the EAD (Trade Register Office) or MERSS (Merchant Register Service) (Registry) second, you can submit an application to EAD for an official registration certificate. After you've completed these steps, you'll be given your new company's trade number. . You can now begin selling items and services. When it comes to income taxes, there are two types: corporate and personal income taxes. Companies pay corporate tax on their profits, while individuals pay personal income tax on their earnings. When you start a business in Turkey, you must pay both forms of taxes. .
Individuals pay personal income tax on their earnings. When you start a business in Turkey, you must pay both forms of taxes. In Turkey, taxes are computed using a variety of factors such as sales volume, profit margin, and so on. As a general guideline, if you earn more than 1 million Turkish Liras ($230K) each year, you should hire an accountant and follow all tax requirements set down by the government.
Market Size of Turkey
Turkey's population has been growing at a pace of 1.33 percent each year (6.98 million people, according to the United Nations World Population Prospects) since 1951, and is expected to reach 79.5 million by 2050, an increase of 2.4 times from 2000 levels. During the period 2010–2050, the country's working-age population—defined as those aged 15 to 64—will expand by more than 5 million individuals, or an 18% increase. By 2020, Turkey will have a workforce of more than 25 million people. Furthermore, life expectancy has consistently increased in recent decades, reaching 70.8 years for males and 75.7 years for women in 2009.
This trend is anticipated to continue in the next decades, driving up demand for products and services such as health care, transportation, and recreational activities, among other things. Turkey's economy is among the world's 20 largest, with a gross domestic product (GDP) of $947 billion and an annual growth rate of 4.5 percent from 2012 to 2013. The country has a young population, with more than half of the population under 30 years old, and it is growing: total fertility declined from 5.2 children per woman in 1950–55 to 2.1 children per woman in 2000–05, but it remains one of the highest fertility rates among OECD countries. Turkey is one of Europe's major economies, with a population of about 75 million people.
It's also one of Europe's largest countries, with 11.4 million square kilometres, so there are plenty of prospective clients for your business! The country has a diverse range of tourist attractions, including modern cities and attractive beaches, as well as historical ruins and natural beauties. These company ideas for Turkey that have previously established their worth are the greatest place to start for entrepreneurs looking for inspiration.
Turkey has become an international business centre thanks to multinational firms such as TÜBTAK, Koç Holding, and Sabanc Holding. According to emsi Bayraktar, President of the Istanbul Chamber of Commerce, Turkey is one of the world's fastest-growing economies, with plenty of opportunities for entrepreneurs. It has a well-educated, young population and several entrepreneurial opportunities. ies. Being able to communicate in multiple languages (both Turkish and English are official) would make it easier for you to deal with people from various countries. If you're thinking about beginning your own firm, keep in mind that we can only expand our economy with strong and long-term growth. It is possible to reach this goal via boosting industrialization.
Vertical integration is one strategy for Turkish entrepreneurs to pursue industrial growth by forming strategic alliances with other entities. Everyone appears to want a piece of Turkey's burgeoning industrial sector at times. The government has helped by relaxing rules and introducing new legislation, but there are other benefits for individuals who want to take advantage of Turkey's industrialization. You will require financial assistance in order to establish a business. Industrial expansion is critical whether you're launching a new business or taking over an established one. Turkey's industrial industry is responsible for most of the country's economic success. It has developed into an industrial centre due to its closeness to Europe and well-built infrastructure.
Scope of Chemical Industry in Turkey
Turkey's chemical sector is quickly expanding, and as Europe's principal chemical export and import partner, Turkey is an important industrial centre for foreign investors. Chemicals are essential to modern living and the chemical industry's growth. The chemical industry is extremely important to the Turkish economy. Chemicals account for 7.7% of overall exports, with finished goods accounting for 15.2 percent and raw materials accounting for 3.8 percent, respectively, according to TÜK numbers published on January 24, 2001. 4. Despite the fact that chemicals are not one of Turkey's top five export categories, their importance as an export category is steadily increasing. Chemicals placed ninth in terms of export value in 2013.
Chemicals accounted for 2.6 percent of total imports and 2.4 percent of total exports in 2012-2013 (July-June), helping to raise the standard of living, which is a measure of a country's level of industrialization. Pharmaceuticals, synthetic soaps, and detergents are among the industries where chemical industry goods contribute considerably to growth. Pharmaceuticals, synthetic soaps, and detergents are among the industries where high investment, low profitability, and foreign investment are necessary. Profited from the new economic policies, and both production and exports increased significantly.
Turkey's chemical industry, with its modern technology and diverse products, is now a key component of the industry and is integrated into the supply chain of national industries. Turkey, in particular, has been manufacturing chemicals for a long time, producing a wide range of basic and intermediate chemicals as well as petrochemicals. Petrochemicals, inorganic and organic chemicals, fertilisers, paints, medicines, soaps and detergents, synthetic fibres, essential oils, and other chemicals are all produced in Turkey. Turkey's chemical industry exports have also increased. Indeed, between 2007 and 2020, chemical exports increased by 7%, reaching a total value of US$8.9 million.
Turkey produces and exports some of the most important chrome compounds and derivatives, such as sodium basic chrome sulphate, chromic acid, and chrome oxide, as one of the top five countries supplying chrome ore to world markets. Turkey also has a competitive advantage in boron compounds (borax dehydrate, borax pentahydrate, boric acid, and sodium perborate) because of the magnitude of its reserves, mineral quality, and proximity to consumer markets.