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Why should start a Business in Turkey?

Turkey is Europe's sixth-largest economy in terms of economic growth, and its investment and business sectors are rapidly developing. Turkey attracts foreign investments because of its talented labour, low beginning costs, and strategic location. You can invest in construction, automobiles and metals, information technology, the environment, energy, agriculture, textiles, finance, and tourism, to name a few.

It is vital to identify the places in which to invest before starting a business in Turkey. The four best provinces to establish a business in are as follows: Textiles, cement, paper, chemical products, processed food, and a variety of other items can be purchased. The Marmara Region produces 70% of Turkey's sunflowers and 30% of its grain, oil, and wine.

The Marmara Region is one of Turkey's most desirable places to start a business because of its strengths in manufacturing, international trade, and tourism. Turkey received $3.93 billion in foreign direct investment last year, with the service sector receiving around 3.2 million dollars. As a result of many foreigners deciding to do business in Turkey, there has been an increase in direct foreign investment. The most foreign direct investment is attracted by most industries, such as banking, manufacturing, and energy.

What are the Natural Resources in Turkey?

Turkey's natural resources include iron ore, copper, coal, chromium, antimony, mercury, gold, celestite (strontium), emery, barite, borate feldspar, pyrites, clay, limestone, magnesite, marble, perlite, and pumice. The country plays an important role in the transportation of crude oil and natural gas. Minerals and pumice from around the world It produced chromite, feldspar, barite, bentonite, kaolin, magnesite, and perlite in the same year. Turkey's gold reserves are estimated to be over 23 million ounces. There are four active gold mines in the area right now, with four more in the planning phases. According to current reports, Eldorado Gold Corp's Usak - Kisladag mine is the country's largest gold producer, with a 12 million ounce reserve.

• Natural gas is a form of fuel that is utilised in a variety of applications. Turkey consumes a lot of natural gas, the majority of which is imported. However, it has the potential to boost domestic output, particularly through shale gas. Turkey produced 48.6 billion cubic metres of natural gas in 2014, up from 0.5 billion cubic metres the previous year.
• Turkey produces more coal than oil and gas, with the majority of it going to power plants. Turkey really produced approximately 1.5 million tonnes of hard coal, accounting for roughly 40% of the country's entire energy output.
• Turkey's iron ore resources are estimated to be 83 million tonnes and are dispersed over the country, with the most of it concentrated in Anatolia, Erzincan, Malatya, and Sivas. Production levels have stayed essentially consistent over time due to a lack of reserves. The Avnik mine, 452 miles east of Ankara in Bingol Province, contains one of Turkey's largest iron ore reserves. There are 44 million tonnes of iron metal in the reserve, and 105 million tonnes of ore grading 42 percent iron are projected to be available.
• In some locations of Turkey, gold is mined on a small basis. Turkey was a notable gold producer in 2012, with a total of 29.5 tonnes of gold mined around the country. The Kşlada mine, located in Uşak Province and owned and operated by the Canadian Eldorado Gold Company, is the country's largest gold mine. The öpler mine is also one of Turkey's and the world's largest gold mines.

What are the Business Opportunities in Turkey?

Turkey's strategic location between Europe and the Middle East makes it a vital commercial and business hub for both Europe and the Middle East. As a result, you have a good possibility of developing and expanding your business idea in Turkey.

1. You will locate hardworking youth labour for your company ideas in Turkey. When it comes to starting a business, this is a major advantage for young companies. Turkey is a natural stone warehouse and one of the top exporters in the world. In addition, the country ranks fourth in the world for marble production. As a result, natural stone mining is a lucrative and promising business venture for you. Marble, limestone, basalt, tuff, granite, travertine, onyx, and slate are among natural stones that can be mined.

2. Turkey's automobile industry is vast and growing. As a result, selling automobile components could be a profitable company for you. Create a facility that will manufacture a wide range of vehicle spare parts.

3. Turkey's textile industry is booming and garnering international acclaim. As a result, you might want to explore beginning a clothing export company. You can start your own label and sell your products both domestically and abroad if you know how to design clothes and have a good sense of style.

4. It requires little money to get started, making it simple to get started. You can sell Turkish delicacies as well as popular fast food favourites like burgers and French fries. Keep in mind that the food should be of the highest quality and be as fresh as possible. Packaged food delivery is a very profitable company in Turkey because of the large number of individuals that go to work.

5. As a result, both local and tourist customers will flock to your restaurant. Serve authentic cuisine and make an investment in your restaurant's environment and serving ware. Keep in mind that your restaurant's cleanliness and the quality of your personnel are crucial.

Business-Friendly Policies and Government Initiatives;

Turkey is one of those countries where launching a business is quite straightforward. If you still have doubts, there are a slew of legislation that make life easier for entrepreneurs, as well as a slew of organisations and other services that aid in the success of new firms. In recent years, the Turkish government has taken a number of steps to improve the business climate and make it easier for entrepreneurs to start and run businesses. Furthermore, initiatives such as Make in Turkey have been launched by the Turkish government to encourage foreign investors to set up manufacturing plants in Turkey. In addition, the country is pursuing a bold goal to seek $100 billion in foreign investment by 2023.

These government-sponsored initiatives have a direct impact on your country's ability to start and run a business. Whether it's building permits or tax incentives, you'll need to know what these regulations are and how they effect your industry. The Turkish government has worked hard to improve business-friendly legislation and programmes, making it easier for entrepreneurs to launch new businesses. For foreigners, starting a business in Turkey has never been easier. Many businesses, especially digital businesses such as e-commerce stores and web development firms, qualify for special tax status (reduced taxes). TEPAV, for example, is a marketing and market research assistance programme for enterprises.

Turkey Industrial Infrastructure;

Turkey's industrial growth has been rapid, and the country is on its way to becoming one of Europe's major manufacturing centres. The Turkish economy is relatively varied, with practically every industry sector represented. Among the most important industrial sectors are 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. Turkey's infrastructure is well-developed, with modern conveniences. Businesses may easily import and export goods thanks to the country's excellent transportation and communication infrastructure. There are also incentives for new investment in industrial districts, as well as asset protection for existing assets, to keep investors safe.

Another benefit of investing in Turkey is that your foreign company can act as an exporter or importer from/to countries with which Turkey has free trade agreements (FTAs). Turkey's urban and industrial infrastructure includes modern ports, airports, highways, trains, telecommunications networks, schools, and hospitals. The country is densely inhabited, with a population of more than 70 million people. It is one of the most tempting marketplaces for exporters all over the world as a result of these qualities.

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), after which you can apply for an official registration certificate from the EAD. After you've completed these processes, you'll be awarded a trade number for your new business. You can immediately start selling your products and services. There are two types of income taxes: corporate and individual income taxes. Individuals pay personal income tax on their earnings, while corporations pay corporate tax on their profits. Both types of taxes must be paid when starting a business in Turkey.

On their earnings, individuals pay personal income tax. Both types of taxes must be paid when starting a business in Turkey. Taxes in Turkey are calculated based on a number of parameters, including sales volume, profit margin, and so on. As a general rule, if you earn more than 1 million Turkish Liras ($230K) each year, you should hire an accountant and adhere to all government tax regulations.

Market Size of Turkey

Since 1951, Turkey's population has increased at a rate of 1.33 percent each year (6.98 million people, according to UN World Population Prospects), and is anticipated to reach 79.5 million by 2050, a 2.4-fold increase from 2000 levels. The country's working-age population, defined as those aged 15 to 64, will grow by more than 5 million people, or 18 percent, between 2010 and 2050. Turkey will have a workforce of about 25 million people by 2020. In addition, life expectancy has climbed steadily in recent decades, reaching 70.8 years for men and 75.7 years for women in 2009.

This trend is expected to continue in the next decades, resulting in increased demand for products and services such as health care, transportation, and leisure activities, among others. With a gross domestic product (GDP) of $947 billion and an annual growth rate of 4.5 percent from 2012 to 2013, Turkey's economy is among the world's top 20. The population is youthful, with more than half of the population under 30 years old, and it is growing: total fertility fell from 5.2 children per woman in 1950–55 to 2.1 children per woman in 2000–05, but it maintains one of the highest fertility rates among OECD countries. With a population of over 75 million people, Turkey is one of Europe's most populous countries.

With 11.4 million square kilometres, it is also one of Europe's largest countries, providing plenty of potential customers for your company! There are a variety of tourist sites in the country, including modern towns and beautiful beaches, as well as historical ruins and natural wonders. For entrepreneurs looking for inspiration, these company ideas for Turkey that have already proven their worth are the best place to start.

Industrial Growth

TÜBTAK, Koç Holding, and Sabanc Holding are just a few of the multinational companies that have helped Turkey become a worldwide commercial hub. Turkey is one of the world's fastest-growing economies, according to emsi Bayraktar, President of the Istanbul Chamber of Commerce, with plenty of chances for entrepreneurs. It has a young, well-educated populace and various business potential. It will be easier for you to work with people from different nations if you can converse in numerous languages (both Turkish and English are official). If you're considering starting your own business, keep in mind that we can only build our economy if we have solid, long-term growth. This goal can be achieved by increasing industry.

Turkish entrepreneurs might pursue industrial expansion by forging strategic agreements with other companies using vertical integration as a strategy. At times, it appears that everyone wants a piece of Turkey's growing industrial sector. The government has aided by loosening laws and enacting new legislation, but there are other advantages for those who wish to benefit from Turkey's industrialisation. In order to start a business, you will need financial support. Whether you're starting a new business or taking over an existing one, industrial expansion is essential. Turkey's industrial sector accounts for the majority of the country's economic prosperity. Because of its proximity to Europe and well-developed infrastructure, it has grown into an industrial hub.

Scope of Chemical Industry in Turkey

Turkey's chemical industry is rapidly growing, and as Europe's primary chemical export and import partner, Turkey is a vital industrial hub for foreign investment. Chemicals are necessary for modern living and the growth of the chemical industry. The Turkish economy relies heavily on the chemical industry. According to TÜK figures published on January 24, 2001, chemicals account for 7.7% of total exports, with finished items accounting for 15.2 percent and raw materials accounting for 3.8 percent. 4. Chemicals are not one of Turkey's top five export categories, but their value as an export sector is continuously growing. In terms of export value, chemicals were ranked ninth in 2013.

In the 2012-2013 (July-June) fiscal year, chemicals accounted for 2.6 percent of total imports and 2.4 percent of total exports, helping to increase the standard of living, which is a measure of a country's level of industrialization. Pharmaceuticals, synthetic soaps, and detergents are just a few of the businesses that benefit greatly from chemical industry products. Pharmaceuticals, synthetic soaps, and detergents are examples of sectors that require a lot of money, low profits, and foreign investment. Profited from the new economic policies, with large increases in both output and exports.

Turkey's chemical industry is currently a vital component of the industry, with sophisticated technology and a wide range of goods, and it is linked into the supply chain of national industries. Turkey, in particular, has a long history of producing chemicals, including a wide spectrum of basic and intermediate chemicals, as well as petrochemicals. Turkey manufactures petrochemicals, inorganic and organic chemicals, fertilisers, paints, pharmaceuticals, soaps and detergents, synthetic fibres, essential oils, and a variety of other chemicals. The exports of Turkey's chemical industry have also increased. Chemical exports climbed by 7% between 2007 and 2020, reaching a total value of US$8.9 million.

As one of the top five countries supplying chrome ore to global markets, Turkey produces and exports some of the most important chrome compounds and derivatives, such as sodium basic chrome sulphate, chromic acid, and chrome oxide. Because to the size of its reserves, mineral quality, and proximity to consumer markets, Turkey has a competitive advantage in boron compounds (borax dehydrate, borax pentahydrate, boric acid, and sodium perborate).